$9.9 Trillion Asset Manager Fidelity To Launch Commission-Free Crypto Trading!

By Anthony • November 6, 2022 2:04 pm • Comments

Fidelity Investments is offering a cryptocurrency trading product with no commissions for ordinary customers.

Fidelity which is one of the world’s largest brokerages with $9.9 trillion in assets, launched an early-access queue to consumers on Thursday morning.

The Fidelity Crypto service will enable investors to purchase and trade bitcoin, ether Solana and other major crypto assets.

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Fidelity Digital Assets, its subsidiary, provides custody and trading services. Users will be obliged to have a $1 account balance.

In a press release, Fidelity was quoted saying “Where our customers invest is more important than ever, Fidelity consumers are already interested in and own cryptocurrency. We’re giving them tools to help them make their decision, so they can benefit from Fidelity’s education, research, and technology.”

Decrypt added these details:

Investment giant Fidelity today announced an early-access waitlist for its new crypto product Fidelity Crypto—which will let retail investors trade Bitcoin and Ethereum from their phones without paying commission fees.

The Boston-based firm, which last month launched an Ethereum trading service for institutions, said retail investors would soon be able to “trade crypto with as little as $1 while also having an integrated view of both your traditional and crypto investments.” The move now places the company in direct competition with established players in the U.S. crypto market like Coinbase and Robinhood.

Fidelity added that a spread of 1% would be added to every trade execution price—but it may initially decide not to charge this fee, which could help it attract customers and market share in an already crowded field.

Some users on Twitter were quite skeptical about the move by Fidelity and believe Fidelity getting their feet wet in Crypto will lead to more crypto surveillance and regulations which will lead to many exchanges being banned in the United States.

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