Fidelity, one of the world’s largest asset management companies, has formally started its Bitcoin (BTC) trading operations for retail accounts. Under the plan, retail account-holding investors can buy and sell BTC.
The financial services consulting company unveiled the product as Fidelity Crypto. Now users have to open a Fidelity brokerage account to fund a new Fidelity Crypto account, media report said.
Fidelity Crypto has been projected as an opportunity for investors to trade on bitcoin and Ethereum in the Fidelity Investments app. It is easy to trade and users can participate in trading even with just $1. Clients also have the advantage of having an integrated view of traditional and crypto investments. Not happy with the move, some US senators raised the issue in a letter to Fidelity CEO noting the company is moving away from traditional finance to risky crypto markets.
However, Fidelity is standing firm on its decision to provide retail bitcoin trading to its users despite the falling price of bitcoin. With the launch of retail BTC trading, it has reiterated its trust in bitcoin.
In the first stage, only bitcoin and Ethereum will be available to trade and the addition of more cryptocurrencies is under assessment, the company said.
The highlight of Fidelity retail BTC trading is it is commission free and prices with a maximum spread of 1 percent will be calculated on all trade executions. Fidelity Crypto will be open for retail traders in 35 states of the USA.
