Fidelity Digital Assets Quietly Opens Commission-Free Crypto Trading to Millions of Users

Fidelity Crypto Allows Exchange of Bitcoin and Ethereum Without Fees, But Withdrawals Not Yet Enabled on the Platform as Fidelity Moves Ahead of U.S. Competitors in Offering Cryptocurrencies to Retail Investors

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Fidelity Digital Assets recently quietly opened access to Fidelity Crypto to the general public, allowing millions of users to exchange Bitcoin and Ethereum through the platform without paying a commission.

Previously limited to a waitlist mode, Fidelity Crypto is now open to both new and existing customers. New customers will be required to create a Fidelity Brokerage account during the setup process.

The service is not available in all states in the US.

No Withdrawals for Bitcoin and Ethereum as of yet

Bitcoin and Ethereum are the two assets that users can exchange right now, and transactions are commission-free. The company will charge a spread that will not exceed 1%. Withdrawals are not yet enabled on the platform.

Launched earlier than competitors

Fidelity, which has a total of 37.1 million retail accounts, moved earlier than most of its U.S. counterparts to offer cryptocurrencies to this group of investors.

The launch of the platform took place in recent weeks, and the launch coincided with the “hot” regulatory environment in the US and the collapse of two of the largest banking partners in the cryptocurrency industry, Silvergate and Signature Bank.

On another issue, it is worth remembering that Fidelity has filed three trademark applications in the United States to provide services related to the metaverse and virtual worlds by the end of 2022.

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