Fidelity Investments is launching Fidelity Crypto, a program allowing individual investors to trade Ether and Bitcoin for free. Fidelity Investments, one of the world’s largest brokerage firms, is launching a commission-free cryptocurrency trading service for its retail investors.
According to the company’s website, the firm plans to offer commission-free Bitcoin and Ether trading but would charge a 1% fee for each transaction. The fee is referred to as a spread by Fidelity and is defined as “the difference between your execution price and the price at which Fidelity Digital Assets fills your order.
“Fidelity handles around 40 million investors and describes its new offering as follows: Fidelity Crypto allows you to buy and trade Bitcoin and Ethereum through the Fidelity Investments app. The companies launched an early access waitlist to users earlier this week but have yet to provide a precise launch date. According to a tweet from the company’s account:
Sign up for early access to trade Bitcoin and Ethereum and discover educational resources that make crypto less mysterious. According to CNBC, Fidelity follows competitors like Robinhood and Binance in offering commission-free crypto trading services.
Fidelity recently announced a 25% increase in its digital asset segment or approximately 100 new employees. The firm has actively launched a fresh round of hiring, which, when finished, would raise the firm’s Digital Asset workforce to 500 by the end of the first quarter of 2023.
Fidelity also revealed that its Ethereum Index Fund raised £4.3 million in the first week and a half of its September 26 debut. According to sources, the company would allow customers to include Bitcoin accounts in their 401(K) plans, making it the first prominent retirement plan provider.