Although Fidelity broker hasn’t officially confirmed speculations that it may begin retail Bitcoin trading, the company stated that making digital assets more widely accessible remained a significant area of focus.
Key Highlights
- Fidelity is expected to make crypto trading services available on its platform soon.
- The company has explained that expanding its reach to contain digital assets is a major focus.
- With an array of tools and various financial instruments available to users, the Fidelity platform is an ideal firm for investment.
Fidelity Investments, a $4.2 trillion asset management company, is purportedly attempting to make Bitcoin (BTC) trading services available to its 34.4 million retail investors, according to Galaxy Digital CEO Mike Novogratz and sources familiar with the situation.
Although Fidelity hasn’t formally stated that it intends to add cryptocurrency to its retail platform, Novogratz recently suggested to a conference audience in New York that the move might be imminent. He explained, “A bird told me that Fidelity, a little bird in my ear, is going to shift their retail customers into crypto soon enough.” He continued, “I hope that bird is right. So we are still this institutional march, and that gives crypto its floor.”
The trillion-dollar investment management started trading Bitcoin for hedge funds and institutional investors in 2019. The company introduced its Bitcoin index fund a year later, and by May of this year, it had received over $125 million in investments.
When contacted for comment, Fidelity clarified, “While we have nothing new to announce, expanding our offerings to enable broader access to digital assets remains an area of focus.”
Not only Novogratz but others have also hinted at Fidelity’s possible move. According to a report from The Wall Street Journal (WSJ) published recently, Fidelity is “weighing a plan” to let private investors trade Bitcoin on its brokerage platform.
Michal van de Poppe, founder, and CEO of Eight Global posted a similar message last week, indicating that the platform would begin accepting retail users for Bitcoin trading in November.
Fidelity Investment Platform
Fidelity Investments gained attention in April when it began enabling users to add Bitcoin to their retirement accounts.
Fidelity’s decision to permit clients to include Bitcoin in their retirement plans was a historic move for significant retirement plan companies. And it is safe to say that Fidelity is the best broker with low costs in the world today.
Customers can use Fidelity’s top-notch market platforms on their desktop computers and mobile phones. The firm also makes the most of its dominant market position to enhance a product line that is already excellent while retaining extremely low fees and administrative costs.
On trading in stocks or ETFs, Fidelity levies no fees or commissions. Additionally, Fidelity gives its clients access to options, penny stocks, currencies, mutual funds, and fixed income products like treasury, municipal, agency, corporate, and CD bonds.
Fidelity offers its users outstanding educational materials, portfolio analysis tools, reports, calculators, and good screeners. This is to aid in locating specific securities within an asset class, among other tools and resources for investors and traders. Fidelity does not provide cryptocurrencies, options on futures, futures, and commodities.
Fidelity’s digital assets unit planned to hire 110 tech professionals and 100 customer support agents because it anticipated a rise in institutional demand for cryptocurrency trading.
The firm also stated that while the influx of new clients slowed, decreasing cryptocurrency prices had no negative financial effects on the company. However, the firm remained committed to funding cryptocurrency trading technologies.
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