Fidelity offers early access to its new Bitcoin trading app

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Investment giant Fidelity today announced an early access waitlist for its new crypto product Fidelity Crypto, which will allow retail investors to trade Bitcoin and Ethereum from their phone without paying commission.

The Boston-based company, which last month launched an Ethereum trading service for institutions, said retail investors would soon be able to “trade crypto with as little as $1 while having an integrated view of your traditional and crypto investments.” The move now puts the company in direct competition with established players in the US crypto market like Coinbase and Robinhood.

Fidelity added that a 1% spread would be added to each trade execution price, but it could initially decide not to charge this fee, which could help it attract customers and market share in a already crowded area.

The app will also provide its users with market insights. “To help you understand the world of crypto, the Fidelity Investments app will provide a unique learning experience,” the announcement reads. “Easily access a growing library of on-demand education and market insights.”

New first broke of a crypto app for retail investors in September after Galaxy Digital CEO Mike Novogratz said he heard rumors about the company’s plans.

Fidelity is one of the largest asset managers in the world and currently manages more than $9.9 trillion under its administration, according to its website.

He’s been into crypto for years, but this year really took a big step into the space.

In September, Fidelity Digital Assets, the company’s digital asset arm, announcement a “one-of-a-kind exchange” offering investors “safer, faster and more efficient cryptocurrency trading” along with other big players including Charles Schwab.

This year, Fidelity also began to offer exchange-traded funds that track the crypto industry and the metaverse. These products do not give investors direct exposure to cryptocurrencies like Bitcoin.

In April, Fidelity announced plans to launch a 401(k) product to allow workers to save 20% of retirement funds in Bitcoin, which has proven controversial among some Democratic legislators in Congress.

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