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.

Check out my walk-through video on how to open the Fidelity Crypto account if your’e interested to see how it works. The process is easy and straight forward.

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

Disclaimer: None of this is financial advice and I am not a financial advisor. This is my personal opinion.