One of the largest brokerages in the world has officially begun its brand new cryptocurrency trading product. Fidelity Investments is launching commission-free crypto trading for its retail investors.
The investment brokerage handles upwards of $9.9 trillion in assets and has just announced a wait-list for its new cryptocurrency service. Revealed Thursday morning, the service will offer investment into 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 ranked cryptocurrencies. The service will require a $1 account minimum and give users access to trading services through their subsidiary, Fidelity Digital Assets.
In a statement shared with CNBC, Fidelity highlighted the customer-driven demand for the extended service. Stating, “A meaningful portion of Fidelity customers are already interested in and own crypto. We are providing them with tools to support their choice, so they can benefit from Fidelity’s education, research, and technology.”
One of the big draws of the newly developed trading product is that trades made through Fidelity’s new service will be free from commission fees. The brokerage firm, however, will factor in a 1% spread on every trade execution price.
Joining the likes of Robinhood, Binance, and others, Fidelity becomes yet another commission-free crypto trading option for U.S. investors. Investors have steadily been moving away from traditional services in order to better generate revenue. Firms like Fidelity Crypto are seeking to answer that desire from the financial markets.
Today saw the service open up its early access wait-list to potential users. Yet, no timeframe has been revealed as to when the service will be actively running.