Fidelity Now Offering Crypto Trading: Buy and Sell Bitcoin Today!
• Fidelity Investments has opened its cryptocurrency platform, Fidelity Digital Assets, to the public.
• Customers can buy and sell bitcoin but not transfer it to a self-custody wallet in which they control their own private keys.
• Critics worry that large institutions like Fidelity are too risky for digital assets and urge users to take self-custody measures with their cryptocurrencies.
Fidelity Digital Assets Now Available To Public
Customers of Fidelity Investments can now buy bitcoin through Fidelity Digital Assets. The waitlist, first opened in November 2022, is now available to the public as of yesterday.
Features Of The Platform
Customers are able to buy and sell bitcoin, however they cannot transfer it to a self-custody wallet where the user controls their private keys. A 1% spread is charged instead of a fee; this spread will be visible in the client execution price. Trading is only available to U.S citizens over the age of 18 in eligible states.
Critics Worried
The introduction of this service has been met with criticism from a group of senators who stated that “Fidelity Investments has opted to expand beyond traditional finance and delve into the highly unstable and increasingly risky digital asset market”. Despite this opposition, Fidelity has continued with its launch of the service.
Self-Custody Reminder
Despite Fidelity being regarded as a highly trusted institution, it should still be noted that trusted third-parties are security holes and that the only true way to sovereignly use bitcoin is through holding one’s own private keys.
Conclusion
Ultimately, while customers may welcome this new service from Fidelity Digital Assets, caution should still be taken when dealing with digital assets due to risks associated with large financial institutions such as Fidelity. Self-custody is encouraged when possible for maximum security protection against any potential risk or fraudulence associated with trading cryptocurrencies online .
