Fidelity Investments (FNF) is launching a retail crypto trading platform, starting with zero-commission trading for Bitcoin and Ethereum. It has opened a waitlist for Fidelity Crypto, a new product for retail customers where they can trade commission-free, with a 1% spread incorporated into trade execution prices. In financial markets, a spread represents the difference between the price users pay for crypto and the price at which the brokerage fills their order.

Key Takeaways

  • With commission-free Bitcoin and Ethereum trading, Fidelity Investments is launching a retail crypto trading platform.
  • Customers will receive access by invitation based on their sign-up date and state availability.
  • Fidelity is seeking ways to attract younger clients.

Fidelity’s new crypto offering will be powered by its subsidiary, Fidelity Digital Assets. Fidelity has not specified when the new offering will be available, but it has opened up a waitlist for early access. The firm, which is already a household name in mutual funds and financial advice, is trying to reach younger clients. 

Currently, the retail market is dominated by crypto exchanges such as FTX Trading and Coinbase or brokerage apps like Robinhood. Fidelity wants to be part of the crypto ecosystem, which is why it partnered with Charles Schwab and Citadel Securities in September 2022 to launch a cryptocurrency exchange. Earlier this year, the asset manager announced plans to let retirement savers invest directly in Bitcoin through their 401(k) plans.

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