How to Buy Crypto with Fidelity

Can I Buy Crypto on Fidelity?

Unfortunately, Fidelity does not allow retail users to buy, sell, or store any cryptocurrencies through their application. The platform only supports high-net-worth individuals and institutional investors for transactions involving Bitcoin and other digital assets.

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How to buy Crypto with a Fidelity Alternative

The best alternative to buy and sell Cryptocurrencies from the United States is the Upholds platform. They offer over 250 digital assets to buy and stake for retail & institutional investors in the USA. You can deposit US Dollars for free onto their platform via ACH Bank Transfer, Bank Wire or even Debit Card and Credit Card.

Get started investing in digital assets with this simple guide:

1. Sign Up: Create an account on Uphold and complete your verification (personal or company).
2. Connect Account: Select the currency you want deposit on the Uphold Platform (USD + 30 more).
3. Deposit Funds: Connect your US Bank account or Debit/Credit Card to deposit your fiat currency.‍
4. Buy Crypto: The final step is to find the cryptocurrency you want to buy and execute your trade.

The Fidelity Crypto ETF

Although Fidelity has announced an intention to launch a Bitcoin ETF, it is important that investors do not use this as a way to buy Bitcoin. An ETF does not give investors real custody of their assets, so it completely defeats the purpose of buying a non-custodial asset like Bitcoin or Ethereum.

This means that if you purchase crypto through the Fidelity Crypto ETF or Fidelity Crypto Mutual Fund, you cannot withdraw the assets to an external wallet for secure storage. A popular saying Crypto is "not your keys, not your coins", which highlights the importance of having custody of your own coins.

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Fidelity Cryptocurrency Products

Fidelity provides several cryptocurrency-related services and products, namely Fidelity Crypto Custody, Fidelity Crypto Clearing, and Fidelity Investments Digital Assets.

1. Fidelity Crypto Custody: This service enables institutional investors to securely store and trade digital assets. It is accessible in the US, Europe, and Asia.
2. Fidelity Crypto Clearing: This service provides institutional investors the ability to clear and settle digital asset trades. It is available in the US and Europe.
3. Fidelity Investments Digital Assets: This investment product allows accredited investors to engage with the digital asset market. It is accessible to those in the US.

These products and services are exclusively accessible to institutional investors within the United States.

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About Fidelity

Fidelity Investments is an American multinational financial services corporation. It is one of the largest asset managers in the world with $2.46 trillion in assets under management as of December 2019. The company provides investment management, retirement planning, estate planning, and brokerage services to individuals, businesses, and institutions.

In the United States, Fidelity Investments offers a variety of investment products, including mutual funds, ETFs, IRAs, and taxable brokerage accounts. The company also offers retirement planning services, estate planning services, and cash management products. Fidelity Investments is licensed and regulated by the US Securities and Exchange Commission (SEC). In Europe, the company is licensed and regulated by the European Securities and Markets Authority (ESMA).

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Final Thoughts

In conclusion, Fidelity Investments caters to institutional and accredited investors for cryptocurrency services. Retail investors interested in direct crypto trading should consider alternatives like Uphold US. While Fidelity plans to launch a Bitcoin ETF, it doesn't allow actual asset custody. Thus, retail investors are advised to use licensed exchanges for true ownership of their crypto investments.