Can I Buy Crypto at Fidelity

Fidelity Crypto Buying (2023)

If you're interested in investing or trading cryptocurrencies, you may be excited to hear that one of the most well-known and reputable brokers in the United States now offers direct access to crypto trading. Fidelity Investments has broken new ground in the brokerage industry by allowing their users to invest and trade in crypto, a first for a major broker.

This informative article provides all the essential details you need to know about trading crypto on Fidelity, including important factors like Fidelity's fees for crypto trading and how to purchase crypto on their platform. We also explore Webull as an alternative option for crypto traders.

What Crypto can you Trade on Fidelity?

At the outset, Fidelity has made available trading for only two cryptocurrencies - Bitcoin and Ethereum. Fidelity's rationale for prioritizing these two digital currencies is due to their massive market capitalization and high trading volumes in the crypto markets. Fidelity has indicated that they are considering the inclusion of other cryptocurrencies in the future.

Fidelity Crypto Eligibility

The majority of states permit customers to utilize Fidelity's cryptocurrency services. Currently, Fidelity's cryptocurrency accounts and trading can solely be accessed through their mobile app, available on both Android and IOS platforms. To qualify, you will need to have the Fidelity app installed on your phone, and either a new or existing Fidelity brokerage account or cash management account to fund your crypto account.

Fidelity Crypto Early-Access List

Fidelity is in the process of launching its official cryptocurrency trading platform. In the meantime, both new and existing Fidelity customers can register for the company's cryptocurrency early-access list. Essentially, this is Fidelity's beta program for its cryptocurrency services. Registering for the early-access list reserves a spot for you to open a Fidelity crypto account and start trading cryptocurrencies before the general public.

To join the early-access list, visit Fidelity's website and complete the registration process. Once you've signed up, you'll receive a confirmation email that your name has been added to the list. When it's time for you to open your crypto account, Fidelity will notify you via email.

How to Open a Fidelity Crypto Account

Once you receive an email from Fidelity indicating that your crypto account is ready to be opened, you will need to access the email on your mobile phone. From there, click on the "Open an account" button in the email, which will redirect you to the Fidelity app on your phone.

On the first Fidelity crypto screen in the app, tap the green "Let's go" button at the bottom. After that, click on the "Get started" button at the bottom of the following screen. Then, choose the specific Fidelity account that you wish to utilize for funding your crypto account from the list of eligible Fidelity accounts.

Afterward, you will see your crypto account number on the next screen, and your account status should reflect as "Open". At this point, click on the green "Transfer your money" button situated at the bottom of the same screen. Finally, choose the amount of money you wish to transfer to your crypto account and tap on the "Submit" button. Your crypto account should now be funded, enabling you to begin trading cryptocurrencies. Your Fidelity crypto account will be visible alongside your other Fidelity accounts.

How to Buy Crypto on Fidelity

To initiate a purchase of cryptocurrencies, you need to search for Bitcoin (BTC) or Ethereum (ETH) in the "Search or get a quote" section of the Fidelity app. After selecting either of the two, click on the green "Buy" button situated at the bottom of the quote screen. Subsequently, you can input your order for the specific amount of cryptocurrency you wish to purchase. Once you review and submit your order, you will be taken to an order confirmation screen that displays your order particulars.

Fidelity Crypto Minimums & Fees

Fidelity crypto account can be opened with no mandatory minimum amounts and there are no minimum or maintenance fees charged for it. You can purchase cryptocurrencies on Fidelity with a minimum order of just $1. Currently, Fidelity offers the option to trade cryptocurrencies in dollar or share amounts, and you can select between market and limit orders for crypto trades.

Fidelity doesn't charge any commissions for crypto trades, however, they include a spread of 1% in the execution price of your crypto trades. For instance, if Bitcoin is currently trading at $20,000 and you wish to purchase 1 BTC at this price, you'll have to pay an execution price that is 1% higher than $20,000, which would be $20,200. Similarly, if you own 1 BTC and intend to sell it at this price, your sell execution price would be 1% lower than $20,000, i.e., $19,800.