2023 Fidelity cryptocurrencies: buying alt coins, Shiba Inu, Ripple, Stellar, Cardano, Dogecoin, Ethereum, Bitcoin, and Litecoin.

Can You Buy Bitcoin on Fidelity?

Fidelity Investments now offers cryptocurrency trading. Here are the details:

Fidelity Crypto List

Right now, only bitcoin and Ethereum can be traded. Fidelity does say it has plans for more in the future, but for now, these two are it.

Eligibility

Fidelity’s crypto service is available in 36 U.S. states. Only U.S. citizens residing in one of those eligible states can open a crypto account. America’s three big states—Florida, California, and New York—are among the 36. Alaska, Hawaii, and New Mexico are not.


can you buy crypto on fidelity


Opening a Fidelity Crypto Account

The two available coins cannot be traded in a regular securities account. A discrete cryptocurrency account must be opened, and this takes some time because Fidelity is gradually rolling out the service.

The first step is to get on a waitlist to open a crypto account. A current Fidelity securities account is not required to get on the list, although if you are a Fidelity customer, you need to use the email address Fidelity has on file when you sign up.

Residents of all 50 states can get on the waitlist. Fidelity is working on adding the other 14 states, and when they come on board, Fidelity will notify residents of those states.

Residents of the eligible states will be notified by email when they can open an account. It took us about 3 weeks to get an email to apply for a crypto account from the time we were added to the waitlist.

The Fidelity mobile app must be used to apply for the crypto account. Although there’s a lot of information on Fidelity’s new digital currency service on its website, actual trading and account opening can only be done on the mobile app. If you click on the link in the email to open an account on the website, you’ll get a QR code. Scan the code with your phone to complete the application on the app.

If you already have a Fidelity brokerage account, most information will be pre-filled. A securities account is required to open the crypto account, so one will need to be opened along with the crypto account if you don’t already have one.


Funding the Fidelity Crypto Account

Fidelity does not permit a transfer of cash from an external bank account into a crypto account. The latter can only be funded via a transfer from the linked Fidelity brokerage account, which is apparently why Fidelity requires one to be open.

Fidelity Crypto does not yet have a wallet. Therefore, it’s not possible to transfer digital currencies in or out of a crypto account.


Fidelity Crypto Fees

Once the crypto account is open, it is subject to no minimums and no ongoing fees. There are also no commissions on crypto trades, although Fidelity will be compensated by a markup/markdown in the prices on its platform. This adjustment is no more than 1% of trade value.


Accessing the Fidelity Crypto Account

As already mentioned, only the Fidelity mobile app can be used to place a trade for a digital currency. The broker’s website and desktop platform can only be used for securities trading. Moreover, the app must be set to the Beta layout rather than the Classic experience. To do this, tap on the account icon (little guy) in the upper-right corner of the app. On the next page, there will be a toggle switch to turn the Classic experience on or off. Make sure it is off.

Once you’re in Beta mode, head over to the home page (tap on the house icon in the bottom-left corner). In the list of accounts, tap on the crypto account (it will have a slight gray background).

Now you’ll have all the crypto details and tools. These include transaction history, balance details, positions, and cash available to place a crypto trade.


can you buy bitcoin on fidelity


Webull as an Alternative

If you do want to trade cryptocurrencies directly, but want something other than bitcoin or Ethereum, Webull has the solution. The brokerage firm currently offers trading in more than 40 coins:

  • Aave (AAVE)
  • Algorand (ALGO)
  • Apecoin (APE)
  • Avalanche (AVA)
  • BAT (BAT)
  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • BNTUSD (BNT)
  • Chainlink (LINK)
  • Chiliz (CHZ)
  • COMPUSD (COMP)
  • Cosmos (ATOM)
  • Crypto.com Coin (CRO)
  • Curve DAO (CRV)
  • Dash (DASH)
  • Decentraland (MANA)
  • ENJUSD (ENJ)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Dogecoin (DOGE)
  • Fantom (FTM)
  • FILUSD (FIL)
  • Gala (GALA)
  • ICPUSD (ICP)
  • LINK (LINK)
  • Litecoin (LTC)
  • Loopring (LRC)
  • Maker (MKR)
  • Polygon (MATIC)
  • REN (REN)
  • SHIB (SHIB)
  • Solana (SOL)
  • Stella Lumens (XLM)
  • Sushi (SUSH)
  • Stella Lumens (XLM)
  • Terra (LUNA)
  • Tezos(XTZ)
  • The Graph (GRT)
  • UNI (UNI)
  • USD Coin (USDC)
  • XLM (XLM)
  • yearn.finance (YFI)
  • Zcash (ZEC)

Like Fidelity, Webull charges 1% on all crypto trades. This fee is baked into the trade price, which means there is no commission.


does fidelity have crypto


Unlike Fidelity, Webull shows the price history of every coin available for trading. Webull’s software also displays more data on coins, such as 52-week high and previous close.

On Webull’s mobile app, traders can discuss coins. Each coin’s profile has a “Feeds” tab, which is a community forum. For Dogecoin, we found lots of comments.


fidelity Crypto Trading


Another difference between Fidelity and Webull is that the latter brokerage firm offers crypto trading on its computer platforms (desktop and web browser trading are both available). Webull’s order ticket has stop limit for crypto trades in addition to market and limit.


Webull Promotion


Open WeBull Account


Placing a Trade on Fidelity

To actually place a trade, tap on the trade icon in the bottom menu (in the shape of an up arrow). On the next page, you’ll want to be on the Positions tab (look for the tabs at the top of the screen). Scroll down to the section for tradable coins; there will only be two of them. Tap on either bitcoin or Ethereum. Doing so generates the coin’s profile.

There’s not much data on either profile. There is information on 24-hour volume and trading activity. A few news articles will appear as well. The app does not currently show price action (charts will be available in the future). Apparently, this is a work in progress.

A green buy button appears at the bottom of the screen. It is not possible to short a cryptocurrency at Fidelity. Orders can be submitted in whole dollars or fractional coins (or whole coins). Tap on the word “Dollars” or the coin’s ticker symbol to switch between the two.

The order form offers two trade types: market and limit. Market orders must have at least an extra 5% in available buying power because of the expected volatility in cryptocurrency trading.

In the top-right corner of the order ticket, there are icons for watchlists and alerts.


Crypto Help

Before Fidelity launched its crypto trading service, it built a pretty impressive library of resources on digital currencies. The launching point for these materials is the Crypto Help Desk. Here, there are answers to many frequently-asked questions. These are in categories for easy viewing.

General education on cryptocurrencies will be found under the “Learn about crypto” tab. Here, we found the following FAQs:

- What is a blockchain?
- What are altcoins?
- What is proof of stake?

There is a robo chat widget for crypto trading on the mobile app (it also appears on the website). It can answer other questions not listed on Fidelity’s help center. Typing “human” in the widget will bring on a live agent.


Fidelity Crypto ETFs

If direct crypto trading isn’t your thing, or you live in one of the 14 states where it’s not currently offered, Fidelity does provide trading in several ETFs that invest in cryptocurrencies or crypto-related assets. For example, there is the ProShares Bitcoin Strategy Fund (BITO) that holds Bitcoin futures contracts.


Can You Buy Crypto on Fidelity Summary

Fidelity has accomplished a feat that some of its rivals haven’t: it has opened trading in cryptocurrencies. However, the service has many weaknesses, the most notable being lack of coins. Crypto trading at Fidelity will probably grow over time, though, and we expect big things from this in the future. In the meantime, traders will probably be better off at Webull.

Updated on 1/17/2023.


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