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Fidelity Crypto review 2023 Fidelity offers a secure way for crypto newbies to trade crypto, but seasoned crypto enthusiasts will likely look elsewhere.By
Matt Miczulski Posted
Jun 21, 2023
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Our take on Fidelity Crypto Launched in March 2023, Fidelity Crypto makes it easy for investors who are used to traditional financial platforms to make their first crypto investments.You can start investing with just $1, and the platform’s simple user interface (UI) via web browser and mobile app make it straightforward to trade crypto and track your portfolio.
However, given that Fidelity only supports Bitcoin (BTC) and Ethereum (ETH) and doesn’t let you transfer your crypto off the platform, more experienced crypto investors may opt to use other crypto brokers.
3.6
Finder Rating
Ratings methodology – how we rate Fidelity Crypto Supported cryptocurrencies Transferring money or assets Fees and costs Ease of use Customer service Features Trustworthiness/security How we rate our crypto exchanges and platforms Finder’s editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform’s strengths and weaknesses.You can read our full methodology here .
Our rating and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards , updated by our editorial team throughout the year to reflect changes in the market.
Fidelity Crypto pros and cons Pros Easy onboarding process.
Signing up for a Fidelity Crypto account is relatively simple, especially if you already have other brokerage accounts with Fidelity.A trusted name in the financial industry.An established institution like Fidelity has a proven track record, especially compared to newcomer crypto exchanges.Simple buying and selling process.
Fidelity Crypto’s user interface is as clear and uncluttered as its traditional asset interface, which makes buying and selling crypto on the platform less confusing than on some crypto exchanges.Cons Doesn’t permit self-custody.Fidelity serves as both the broker and custodian for your crypto purchases.You can’t move your crypto from Fidelity to a crypto wallet.Small selection of cryptos.The platform only supports Bitcoin (BTC) and Ethereum (ETH).
Only 2 cryptocurrencies supported.Fidelity Crypto supports a smaller variety of assets than some of its competitors.This isn’t necessarily a bad thing, but if you’re looking for a large range of altcoins you may want to compare other platforms .
USD deposits and withdrawals are not supported.Fidelity Crypto does not support USD trading accounts.You may still be able to purchase crypto using a credit or debit card via the platform’s instant purchase feature, although foreign exchange fees might apply.About Fidelity Crypto — company background Fidelity has been a trusted name in traditional finance for decades, and it was one of the only traditional financial firms to get involved in the digital asset space back in 2014.
Hence, Fidelity Crypto is a great bridge between the traditional and digital worlds of finance.
As a mission-driven institution, Fidelity aims to not only offer digital assets to their customers but to educate them about how these assets work and how they fit into the changing financial landscape.
Listed Fidelity Crypto crypto exchange assets Fidelity Crypto supports over 2 cryptocurrencies, but some notable assets are missing.
Namely, Tether, BNB and USD Coin, which are in the top 20 cryptos by market cap.In total, 2 of the top 20 cryptos are available on Fidelity Crypto.
Popular assets on Fidelity Crypto supports Bitcoin (BTC)
supports Ethereum (ETH)
does not support Tether (USDT)
does not support BNB (BNB)
does not support USD Coin (USDC)
does not support XRP (XRP)
does not support Lido Staked Ether (STETH)
does not support Cardano (ADA)
does not support Dogecoin (DOGE)
does not support Solana (SOL)
does not support TRON (TRX)
does not support Litecoin (LTC)
does not support Polygon (MATIC)
does not support Polkadot (DOT)
does not support Wrapped Bitcoin (WBTC)
does not support Shiba Inu (SHIB)
does not support Dai (DAI)
does not support Avalanche (AVAX)
does not support Binance USD (BUSD)
does not support Uniswap (UNI)
See all Fidelity Crypto crypto assets BTC ETH Fidelity Crypto fees Fidelity Crypto charges a N/A fee for PayPal deposits, N/A fee for debit card deposits and a N/A fee for wire transfer deposits.Fidelity brokerage account and bank transfer deposits are free for folks in the US.
Deposit & withdrawals fees Transaction type Fee Deposit funds Bank transfer: $0
Fidelity Brokerage account: $0
Wire transfer: N/A
Debit card: N/A
Paypal: N/A
Withdraw funds Bank transfer: $0
Fidelity Brokerage account: $0
Type Fee Spread Spread fees: 1% Spread fee explained.
A spread is the difference between the purchasing price and sale price of an asset and can be thought of as a markup.A spread fee is usually only apply to instant purchases and not the spot market.If a platform advertises zero fee trading then beware that they may charge a spread instead.
Fidelity Crypto deposit methods Bank transfer (ACH) How to sign up on Fidelity Crypto exchange Before you can even get started trading on Fidelity Crypto, you have to go through the rigorous verification process (which usually involves proof of identification ).This can take quite a long time.
The reason for this is Fidelity Crypto’s commitment to certifications, and compliance with regulations and insurers.
Get started
After selecting the Get Started button, fill in the create account form.Set up payment
Before you can start trading, you have to add your bank account to your Fidelity Crypto account.There are several options to choose from, so choose the option most compatible.
Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification.Use either a passport or a driver’s license for this.Start trading
After all that is processed, you’re ready to trade on Fidelity Crypto.About Fidelity Crypto app Fidelity doesn’t have a dedicated app for its crypto platform.Fidelity Crypto lives within the main Fidelity app.
From the home screen of the Fidelity app, locate the “Accounts” section and select your Fidelity Crypto account.
The Fidelity Crypto screen is basic, as it only shows your crypto portfolio balance, cash balance, recent activity and position sizes.
That said, Fidelity’s user interface is easy to navigate, making the process of investing in crypto via the app fairly straightforward.
Is Fidelity Crypto safe? Fidelity has a multi-decade track record of keeping clients’ funds and assets safe.
The majority of the digital assets Fidelity holds on behalf of its clients are stored in cold storage in secure facilities.At each of these facilities, Fidelity has put multistep security measures in place so that there is no single point of failure when it comes to protecting your assets.
Also, Fidelity does not rehypothecate your assets, which means it doesn’t lend your assets out as collateral, potentially leading to the same assets being promized as collateral to more than one party.
Past hacks.Fidelity Crypto has never been hacked.
Security audits.Fidelity Crypto hasn’t shared whether it’s been audited or plans to be audited.
Insurance.Fidelity Crypto does not offer any information about whether or not it insures the crypto it holds with a private institution.Crypto is not insured by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SPIC).
Keeping your crypto secure All centralized exchanges, including Fidelity Crypto, are vulnerable to counterparty risks like hacking, theft and insolvency.Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds.We’ve shared some of our top picks below.
Ledger Nano X Wallet
Trezor Model T Wallet
Ledger Nano S Plus Wallet
Go to site Go to site Go to site Supported assets
5,500+
Supported assets
1,456+
Supported assets
5,500+
Price (USD)
$149
Price (USD)
$219
Price (USD)
$79
See more of the best crypto wallets
Compare now
Fidelity Crypto customer support Fidelity offers an array of customer support options — from live chat to support via social media to email support.
But where Fidelity really shines is in its 24/7 over-the-phone customer support.
It takes no longer than a few minutes to get a live customer support agent on the line.Said agents are both attentive and helpful (at least in our experience).
And if you’d like assistance with your Fidelity Crypto account, you can call the main customer service number.A representative will connect you with someone from the platform’s digital assets division.
How to reach Fidelity Crypto customer support Email Facebook FAQ page Live chat Phone Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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Select an option to continue Fidelity offers a secure way for crypto newbies
I’d recommend Fidelity Crypto to anyone who is looking to invest in crypto and wants to leave their assets in the hands of a qualified and trustworthy custodian.
While it may not be an ideal platform for crypto pros who like to put their digital assets to work in the decentralized finance (DeFi) space, it is surely the one for people who want exposure to major crypto assets without having to deal with the potential anxiety that comes with self-custody.— Frank Corva,
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Get $15 when you sign up and buy $100 of crypto.T&Cs apply.
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Disclaimer: Star ratings are only displayed for products with 10 or more reviews.loading Prev 1 2 3 Next Compare Clear Frequently asked questions Can you buy crypto on Fidelity? Yes, you can buy Bitcoin (BTC) and Ethereum (ETH) through the Fidelity Crypto platform.Please note, though, that when you purchase crypto through Fidelity Crypto, you’re only technically buying an IOU or a claim for the asset.This is opposed to buying the asset itself, which you’d then need to transfer into your own crypto wallet to truly own it.
Can I buy crypto with my Fidelity 401(k)? Yes, you can buy crypto with a Fidelity Digital Assets Account (DAA) 401(k) so long as your company offers it.Fidelity began offering this option in the fall of 2022.Through the account, you can primarily hold Bitcoin (BTC) as well as a short-term money market investment.Can I buy Fidelity crypto ETFs? Yes, you can buy Fidelity crypto ETFs like the Fidelity Crypto Industry Digital Payments ETF (FDIG) and the Fidelity Metaverse ETF (FMET) through Fidelity’s traditional brokerage platform (not through Fidelity Crypto).Was Frank Corva twitter linkedin Frank Corva is a cryptocurrency writer and analyst for digital assets at Finder.Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance.
He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University.He also taught writing and entertainment business courses in Japan and worked with UNICEF in Namibia before returning to the US to teach at universities in New York City.
Earlier in his career, he spent years working as a publicist and graphic designer for record labels like Warner Music Group and Triple Crown Records.During that time, he was also a music journalist whose writing and photography was in published in Alternative Press, Spin and other outlets.
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