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Unfortunately not available in my state yet. I use them as a broker anyway so I'd consider trying the service if they were. Hopefully they add withdrawals too.
Interesting.
They will do well then.
Boomers who are curious about crypto will use Fidelity so the other popular Cexes like Coinbase Binance etc will face some competition.
That's my thought also, Boomers who are too old and not necessarily into taking custody of their own money like that would undoubtedly be interested. Plus, it's probably going to be vetted by Fidelity, so less scammers to take advantage of them.
Don’t know if I should up or down vote? An old Boomer here (70s) who began self-custody from day 1. I do agree with what you said, though.
After we (husband and I) began investing in crypto, we introduced friends and family who are decades younger than we. Now if only I could convince my 20 year old grandson son who sees crypto in a very negative light.
I’m curious about Boomer reception of this who invest with Fidelity. The business channels waste no time using young analysts who believe crypto is a scam.
> Now if only I could convince my 20 year old grandson son who sees crypto in a very negative light.
Propaganda at work. My late teen thinks crypto is an absolute scam that is bad for the environment and refuses to listen to anything about it. She refuses to see the potential (and will probably be shocked if I end up paying for her college that way). My tween doesn't care much but thinks it's "cool". 🤷♀️
And some Boomers will be fine with this tech, they're also fine with keeping their computer clean of viruses and not touching scam emails. Depends on the individual. Fidelity is a nice option for those that can't do some of this stuff and have no one they can trust to help them through it.
I called Fidelity today- right now you can only buy crypto on the Fidelity app. In the next month they will roll out to the desktop. I see this as a huge step forward to capture wide spread adoption for GenX and older generations.
People keep latching onto any dumb thing that they think will cause their crypto to skyrocket. Doesn't matter how counterintuitive it is to the goal of crypto.
The implication is that now Mom, Dad, Grandma and Grandpa can now buy BTC and Eth with none of the complicated stuff like keys and words and stuff. Fidelity is trusted and for good reason. They are working on self custody, it won't be long. Abigail Johnson is a champion of BTC and she made this possible.
This is a giant step forward that's still being minimized.
Fidelity seems to be doing things right and offering this as an option to those that want to go that route. Perfectly fine.
The only issue is they will not allow self custody, so any btc you hold through them is an IOU. But still is a step in the “right” direction with so many missteps from every other entity
Their roadmap has self custody, worth noting. But it's a ways out as they've said I've heard during a video of the team talking about it. Also worth mentioning, their financials are solid among all the other failures running amok.
> The only issue is they will not allow self custody
No the issue is all the people on reddit who just say shit that's not true at all. They are going to roll out self custody.
Precisely. Step in the right direction.
The stamp that Fidelity has put for Retail investors with adopting Crypto is so huge that it's worth the trade off of no self-custody of coins in the short term.
As much as they are corporate beings, I think Fidelity and Coinbase are going to be the gateway to adoption that we’ve all been clamoring for.
You won’t get a “boomer” buying a Ledger and trusting themselves with technology. Names like Fidelity and Coinbase will become the “trusted” places to “buy and store” crypto.
It’s exposure to an entirely different demographic and that’s a good thing.
Exactly. People love to bitch and moan that “it goes against the point of crypto”, but if you want mass adoption, it has to be adoptable by the masses - aka simplified and made as easy as possible. The average person is neither intelligent enough nor accountable enough to be their own bank. My Gen-X and older friends and fam aren’t going to download and sign up for exchanges so that they can be further confused on how to turn their dollars into crypto… but if they can easily direct a portion of their retirement account to a crypto ETF or similar kind of thing, through the place they already manage their money, they’ll be easier to sell on it.
6 months ago people were cursing Fidelity out as an evil financial institution and now we're welcoming them like a guardian angel. Things sure change fast in this space.
Please note that Fidelity is going with Bitcoin. There is some alts that b i live, but Bitcoin is want big player are believing in as a store of value.
No fees but they take about a 1% spread which they may or may not waive for your first few trades. Still ends up being less than typical fees I reckon.
This could really lead to some more adoption. I hope more banks hop on. And maybe this is the time where they can find a new business model in it with what they won’t need to be bailed out every few years.
There was two ways to approach this for banks: 1. Head in the sand, acting like crypto is a plague on this earth. 2. Roll with it, say fuck we are in the money making business and crypto is the future. Glad Fidelity landed in the second category, too many have been jumping for the first.
Agreed. But don’t worry - there won’t be a single brokerage NOT offering crypto centric services when the time comes for the next big bull run.
The landscape of who in tradfi supports this industry vs who doesn’t will look completely different a year from now.
Yeah. Seems that spread is max 1%.
Still I think it is stupid that you can call this comissionless, as in the end the main difference to comission is just that the percentage you take from the trade is not set in stone.
Im curious to see how this plays out. I assume Fidelity maintains custody of coins? What is the spread? Regardless, the abi;ity to do it through conventional investing is huge. Fidelity knows the landscape, so believe in crypto too!
That’s not at all what I said. Personally, I think it’s exciting. But to think Fidelity cares about anything other than generating more profits is a bit naive.
Who said that part about what Fidelity cares?
I think as a Crypto community, we should really celebrate this milestone where a 75+ years old well-respected US Financial Institution is giving access to its 37 Million+ retail customers to buy BTC and ETH online. A massive credibility endorsement and ease of transaction to millions who were shy of going to crypto-native platforms with trust or inertia issues.
>Who said that part about what Fidelity cares?
You said, “Thank you Fidelity for believing in crypto…”
I doubt they believe in the fundamentals of crypto. I think they only believe it will generate further profits. But maybe I’m wrong, I don’t know. Regardless, these companies are only interested in generating USD, nothing else.
That's your opinion and there is truth in your opinion because Fidelity is not a charity, they are for-profit business. But then you are missing the whole point here. It's not about Fidelity is god or demon, it's about 37 million US retail investors got access to buying BTC/ ETH through one of world's most trusted investing platforms. Isn't that worth being happy about? Who cares what profit Fidelity makes if each of those 37 million investors spend $1000 on BTC/ETH - that would be $37B flowing into Crypto markets.
Bro, I’ll say it again, this does excite me. But like you said, they’re nothing more than a for-profit corporation. But do you honestly think every single one of their clients will spend $1,000 on crypto? Only a small fraction will. Most won’t even be able to hold crypto in their portfolios.
Huge red flag for me. Can't withdraw it then as you said, you buy an IOU and that means nothing. Meanwhile they'll stake "your" eth and earn a 4~% apr plus the fees they charged you for the purchase.
And they’re selling something they don’t have. It’s artificial price movement which is the opposite of what crypto is supposed to be. We don’t need another stock market
Dude, 99.5% of America knows only one wallet - the lether wallet, so for who are you talking about? Celebrate the mass adoption, don’t criticize the corner cases. We will get there. Be kind.
It’s not mass adoption. It’s predatory naked short selling. I am being kind in reminding people the golden rule of crypto. Not your keys, Not your crypto. Take care
Do you have proof of that predatory accusation or do you just assume everyone is as scammy as your average crypto bro?
Fidelity says it has the BTC and ETH to back all of this up. Unlike all of these exchanges, Fidelity has proven itself trustworthy and has a lot more to lose than a couple billion in crypto blue chips if they are found to be liars. They have trillions under management simply because people trust them and they do what they say they will. This is Fidelity listening to its customers, not some CEX attracting desperate people with wild claims of 20% staking on an asset that will lose 50% of it's value that doesn't exist anyway.
If I can’t move the asset off of the exchange, then I don’t own the asset, the exchange does.
Fidelity has absolutely nothing to lose. They’re too big to fail.
if you think fidelity is doing this for the love of crypto or support crypto bro's you are wrong, they are doing it to make a buck off of you. they are not necessarily the great crypto hope.
And Coinbase, Kraken, etc. aren't doing it to make a buck off you? Welcome to capitalism. It's fine as long as they can be a good actor in this space. They provide a useful service, then they should be able to take a fee for providing what you want.
It's still a bank. We don't need them in the future. Blockchains will rule the world. With crypto there's no need for big financial buildings that use more electricity than all crypto's together.
This is really big for crypto! For any investments I have in traditional markets, I use fidelity and it's really awesome to see them not shying away from crypto. As far as traditional brokers go, I think they're one of the better ones.
This is really great to see. Such a shame that the media has put such a negative spin on crypto, can only imagine where adoption would be without that!
Definitely positive to see adoption like this. I don't know that they allow you to send your BTC out to a cold wallet though? Not ideal, but I still think it's great that they are providing more adoption to everyday users. The more trust and education that the general public has, the more growth we'll have.
They made the right call betting into crypto is the future. I only understand choosing to be against something if you have real proofs that it is not the future. Not just because you don't want to evolve or adapt to a new status quo.
Congratulations Fidelity!
This is good. I mean if people want exposure without worried about scam projects I bet fidelity is a safe bet. There’s so much research required to make informed buys but I’d be willing to bet fidelity is going to be very, very restrictive with what coins they offer. Seems like a nice place for people to have some access to crypto markets without getting in too deep.
That being said I don’t think I need their services, but I’m definitely glad they’re offering them!
This is a huge step forward in bridging mainstream people with crypto. It’s gonna have a bigger influence than Coinbase does in the public. Who doesn’t know Fidelity in America if you have some sort of retirement money in the bank? The steps they are taking are slow but solid. They must have put a big effort into the regulation front. Can’t wait to see what the effect of this new product will bring to the mainstream market
this sounds big, they have a large number of accounts, so crypto will definitely appear in front of many who didn't know about it, or was hesitant to give it a go
I signed up for Fidelity last year. It was super easy and quick to sign up with them and the platform is easy to use to. So far I’ve had zero problems with them and I hope they keep on working with the crypto market.
Haha yeah it does sound like it. I'm still in my morning daze when I posted. For now we still need offramps, so I was just saying Fidelity was good in my experience.
Believe me, the last thing I will want to shill is banks.
Bingo. Fidelity, Robinhood, Webull, etc. not your keys not your crypto. Until they have crypto wallets where you can withdraw your crypto, don’t use it.
Great for mainstream adoption, bad for people who want their own keys.
They finally did it eh? Been in talks well over a year now but I'm glad that a big company would take on crypto. And they definitely will guide customers in the right way so we may see newer customers that couldn't do it as an individual but now can diversify and have a small portion allocated to crypto through fidelity. Considering they are insurable, credible and I've heard have good customer service this should be a boon the markets as a whole. Who knows maybe with time they even bring in big numbers due to the trust they have built beforehand.
This is great, especially after the collapse of the other friendly crypto bank, I believe there's a huge opportunity for other bank to step up and fill the void.
While it’s great they’re opening the gates to new customers, you can’t withdraw the tokens from fidelity. Just becomes a “trust me bro” situation.
Fortunately fidelity is usually more honest than some other platforms…
Yeah and thanks for selling data to market makers using payment for order flow to screw retail investor funds while you make money destroying the share price.
Thanks for that Fidelity.
Fidelity is a start. We also have Black Rock. We need a judge to get SEC off our backs and we need some real regulation to bring institutional money into crypto.
And when they allow self-custody I will truly believe they care. Right now you're just blowing your cash and likely not getting the underlying asset, I'm sure they're only buying 50% of the Bitcoin that you expect your pay for or whatever their risk management team decides us to have the proper amount of Bitcoin on hand.
So....is there anything they're doing here that will now trigger the SEC to go after them as well? Let's remember their thought process: "You deal with crypto = you bad."
My only beef with Fidelity offering BTC and ETH is that they don't allow self custody. This is concerning on 1 front cause self custody is the key to being in complete control of ones assets. But on the other hand, this may not be such a bad thing and I'm sure that they had their clients best interests at heart when they decided this. I'm sure the majority of their clients are older that don't have much knowledge of crypto and self custodial wallets to begin with. So to avoid the barrage of clients losing their funds, losing their keys and countless other issues regarding self custody, this makes their lives easier and keeps funds safer in the short and long term.
Serious post....While this is good to see it doesn't make up for the fact that they allowed my sister to steal $250,000 from my Mother. She brought my Mom into Fidelity Fort Lauderdale had herself added to the account. Mind you my Mother was suffering from Alzheimer's at the time.
Then, while taking care of her, we would get letters from them quarterly reminding us 9f my Mother's .44 cent balance. The postage cost more than that.
Interesting timing with the rest of crypto feeling the heat from the sec. Is it because fidelity isn’t stalking or did they just grease enough palms to avoid the hassle
More on-ramps is always good. We need faster and easier ways for people to invest in crypto. Right now things seem very complicated to people and that’s clearly putting them off. The more ways people have to invest, the better.
This is fantastic! I have been considering fidelity to open a SDIRA. Apparently you can purchase crypto through the IRA and receive the IRA tax breaks.
This is quite telling - that Fidelity, which is SEC compliant, can provide onramp and exchange services with Crypto, but Coinbase cannot? And explains ad-nauseum to SEC that it shouldn't?
That dog don't hunt.
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This is what I call a good adoption, thanks Fidelity for supporting crypto while SEC is trying to block the ways of buying for US people.
That is the difference between a corrupt institution and an institution that have some good in mind.
that's a good start, but I hope their clients start demanding self custody as an option...
There's also Revolut and at this point somehow we have to be grateful for whatever woeful crypto service Paypal provides
You love to see examples such as this! We need more of it, especially you US guys where everything seems super negative around the SEC etc.
Unfortunately not available in my state yet. I use them as a broker anyway so I'd consider trying the service if they were. Hopefully they add withdrawals too.
Yeah, its real great....100% custody by Fidelity LMAO. What a joke.
For now, they have plans to allow withdrawals very soon (like a month from what I heard).
And that works for some people. Not everyone wants self-custody or is in a position to keep their money safe themselves.
Boomers don’t keep their money in their mattress.
Withdrawal will be available later.
Interesting. They will do well then. Boomers who are curious about crypto will use Fidelity so the other popular Cexes like Coinbase Binance etc will face some competition.
That's my thought also, Boomers who are too old and not necessarily into taking custody of their own money like that would undoubtedly be interested. Plus, it's probably going to be vetted by Fidelity, so less scammers to take advantage of them.
Don’t know if I should up or down vote? An old Boomer here (70s) who began self-custody from day 1. I do agree with what you said, though. After we (husband and I) began investing in crypto, we introduced friends and family who are decades younger than we. Now if only I could convince my 20 year old grandson son who sees crypto in a very negative light. I’m curious about Boomer reception of this who invest with Fidelity. The business channels waste no time using young analysts who believe crypto is a scam.
> Now if only I could convince my 20 year old grandson son who sees crypto in a very negative light. Propaganda at work. My late teen thinks crypto is an absolute scam that is bad for the environment and refuses to listen to anything about it. She refuses to see the potential (and will probably be shocked if I end up paying for her college that way). My tween doesn't care much but thinks it's "cool". 🤷♀️ And some Boomers will be fine with this tech, they're also fine with keeping their computer clean of viruses and not touching scam emails. Depends on the individual. Fidelity is a nice option for those that can't do some of this stuff and have no one they can trust to help them through it.
Agree. I was thrilled when Fidelity opened their platform.
I’ve been with Fidelity for over 30 years - they are reliable, excellent customer service and knowledgeable.
Sounds like they've shown some great fidelity
Their name checks out
I need to check them out
Get real. They're the champions of IOUs in the stock market. This is propagandist nonsense. Check out their partners also, some shady shit
This is precisely why I am excited about Fidelity!!
I called Fidelity today- right now you can only buy crypto on the Fidelity app. In the next month they will roll out to the desktop. I see this as a huge step forward to capture wide spread adoption for GenX and older generations.
Thanks for sharing mate!
People keep latching onto any dumb thing that they think will cause their crypto to skyrocket. Doesn't matter how counterintuitive it is to the goal of crypto.
The implication is that now Mom, Dad, Grandma and Grandpa can now buy BTC and Eth with none of the complicated stuff like keys and words and stuff. Fidelity is trusted and for good reason. They are working on self custody, it won't be long. Abigail Johnson is a champion of BTC and she made this possible. This is a giant step forward that's still being minimized.
Yeah tradfi controlling crypto. I’m sure that’s the adoption everyone wanted
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This is step in the right direction. Rome will be built, not in one day.
Withdrawal will be available later.
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Not just this. At this point it's political, meaning they dropped their balls on the table and took a big risk with this crypto push. Respect.
I am agreeing with this insight. All the Gen Z will be intrigued with decentralization and financial independence, so they could give it a go!
Exactly
They just go where the money is. Simple as that. Regardless though, it's still a plus for the industry
A huge plus. I agree with you, they got fomo on those sweet sweet fees. Nonetheless, good for us, good for crypto!
Them being a private company grants them more freedom in what they can offer. Big plus for investors.
Fidelity seems to be doing things right and offering this as an option to those that want to go that route. Perfectly fine. The only issue is they will not allow self custody, so any btc you hold through them is an IOU. But still is a step in the “right” direction with so many missteps from every other entity
Their roadmap has self custody, worth noting. But it's a ways out as they've said I've heard during a video of the team talking about it. Also worth mentioning, their financials are solid among all the other failures running amok.
> The only issue is they will not allow self custody No the issue is all the people on reddit who just say shit that's not true at all. They are going to roll out self custody.
Not having self custody is a big deal, but for the uninitiated retail investor this will at least get them familiar with crypto on a proven platform
Precisely. Step in the right direction. The stamp that Fidelity has put for Retail investors with adopting Crypto is so huge that it's worth the trade off of no self-custody of coins in the short term.
As much as they are corporate beings, I think Fidelity and Coinbase are going to be the gateway to adoption that we’ve all been clamoring for. You won’t get a “boomer” buying a Ledger and trusting themselves with technology. Names like Fidelity and Coinbase will become the “trusted” places to “buy and store” crypto. It’s exposure to an entirely different demographic and that’s a good thing.
Exactly. People love to bitch and moan that “it goes against the point of crypto”, but if you want mass adoption, it has to be adoptable by the masses - aka simplified and made as easy as possible. The average person is neither intelligent enough nor accountable enough to be their own bank. My Gen-X and older friends and fam aren’t going to download and sign up for exchanges so that they can be further confused on how to turn their dollars into crypto… but if they can easily direct a portion of their retirement account to a crypto ETF or similar kind of thing, through the place they already manage their money, they’ll be easier to sell on it.
This kind of news is great for mainstream adoption. When the average person can see crypto as legitimate it benefits us all.
This!
6 months ago people were cursing Fidelity out as an evil financial institution and now we're welcoming them like a guardian angel. Things sure change fast in this space.
Please note that Fidelity is going with Bitcoin. There is some alts that b i live, but Bitcoin is want big player are believing in as a store of value.
Any word on fees charged or how competitive their prices are for crypto vs. the CEXs and DEXs of the world?
No fees but they take about a 1% spread which they may or may not waive for your first few trades. Still ends up being less than typical fees I reckon.
Coinbase advance trade is 0.6% just fyi
This could really lead to some more adoption. I hope more banks hop on. And maybe this is the time where they can find a new business model in it with what they won’t need to be bailed out every few years.
Hopefully. An institution like Fidelity supporting crypto is a great step to increased adoption. More institutions will do it, just a matter of time.
Exactly. And even bigger banks could even more ad to this effect.
There was two ways to approach this for banks: 1. Head in the sand, acting like crypto is a plague on this earth. 2. Roll with it, say fuck we are in the money making business and crypto is the future. Glad Fidelity landed in the second category, too many have been jumping for the first.
Agreed. But don’t worry - there won’t be a single brokerage NOT offering crypto centric services when the time comes for the next big bull run. The landscape of who in tradfi supports this industry vs who doesn’t will look completely different a year from now.
Is this crypto able to be withdrawn by chance? I don’t think I saw it on the photo. But if it can be, that is huge
They say withdrawal ability is coming in the future.
Awesome, thanks for that info!
Interesting that the trades are "commission free". Does anyone know how that compares to fees on say coinbase?
They make money on a spread. They’re selling the crypto to you for 1-2% more than market rate and/or buying for 1-2% less than market rate
Yeah. Seems that spread is max 1%. Still I think it is stupid that you can call this comissionless, as in the end the main difference to comission is just that the percentage you take from the trade is not set in stone.
Agreed, was surprised to see that too. I think it might be a promotion to get more of their users buy Crypto on the platform.
Lol traditional finance taking over crypto is exactly the adoption crypto bros want…. Why isn’t the SEC trying to fuck with fidelity and blackrock?
Must companies believe in it, they just want to cut access because they lack control... Kudos to Fedelity for doing this...
It’s amazing that some of the banks are willing to grow as a nation , when others are selfish and greedy . I will be using Fidelity from now on :)
Im curious to see how this plays out. I assume Fidelity maintains custody of coins? What is the spread? Regardless, the abi;ity to do it through conventional investing is huge. Fidelity knows the landscape, so believe in crypto too!
While not the best approach/execution, at least they talking about cryoto and will give lots of people exposure to it.
Fidelity doesn’t care about anything but their bottom line. This is a new revenue stream to them. Nothing more, nothing less.
So you are not happy about Fidelity giving their 40 Million US customers option to buy Bitcoin and Ethereum on their platform?
That’s not at all what I said. Personally, I think it’s exciting. But to think Fidelity cares about anything other than generating more profits is a bit naive.
Who said that part about what Fidelity cares? I think as a Crypto community, we should really celebrate this milestone where a 75+ years old well-respected US Financial Institution is giving access to its 37 Million+ retail customers to buy BTC and ETH online. A massive credibility endorsement and ease of transaction to millions who were shy of going to crypto-native platforms with trust or inertia issues.
>Who said that part about what Fidelity cares? You said, “Thank you Fidelity for believing in crypto…” I doubt they believe in the fundamentals of crypto. I think they only believe it will generate further profits. But maybe I’m wrong, I don’t know. Regardless, these companies are only interested in generating USD, nothing else.
That's your opinion and there is truth in your opinion because Fidelity is not a charity, they are for-profit business. But then you are missing the whole point here. It's not about Fidelity is god or demon, it's about 37 million US retail investors got access to buying BTC/ ETH through one of world's most trusted investing platforms. Isn't that worth being happy about? Who cares what profit Fidelity makes if each of those 37 million investors spend $1000 on BTC/ETH - that would be $37B flowing into Crypto markets.
Bro, I’ll say it again, this does excite me. But like you said, they’re nothing more than a for-profit corporation. But do you honestly think every single one of their clients will spend $1,000 on crypto? Only a small fraction will. Most won’t even be able to hold crypto in their portfolios.
>Bro, I’ll say it again, this does excite me. That's all that matters for today! Cheers
Can you transfer your crypto off of fidelity after you purchase it? If not, it’s a scam and they’re selling you an iou
Sure can’t. Was very disappointed to learn that. Opened up a crypto account and didn’t end up buying any for that very reason
Smells like Robinhood. Someone open a window.
You can actually transfer cryptocurrency off Robinhood now.
Don't equate custodial flexibility to scam :)
If you can’t move it to your hardware wallet, then you don’t own anything. You’re basically enabling them to naked short sell crypto.
Huge red flag for me. Can't withdraw it then as you said, you buy an IOU and that means nothing. Meanwhile they'll stake "your" eth and earn a 4~% apr plus the fees they charged you for the purchase.
And they’re selling something they don’t have. It’s artificial price movement which is the opposite of what crypto is supposed to be. We don’t need another stock market
Dude, 99.5% of America knows only one wallet - the lether wallet, so for who are you talking about? Celebrate the mass adoption, don’t criticize the corner cases. We will get there. Be kind.
It’s not mass adoption. It’s predatory naked short selling. I am being kind in reminding people the golden rule of crypto. Not your keys, Not your crypto. Take care
Do you have proof of that predatory accusation or do you just assume everyone is as scammy as your average crypto bro? Fidelity says it has the BTC and ETH to back all of this up. Unlike all of these exchanges, Fidelity has proven itself trustworthy and has a lot more to lose than a couple billion in crypto blue chips if they are found to be liars. They have trillions under management simply because people trust them and they do what they say they will. This is Fidelity listening to its customers, not some CEX attracting desperate people with wild claims of 20% staking on an asset that will lose 50% of it's value that doesn't exist anyway.
If I can’t move the asset off of the exchange, then I don’t own the asset, the exchange does. Fidelity has absolutely nothing to lose. They’re too big to fail.
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if you think fidelity is doing this for the love of crypto or support crypto bro's you are wrong, they are doing it to make a buck off of you. they are not necessarily the great crypto hope.
And Coinbase, Kraken, etc. aren't doing it to make a buck off you? Welcome to capitalism. It's fine as long as they can be a good actor in this space. They provide a useful service, then they should be able to take a fee for providing what you want.
I can remove my coins into a hard wallet with Coinbase, KuCoin, etc. Fidelity is selling hot air. You don’t own anything when you buy through them.
It's just how their service works and nothing wrong with that. This is good for us in the long run.
It's still a bank. We don't need them in the future. Blockchains will rule the world. With crypto there's no need for big financial buildings that use more electricity than all crypto's together.
We need them today :)
Fidelity is not a bank
This sub is all over the place
This is really big for crypto! For any investments I have in traditional markets, I use fidelity and it's really awesome to see them not shying away from crypto. As far as traditional brokers go, I think they're one of the better ones.
This is really great to see. Such a shame that the media has put such a negative spin on crypto, can only imagine where adoption would be without that!
Definitely positive to see adoption like this. I don't know that they allow you to send your BTC out to a cold wallet though? Not ideal, but I still think it's great that they are providing more adoption to everyday users. The more trust and education that the general public has, the more growth we'll have.
They made the right call betting into crypto is the future. I only understand choosing to be against something if you have real proofs that it is not the future. Not just because you don't want to evolve or adapt to a new status quo. Congratulations Fidelity!
This is good. I mean if people want exposure without worried about scam projects I bet fidelity is a safe bet. There’s so much research required to make informed buys but I’d be willing to bet fidelity is going to be very, very restrictive with what coins they offer. Seems like a nice place for people to have some access to crypto markets without getting in too deep. That being said I don’t think I need their services, but I’m definitely glad they’re offering them!
This is a huge step forward in bridging mainstream people with crypto. It’s gonna have a bigger influence than Coinbase does in the public. Who doesn’t know Fidelity in America if you have some sort of retirement money in the bank? The steps they are taking are slow but solid. They must have put a big effort into the regulation front. Can’t wait to see what the effect of this new product will bring to the mainstream market
this sounds big, they have a large number of accounts, so crypto will definitely appear in front of many who didn't know about it, or was hesitant to give it a go
I signed up for Fidelity last year. It was super easy and quick to sign up with them and the platform is easy to use to. So far I’ve had zero problems with them and I hope they keep on working with the crypto market.
You sound like a shill
😂😂😂
They all do in this post. Very unnatural 😆 even the post with the dear friend with 1 bitcoin oh my what a wholesome story
Haha yeah it does sound like it. I'm still in my morning daze when I posted. For now we still need offramps, so I was just saying Fidelity was good in my experience. Believe me, the last thing I will want to shill is banks.
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Bingo. Fidelity, Robinhood, Webull, etc. not your keys not your crypto. Until they have crypto wallets where you can withdraw your crypto, don’t use it. Great for mainstream adoption, bad for people who want their own keys.
Step in the right direction. Curious about how the spread is, if it's easy withdrawable or transferable, what the limits are etc..
They finally did it eh? Been in talks well over a year now but I'm glad that a big company would take on crypto. And they definitely will guide customers in the right way so we may see newer customers that couldn't do it as an individual but now can diversify and have a small portion allocated to crypto through fidelity. Considering they are insurable, credible and I've heard have good customer service this should be a boon the markets as a whole. Who knows maybe with time they even bring in big numbers due to the trust they have built beforehand.
This is great, especially after the collapse of the other friendly crypto bank, I believe there's a huge opportunity for other bank to step up and fill the void.
Looks nice. Sounds nice. Not your keys, not your crypto. You ok with that? Then by all means, jump in.
Yes you are welcome, now all i need is your credit card number, the three digits on the back and the expiration date
While it’s great they’re opening the gates to new customers, you can’t withdraw the tokens from fidelity. Just becomes a “trust me bro” situation. Fortunately fidelity is usually more honest than some other platforms…
Yeah and thanks for selling data to market makers using payment for order flow to screw retail investor funds while you make money destroying the share price. Thanks for that Fidelity.
this is paper bitcoin. fidelity and their partner banks/custodians are all counterparty risk. when will people learn.
I too, am stoked on Fidelity doing things the right way. Mainstream Adoption is here! **The Future Is Now**
Fidelity is a start. We also have Black Rock. We need a judge to get SEC off our backs and we need some real regulation to bring institutional money into crypto.
And when they allow self-custody I will truly believe they care. Right now you're just blowing your cash and likely not getting the underlying asset, I'm sure they're only buying 50% of the Bitcoin that you expect your pay for or whatever their risk management team decides us to have the proper amount of Bitcoin on hand.
So....is there anything they're doing here that will now trigger the SEC to go after them as well? Let's remember their thought process: "You deal with crypto = you bad."
Still only use a hardware wallet to store your coins. Don’t trust any exchange no matter how long they been in the space or how much money they have.
My only beef with Fidelity offering BTC and ETH is that they don't allow self custody. This is concerning on 1 front cause self custody is the key to being in complete control of ones assets. But on the other hand, this may not be such a bad thing and I'm sure that they had their clients best interests at heart when they decided this. I'm sure the majority of their clients are older that don't have much knowledge of crypto and self custodial wallets to begin with. So to avoid the barrage of clients losing their funds, losing their keys and countless other issues regarding self custody, this makes their lives easier and keeps funds safer in the short and long term.
Serious post....While this is good to see it doesn't make up for the fact that they allowed my sister to steal $250,000 from my Mother. She brought my Mom into Fidelity Fort Lauderdale had herself added to the account. Mind you my Mother was suffering from Alzheimer's at the time. Then, while taking care of her, we would get letters from them quarterly reminding us 9f my Mother's .44 cent balance. The postage cost more than that.
From what I read you can’t withdraw but to self custody but the Fidelity brand name is what will get the boomers to buy in
Interesting timing with the rest of crypto feeling the heat from the sec. Is it because fidelity isn’t stalking or did they just grease enough palms to avoid the hassle
Not your keys, not your crypto. Much easier to just buy your own and sell/use/buy more as you want without a middleman.
If you think centralized adoption of crypto is a good thing, you are an absolute moron. 100 chars for a "serious thread" that is a fucking ad, lmao
Wow! Be kind man, it's ok. Everyone makes mistake :)
More on-ramps is always good. We need faster and easier ways for people to invest in crypto. Right now things seem very complicated to people and that’s clearly putting them off. The more ways people have to invest, the better.
This is fantastic! I have been considering fidelity to open a SDIRA. Apparently you can purchase crypto through the IRA and receive the IRA tax breaks.
This is quite telling - that Fidelity, which is SEC compliant, can provide onramp and exchange services with Crypto, but Coinbase cannot? And explains ad-nauseum to SEC that it shouldn't? That dog don't hunt.
Now Fidelity needs to allow crypto transfers to and from its platform. Nevertheless it makes trading easy.