Fidelity Opens Crypto Trading Accounts For Clients on Waitlist

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Investment firm Fidelity has commenced the opening of retail crypto trading accounts following the announcement of a waiting list at the beginning of this month.

As it stands, some users who are presumed to be on the waitlist have received emails with details of their access to buy and sell Bitcoin (BTC) and Ethereum (ETH) on the Fidelity platform. The email stated that ‘the wait is over’.

In addition to the announcement, customers were also notified that they would need a Fidelity brokerage account to access and fund the new Fidelity cryptocurrency account. Successfully, Fidelity Investment has made digital assets trading services available to its over 34 million customers. 

To the statement earlier this month, only BTC and ETH trading will be allowed for now. In the near future, Fidelity plans to include other digital assets as it expands.

Educational content related to the crypto market including the risks involved in the trading of crypto assets was promised as part of the Fidelity Crypto application. Within the same app, users would be allowed to make investments. 

Fidelity Sees Future For Crypto Trading

This decision to offer crypto trading services is believed to have been influenced by Fidelity’s notion about this asset class. The renowned investment firm once described ETH as a growing influencer and Bitcoin as a “dominant force” with “big ambitions.” Finally, the firm has been able to bring this nascent asset class to its clients amidst turbulence in the crypto industry.

Interested customers who open their accounts will get commission-free trading for the two available digital currencies. A series of concessions to disclosure terms would have to be addressed before users can finally gain access to Fidelity Crypto.

There is a risk statement that states that “investing in, buying, and selling digital assets presents a variety of risks that are not presented by investing in, buying, and selling products in other, more traditional asset classes.”

Those who wish to sign up are also reminded of the volatility of crypto meaning that “digital assets can fluctuate quickly, and materially.”

Apart from this offering, Fidelity Investment had earlier announced its plans to include Bitcoin in 401(k) retirement savings investments. However, recently, this initiative has received traction from three United States senators who believe that the approach is quite risky, especially with the implosion of Bahamian crypto exchange FTX.

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