Can I buy Crypto or Bitcoin on Fidelity?
If you are in the United States and are looking to purchase Bitcoin, Ethereum or other cryptocurrencies using Fidelity Investments, you are out of luck. Unfortunately, retail users of Fidelity cannot buy, sell or even store any cryptocurrencies using the Fidelity app.
Their platform excludes everyday investors and only enables high-net worths and institutional investors to buy Bitcoin and other digital assets.
How to buy Crypto with a Fidelity Alternative
The best alternative to buy and sell Cryptocurrencies from the United States is the eToro platform. They offer over 70 digital assets and thousands of Stocks, ETFs, Commodities and more for retail and institutional investors in the USA. You can deposit US Dollars for free onto their platform via Bank Transfer, Bank Wire or even Debit Card and Credit Card.
Get started investing in digital assets with this simple guide:
- Create an account: Sign up to the eToro US trading platform.
- Deposit funds: Select the 'Deposit Funds' button on the bottom of your screen to deposit USD via any Bank Account.
- Find your Crypto: Once the USD hits your account, find the Crypto you want to buy on the eToro platform with their 'Discover' tab.
- Execute your trade: Input the USD amount you want to invest 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.
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).
Fidelity Cryptocurrency Products
Fidelity offers a number of cryptocurrency products and services, including Fidelity Crypto Custody, Fidelity Crypto Clearing, and Fidelity Investments Digital Assets.
- Fidelity Crypto Custody is a service that allows institutional investors to safely store and trade digital assets. The service is available in the US, Europe, and Asia.
- Fidelity Crypto Clearing is a service that allows institutional investors to clear and settle trades of digital assets. The service is available in the US and Europe.
- Fidelity Investments Digital Assets is an investment product that allows investors to gain exposure to the digital asset market. The product is available to accredited investors in the US.
These products are only available for institutional investors in the United States.