Fidelity Investments Now Offers Bitcoin Buying – No Self-Custody Yet
• Fidelity Investments now offers the public access to its crypto platform which allows users to buy and sell Bitcoin.
• Customers will be charged a spread of 1% instead of a fee and trading is only available for US citizens who are 18 years or older.
• The introduction of this service has been met with criticism as it lacks the ability to transfer funds into a self-custody wallet where users can control their private keys.
Fidelity Crypto Platform Now Available To Public
Fidelity Investments recently announced that its crypto platform, first opened to a waitlist in November 2022, is now available to the public. Customers are able to buy and sell bitcoin on the platform, but cannot transfer it into a self-custody wallet where they would control their private keys.
Costs & Eligibility Requirements
When trading, customers will not be charged a fee but instead will incur a 1% spread between their buying or selling price and Fidelity Digital Assets’ order execution price. Trading is only available for U.S. citizens aged 18 or over in eligible states.
Criticism Of Bitcoin Trading Service
The introduction of Fidelity’s bitcoin trading service has been met with criticism from senators in a letter sent to the financial firm, expressing concerns about delving into the “unstable” digital asset market. It was also noted that true security comes from holding one’s own private keys rather than trusting third-party institutions such as Fidelity.
Benefits Of Bitcoin Trading On Fidelity
Despite these criticisms, there may still be some benefits for customers looking to invest in bitcoin through Fidelity’s platform – mainly due to its size and reputation as an established institution within the financial sector.
Conclusion
Overall, although there has been some criticism surrounding Fidelity’s foray into cryptocurrency trading, many customers may still find benefit in using its services due to its expansive reach and well-established status within traditional finance sectors..