With all the negative news surrounding Crypto lately (Thanks FTX), Fidelity is taking a step in the positive direction. Yesterday afternoon, Fidelity broke the news that they will allow retail traders and investors to open Crypto trading accounts. This will be a huge step for mass adoption and showing the positive sides of Cryptocurrency. So which Cryptocurrencies can you invest in and when will you be able to?
Fidelity’s Chosen Two
Ethereum and Bitcoin
Fidelity quietly launched retail Crypto accounts yesterday afternoon. Most investors may have missed this tid-bit of news. With the addition of Crypto accounts for retail traders, you will be able to buy, sell and trade Crypto just like stocks. Currently, Fidelity only has two Cryptos offered at the moment. These are the two powerhouse Cryptocurrencies, Ethereum and Bitcoin. The ticker symbol is the same but when you search it, it comes up as ETH/USD and BIT/USD. Perhaps this is a way to designate which currency the price of Ethereum is being compared to. After all, Fidelity is a global company so I would suspect that in Europe it would look something like ETH/EUR and BIT/EUR. Hopefully, more tokens will be added such as $Matic, $Cro, $Shib, $Doge and many others to allow a suite of Crypto trading on Fidelity. With the excitement buzzing about this news, when can you open these accounts?
Patience is a Virtue
Currently, you cannot directly open a Crypto trading account on Fidelity, but you can join a waitlist. This may be a way for Fidelity to understand the demand for these types of accounts. If you have an account with them or would like to open a Crypto Account, the steps are super straightforward. First, you go their website at www.fidelity.com and you should see a banner about Crypto trading. Click the banner or the learn more button to continue. You will then be asked to put your information in, just your name and email address as well as if you have another account with Fidelity. Once you have finished entering this data, you will be put on their waitlist, and they will reach out to you when it’s your turn to open the account. I know it seems odd that you have to join a list to open the account but think of the Brightside. They are one of the first, if not the first big bank and broker institution to allow Crypto Trading directly on their site. If you do not see the banner immediately, just type in their search bar “CRYPTO”.
Fidelity Crypto Waiting List
Fidelity and Crypto
For now, Fidelity remains the leading big bank and broker to start allowing Crypto Trading directly on their site. Will this force others to join such as T.Rowe Price? Only time will tell. However, one thing is for certain, this is definitely a major step forward in the positive direction for Crypto.
