Fidelity Investment Expands Cryptocurrency Trading Services to DailyCoin Retail Investors

©Reuters. Fidelity Investment Expands Cryptocurrency Trading Services to Retail Investors
  • Fidelity Investments launches Fidelity Crypto to offer its clients and trading.
  • Merchants pay up to 1% on every transaction and trade for just $1.
  • The innovation has a major downside as Ethereum and Bitcoin cannot be sent or received.
  • Fidelity Investments announced commission-free trading for Bitcoin and Ether on November 3rd.
  • The company has been offering Bitcoin trading services to institutional investors since 2018.

Fidelity Investment has taken another big step towards providing cryptocurrency products to its clients. Recently, the company announced the launch of Fidelity Crypto, a new cryptocurrency service for retail investors.

It is worth noting that over 40 million Fidelity Investment clients can now access cryptocurrency services under this initiative. As has been revealed, Fidelity Investments offers its clients the ability to trade Ethereum (ETH) and Bitcoin (BTC), allowing them to use the two tokens for online payments and access blockchain-based products.

Another notable crypto option for users is selling Bitcoin and Ethereum for fiat. In addition, the company charges up to 1% on every trading activity and allows users to trade for as little as $1.

In this regard, Fidelity Investment outperforms some notable cryptocurrency exchanges in terms of transaction fees.

However, a major setback for the innovation is that users cannot send or receive Ethereum and Bitcoin. This means that Fidelity Investment Token users can only buy and sell tokens on its platform.

Calling for crypto trading services and expanding to retail investors

Fidelity Investments first announced it is launching commission-free retail crypto trading for Bitcoin and Ether on November 3rd.

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The launch of the initiative was due to the increasing calls from the company’s customers for cryptocurrency services.

Additionally, the company followed the paths of Binance and Robinhood (NASDAQ:) as the third company to offer a commission-free cryptocurrency trading service. Gradually, no-fee trading commission is gaining traction in the industry, making it a trend that cryptocurrency exchanges are willing to embrace to attract new users.

It is important to note that the company has been offering Bitcoin trading services to institutional investors since 2018. Recently, the company added ETH trading for institutional investors, but the newly launched crypto trading services will extend to retail investors.

On the flip side

  • Although access to retail crypto trading services is a positive step forward, Fidelity Investments does not yet allow its users to move their digital assets between wallets.

Why you should care

Under his care, Fidelity has approximately $9.9 trillion in user assets as of June 30, 2022. At a time when the market appears to be struggling, the recent development could lead to increased exposure to digital assets.

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