One of the largest brokers in the world has officially launched its brand new cryptocurrency trading product. Fidelity Investments is launching commission-free cryptocurrency trading for its retail investors.
The investment brokerage manages over $ 9.9 trillion in assets and has just announced a waiting list for its new cryptocurrency service. Revealed Thursday morning, the service will offer investments in Bitcoin and Ethereum through the company.
First reported by CNBC, the newly announced Fidelity Crypto will allow investors to buy and sell the number one and number two cryptocurrencies. The service will require a minimum account of $ 1 and will allow users to access trading services through their subsidiary, Fidelity Digital Assets.
In a statement shared with CNBC, Fidelity highlighted customer-driven demand for the extended service. Stating, “A significant portion of Fidelity’s customers are already interested in and own cryptocurrencies. We are providing them with the tools to support their choice, so they can benefit from Fidelity’s education, research and technology.”
One of the great attractions of the newly developed trading product is that trades made through the new Fidelity service will be commission free. The brokerage firm, however, will take into account a spread of 1% on each trade execution price.
By joining Robinhood, Binance and others, Fidelity becomes yet another commission-free cryptocurrency trading option for US investors. Investors have consistently moved away from traditional services to generate better revenue. Companies like Fidelity Crypto are trying to respond to this desire of the financial markets.
Today the service opened its waiting list for early access to potential users. However, no time frame has been revealed as to when the service will be actively running.