Fidelity Crypto review

About Fidelity Crypto — company background

Fidelity has been a trusted name in traditional finance for decades, and it was one of the only traditional financial firms to get involved in the digital asset space back in 2014.

Hence, Fidelity Crypto is a great bridge between the traditional and digital worlds of finance.

As a mission-driven institution, Fidelity aims to not only offer digital assets to their customers but to educate them about how these assets work and how they fit into the changing financial landscape.

Listed Fidelity Crypto crypto exchange assets

Fidelity Crypto supports over 2 cryptocurrencies, but some notable assets are missing. Namely, Tether, BNB and Solana, which are in the top 20 cryptos by market cap. In total, 2 of the top 20 cryptos are available on Fidelity Crypto.

Popular assets on Fidelity Crypto

• See all Fidelity Crypto crypto assets

  • BTC
  • ETH

Fidelity Crypto fees

Fidelity Crypto charges a N/A fee for PayPal deposits, N/A fee for debit card deposits and a N/A fee for wire transfer deposits. Fidelity brokerage account and bank transfer deposits are free for folks in the US.

Deposit & withdrawals fees

Transaction type	Fee
Deposit funds	Bank transfer: $0 Fidelity Brokerage account: $0 Wire transfer: N/A Debit card: N/A Paypal: N/A
Withdraw funds	Bank transfer: $0 Fidelity Brokerage account: $0

Type	Fee
Spread	Spread fees: 1%

Spread fee explained. A spread is the difference between the purchasing price and sale price of an asset and can be thought of as a markup. A spread fee is usually only apply to instant purchases and not the spot market. If a platform advertises zero fee trading then beware that they may charge a spread instead.

Fidelity Crypto deposit methods

How to sign up on Fidelity Crypto exchange

Before you can even get started trading on Fidelity Crypto, you have to go through the rigorous verification process (which usually involves providing proof of identification). This can take time. The reason for this is Fidelity Crypto's commitment to certifications and compliance with regulations and insurers.

1. Get started
   After selecting the Get Started button, fill in the create account form.
2. Set up payment
   Before you can start trading, you have to add your bank account to your Fidelity Crypto account. There are several options to choose from, so choose the option most compatible.
3. Provide identification
   Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this.
4. Start trading
   After all that is processed, you're ready to trade on Fidelity Crypto.

Using the Fidelity Crypto app

Fidelity doesn’t have a dedicated app for its crypto platform. Fidelity Crypto lives within the main Fidelity app.

From the home screen of the Fidelity app, locate the “Accounts” section and select your Fidelity Crypto account. The Fidelity Crypto screen is basic, as it only shows your crypto portfolio balance, cash balance, recent activity and position sizes.

That said, Fidelity’s user interface is easy to navigate, making the process of investing in crypto via the app fairly straightforward.

Is Fidelity Crypto safe?

Fidelity has a multi-decade track record of keeping clients’ funds and assets safe.

The majority of the digital assets Fidelity holds on behalf of its clients are stored in cold storage in secure facilities. At each of these facilities, Fidelity has put multistep security measures in place so that there is no single point of failure when it comes to protecting your assets.

Also, Fidelity does not rehypothecate your assets, which means it doesn’t lend your assets out as collateral, potentially leading to the same assets being promized as collateral to more than one party.

Past hacks. Fidelity Crypto has never been hacked.

Security audits. Fidelity Crypto hasn’t shared whether it’s been audited or plans to be audited.

Insurance. Fidelity Crypto does not offer any information about whether or not it insures the crypto it holds with a private institution. Crypto is not insured by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SPIC).

Keeping your crypto secure

All centralised exchanges, including Fidelity Crypto, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.

Fidelity Crypto customer support

Fidelity offers an array of customer support options — from live chat to support via social media to email support.

But where Fidelity really shines is in its 24/7 over-the-phone customer support. It takes no longer than a few minutes to get a live customer support agent on the line. Said agents are both attentive and helpful (at least in our experience).

And if you’d like assistance with your Fidelity Crypto account, you can call the main customer service number. A representative will connect you with someone from the platform’s digital assets division.

How to reach Fidelity Crypto customer support

Fidelity offers a secure way for crypto newbies

I’d recommend Fidelity Crypto to anyone who is looking to invest in crypto and wants to leave their assets in the hands of a qualified and trustworthy custodian.

While it may not be an ideal platform for crypto pros who like to put their digital assets to work in the decentralized finance (DeFi) space, it is surely the one for people who want exposure to major crypto assets without having to deal with the potential anxiety that comes with self-custody.

— Frank Corva, Writer.

Alternatives to Fidelity Crypto

Frequently asked questions

• Can you buy crypto on Fidelity?

  Yes, you can buy Bitcoin (BTC) and Ethereum (ETH) through the Fidelity Crypto platform. Please note, though, that when you purchase crypto through Fidelity Crypto, you’re only technically buying an IOU or a claim for the asset. This is opposed to buying the asset itself, which you’d then need to transfer into your own crypto wallet to truly own it.

• Can I buy crypto with my Fidelity 401(k)?

  Yes, you can buy crypto with a Fidelity Digital Assets Account (DAA) 401(k) so long as your company offers it. Fidelity began offering this option in the fall of 2022. Through the account, you can primarily hold Bitcoin (BTC) as well as a short-term money market investment.

• Can I buy Fidelity crypto ETFs?

  Yes, you can buy Fidelity crypto ETFs like the Fidelity Crypto Industry Digital Payments ETF (FDIG) and the Fidelity Metaverse ETF (FMET) through Fidelity’s traditional brokerage platform (not through Fidelity Crypto).

Fidelity Crypto is not currently available on Finder

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