Fidelity, one of the largest investment managers globally, has released an early-access waitlist for a new crypto-based product called Fidelity Crypto. This product will allow retail investors to trade Bitcoin and Ether commission-free through their phones.
Fidelity launches commission-free retail crypto trading
Fidelity has been making numerous efforts to extend its services into the cryptocurrency industry. Last month, the asset manager launched Ethereum trading for institutional investors. The Boston-based company now says retail traders will be allowed to trade crypto.
In the announcement, Fidelity said that Fidelity Crypto will allow retail investors “to trade crypto with as little as $1 while also having an integrated view of both your traditional and crypto investments.”
The launch of this product now makes Fidelity Crypto a competitor with the largest cryptocurrency exchanges in the US, including Binance US, Coinbase, FTX US, and Robinhood.
Fidelity’s new product has launched with attractive offerings for investors. The asset manager has said that a spread of 1% would be included in each trade execution price. However, this spread might not be added as soon as the product launches, allowing the product to attract retailers and allow Fidelity to scoop a significant market share.
The Fidelity Crypto app will also give retail traders access to educative material that will equip them with knowledge about the cryptocurrency sector. The company has said that the market information will be a unique learning experience as users will easily access market insights and on-demand education.
The crypto community eagerly awaited the launch of this crypto app, given that rumors about it were already spreading. In September, the CEO of Galaxy Digital, Mike Novogratz, said that the company was planning to release a crypto app for retail investors.
Fidelity’s interest in crypto
Some of the largest traditional financial institutions in the US have already ventured into the web 3.0 & crypto space. Still, most have made crypto exclusive to institutional investors due to lack of clear regulations and adequate knowledge about crypto among retail investors.
Fidelity, which has more than $9.9 trillion in assets under management, is one of the giant institutions showing interest in crypto. This year, the company has made a significant effort to expand its business into the space.
In September, the asset manager unveiled a “first-of-its-kind” exchange allowing investors to make safe, fast, and efficient crypto trading decisions. This exchange would be different from what is already available in the market, giving it a competitive edge.
Fidelity also launched exchange-traded funds (ETFs) tracking the crypto sector and the metaverse. ETFs are suitable investment products for investors that do not want direct exposure to the volatility of cryptocurrencies such as Bitcoin.
Earlier this year, Fidelity also announced plans to allow workers in the 401(k) retirement plan to save part of their retirement in crypto. However, the asset manager is yet to realize this as the announcement attracted backlash from US legislatures.
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