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Fidelity Crypto - Is it worth it?
As you may have heard, Fidelity Crypto has ‘Early Access’ to their new crypto platform. Let’s find out if it’s worth opening a Fidelity Crypto trading account. This product is focused on retail customers. This is an interesting time to launch their crypto trading feature, considering what is happening to crypto companies in general, for example FTX going bankrupt.
This will bring new investors who are not yet exposed to crypto. Fidelity also has educational tutorials and videos around crypto.
This is great news for crypto in general, since Fidelity Investments is one of the largest asset managers in the world.
I think this is a good starting point for new comers who want to get started but aren’t ready yet to manage their own crypto off exchanges. However, currently you cannot transfer your assets on or off the exchange.
Important notes according to Fidelity’s website:
Fidelity Crypto is not a new coin
Crypto trades are commission free
Spread of 1% will be factored intro every trade execution price. A spread is the difference between your execution price and the price at which Fidelity Digital assets fills your order.
Fidelity Crypto limits trading to 4am to 12am Eastern time
Customers cannot transfer crypto out of their accounts or to external crypto wallets
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This is not financial advice and I am not a financial advisor. None of this is meant to be construed as investment advice, it’s for entertainment purposes only. All views are my own.
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My number on question I hope you can answer in your follow-up video: Are you able to automatically purchase ETH or BTC on a set schedule?
Also, I know you must put money into a traditional Fidelity account first and then transfer that money to the crypto account. Can that transfer be automated on a schedule?
I basically want to know is, even if it takes days/weeks due to funds settling, is there a set-it-and-forget-if way to dollar-cost average into BTC or ETH using Fidelity Crypto? Thank you! Looking forward to your update video.
i've been on waiting list for a while. how long does it take it get an invite?
Thank you. I’m on the waitlist.
i heard they offer free trades is this true?
You are literally the only person I have seen on any social media platform who has shown an actual invite and the account. You literally might be the first one! Congrats. Maybe one day fidelity will give the rest of us an invite.
I’m pretty tech savvy and I can’t figure out how to buy crypto. I transferred money into my crypto account. But I can’t figure out how to buy either BTC or Eth.
Nice job.