Fidelity Investments is launching Fidelity Crypto, a service that will allow retail investors to trade Ether and Bitcoin without having to pay a commission fee.
Fidelity Investments, one of the world’s largest brokerage firms with trillions in assets under management is launching a commission-free crypto trading service for its retail investors. According to the company’s website, the firm is preparing to offer Bitcoin and Ether trading as commission-free but will add a 1% fee to each transaction. Fidelity labels the fee as a spread and defines it as “the difference between your execution price and the price at which Fidelity Digital Assets fills your order.” Fidelity serves around 40 million investors and describes the new service as:
Fidelity Crypto is your opportunity to buy and sell bitcoin and ethereum in the Fidelity Investments app.
The firms opened an early access waitlist to users earlier in the week but have not yet provided an exact date of launch. A post on the company’s Twitter account reads:
Get on the early-access list to trade bitcoin and ethereum and discover educational resources that make crypto a lot less cryptic.
According to reports by CNBC, Fidelity follows firms such as Robinhood and Binance to offer commission-free crypto trading services.
Fidelity Ramps Up Crypto Division
Merely a few weeks ago, Fidelity announced that it would be increasing its digital asset division by 25% or around 100 employees. The firm has actively begun a new round of hiring, which when completed will bring the firm’s Digital Asset’s headcount to 500 employees by the end of Q1 of 2023. Fidelity also recently announced that its Ethereum Index Fund has raised $5 million in the first week and a half of its launch which started on September 26. According to reports, the company will allow investors to put Bitcoin accounts in their 401(K)s, making it the first major retirement plan provider to have such an offering.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Post fetched from this article