Fidelity Crypto review
Fidelity Crypto isn't available on Finder right now.
Our verdict
Fidelity offers a secure way for crypto newbies to trade crypto, but seasoned crypto enthusiasts will likely look elsewhere.
Launched in March 2023, Fidelity Crypto makes it easy for investors who are used to traditional financial platforms to make their first crypto investments. You can start investing with just $1, and the platform’s simple user interface (UI) via web browser and mobile app make it straightforward to trade crypto and track your portfolio.
However, given that Fidelity only supports Bitcoin (BTC) and Ethereum (ETH) and doesn’t let you transfer your crypto off the platform, more experienced crypto investors may opt to use other crypto brokers.
Pros
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Easy onboarding process. Signing up for a Fidelity Crypto account is relatively simple, especially if you already have other brokerage accounts with Fidelity.
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A trusted name in the financial industry. An established institution like Fidelity has a proven track record, especially compared to newcomer crypto exchanges.
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Simple buying and selling process. Fidelity Crypto’s user interface is as clear and uncluttered as its traditional asset interface, which makes buying and selling crypto on the platform less confusing than on some crypto exchanges.
Cons
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Doesn’t permit self-custody. Fidelity serves as both the broker and custodian for your crypto purchases. You can’t move your crypto from Fidelity to a crypto wallet.
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Small selection of cryptos. The platform only supports Bitcoin (BTC) and Ethereum (ETH).
Details
Product details
| Product Name | Fidelity Crypto |
| Cryptocurrencies | BTC,ETH |
| Deposit Methods |
Bank transfer (ACH) |
| Deposit Fees |
Bank transfer: $0 Fidelity Brokerage account: $0 Wire transfer: N/A Debit card: N/A Paypal: N/A |
| Withdrawal Fees |
Bank transfer: $0 Fidelity Brokerage account: $0 |
Finder Score
★★★★★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, XRP and BNB, 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 CryptoFidelity 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
- Bank transfer (ACH)
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.
- Get started
After selecting the Get Started button, fill in the create account form. - 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. - 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. - 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.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $129 |
Price (USD) $49.99 |
See more of the best crypto wallets
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
- FAQ page
- Live chat
- Phone
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
Fidelity Crypto is not currently available on Finder
Have you considered Uphold - Digital Asset Platform?
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