Topic: Fidelity opens bitcoin trading (Read 251 times)

This is a sign that many customers are connected to Bitcoin investment, because every banks don't want to loose their customers than to pay attention to their customers not to loose them to another bank. If they can make it suitable for bitcoiners  without a high tax for bitcoiners, I guess it will attract more people to start Bitcoin trading with fidelity bank, because Bitcoin investors increasing every day which it will give bank more customers that will make their income improve.

From the happenings around exchanges and some trading platforms it seems that conventional banks and stock markets are even more reliable than them. Conventional banks are insured by the country's deposit insurance companies but these exchanges have no such backings. The terms and conditions of Fidelity is harsh and most investors or users would not be patient enough to read them. Customers would carefully read these rules only when there are issues to ascertain if there are avenues to recover their funds. It wouldn't be a bad idea for government to force these exchanges or trading platforms to deposit certain funds that would be enough to settle their customers in case of bankruptcy.  

Fighting against Bitcoin will do no good for the government. It will be a waste of money and time for it. But certain controls can be put in place to reduce the monopoly of Bitcoin.

Well it's not an exchange, it's a trading platform.

So I'm not really worried about "not your keys" or  Failure of Fidelity.

Hopefully and it's a way to get maybe a 5 or 10 percent exposure in my 401k if not then the IRA.

Trading, get it on the pinwheel and rebalance.

fidelity ban all access to whole site. at its unwarned un-reasoned discretion
however many crypto exchanges that are regulated allow access to site but suspend services inside the site to only allow balance view/withdraw as options

take coinbase binance who do good access-policy
vs greyscale that do full website no warning policy

i wouldnt be a "wait and see, lets get feedback over time after people use it" kind of guy

after all in 2018-2022(sept) all feedback of FTX was ass kissing positive.. and look what happened.. feed back is only good.. until its bad. then its too late. so dont rely on feedback as source of trust.
research and checking the source(due diligence) is better

its always best and a heck of alot faster to read the terms as the terms usually show how customer friendly and accountable they want to be. right from the start

It’s just yet more evidence that bitcoin is becoming more attractive to investors. The average guy on the street now has a way to get in via a trustworthy broker. I am an advocate for self custody so this isn’t something that will be of interest to me but anything that brings new people into bitcoin is good.

I think we’ll see more & more major banks jumping on the bitcoin train. It’s either buy a ticket or get left behind.

Yeah, that's what I thought of and made me think if they're going to push through by allowing crypto to crypto deposits and withdrawals soon. PayPal took time until that happened and probably had been pushed because of the feedback of the community.

Well, it's like a test run on their customers that have received the email for those that are eligible to do bitcoin trading on them. But as said, it's not yet on the go but they've just announced it. So for now, too many things to consider and those that are eligible for it might really try them and will get a statistics for it on how it will result. And yes, it's only for their existing customers so no outsiders yet.

I think most exchanges are doing that, when they ban and suspend your account you have no other option but only given to withdraw the remaining funds on your account. What seems to be highlight on this 3rd part is about the first part including the "claims and losses" part.

Yeah, they're already in the market for so long and it's a timely action that they've been able to announce this so that they'll at least get customers from the fall of FTX. But for the most, we still know that this is a centralized exchange although known for its financial service, who knows what can happen in the future but as for the development, we both agree that it's good.

I guess the thing about them is that they're already known in the sector of finance and that's why it's sort of a big news for majority. And as what everyone has said, it's like a PayPal thing but we don't know if they'll apply as soon as possible when they operate if they'll move like an actual exchange such as Binance, etc.

Props to him but I can say that he had made a difference during the bull run with such news that had been released about his moves. This time, any good news won't affect that much because it's hard to beat up the bearish sentiment of the market. When it's come to their capitalization, $10B is for Fidelity and around $1B for Microstrategy. With the reach of both for their customers, they'll still contribute to the market when it's back bullish.

You're right about that and I agree. And as you've said about it earlier, they're not yet operating and it's just going to happen for their existing and chosen customers which means to say that it's not yet open to the public. Having that said, at least we'll be able to see how it's going to roll to its existing customers, and we'll hear for sure feedbacks from them.

And what's good that I can see on it, those that are not yet versed with crypto will have an idea on how it goes since it will be added to their accounts availability. At least, that's the beauty of this news that those who wants to step in to the crypto market, they'll be introduced by Fidelity.

Most new exchanges are having that type of promo regards to their fees but eventually, when they've been established with their users they'll suddenly change the terms a little by little. The idea of making a dex platform, I think the name of theirs will still tied on it and people would still have the impression like this; "a dex that's made by a cex".

It's about the idea if you get it that those people lost trust in exchanges like FTX, here comes Fidelity with a big name announces that soon they'll be able to open trading.

Yes, it's just all about the time as they said they'll will add it soon.

I won't defend them that they won't be like FTX because of how they big but we don't know what's the future in most of these companies. This is the crypto market, we've seen the best and the worst from it, we'll never know. But the thing as an individual, we're aware on how to keep our funds safe and not to trust them wholly.

They are a big institution, they will probably be working together with CFTC and SEC just like FTX.
And they are going to be like FTX again. Considering the timing of its near launch, they are probably looking at those guys who are still gullible enough to trust an exchange like FTX. We were advised to withdraw assets from exchanges and now we are back again to trusting a CEX. Not your keys, not your coins.

Looks interesting. Fidelity has log been one of the more conservative brokers out there in terms of what they offer. Looks like they are slowly starting to try to offer crypto services instead of just opening up the floodgates. Not sure if it's a better or worse way to do it.

Since a lot of the people using Fidelity are people who may or may not be familiar with crypto I can see them having different tiers of what is available, much like they do with some of their regular offerings. i.e. certain types of accounts can't margin trade while others can go to 90%

As with everything with big business, it's probably going to be a long slow process for it to be fully implemented.

-Dave

users should really try to keep an eye on the user agreement of how it treats its customers.

if (when open) fidelity operates more like greyscale than coinbase when it opens. because trusts do not treat the coin deposited as the customers. the customers are given shares which represent an % of an allotment of the trusts holdings

if (when open) fidelity operates more like coinbase than greyscale when it opens. because exchanges can have terms that dont let users get their funds out if unregulated or if they have certain business terms

from learning about many exchanges and services in recent weeks. dont just blindly adore and believe in a brand because you recognise the name..
read the terms of service/user agreement for how it treats the customers assets and be risk aware

seems a few people in this topic are already blindly hyping up and getting exciting and just taking things on utopian face value that its all rosy and sunshine..

handing any funds to a custodian/trust/exchange should be where people are educating each other to be cautious and check on who they are giving funds to.

If the Michael Saylor microstrategy company could not make much impact in affecting the bitcoin price despite it's continuous buy and accumulation of bitcoin then i think Fidelity is too small compared to microstrategy neither will it intent to accept bitcoin will make any glaring difference with the price, the demand and supply analysis goes beyond this alone because bitcoin is widely distributed across the globe and people are buying and selling each day, the shift in equilibrium is determined only by it supplying and demand capacity after considering daily market cap and volume, fidelity could also take this good opportunity with bitcoin for it financial decentralization benefit.

As pointed out already, this is pure trading/speculation. NOT investment or storing digital assets, which I think it already does separately.

This version of Fidelity does not have a Bitcoin wallet, that to me is very clear that it makes it no different from having a Paypal account. You can "buy" Bitcoin but in reality you're just buying an IOU from a trader, who probably never even actually goes to have a bitcoin in his wallet.

It's just a guy with a lot of money (liquidity) from others and he's opening new trading markets.

This is a good development as far as I know, but it would not in any way make cryptos bullish, it would only excite the market. Fidelity as far as I know has been showing interest in the crypto space for a while but treads cautiously. Maybe it's time for them to use their resources to fit in the collapse of FTX. And if I should be asked, I would say it's the right thing to do for a serious company that has all it takes.

This is because they are already in the financial and investment world before the opportunity.

fidelity is not trading crypto right now. its a invite for updates to future possible trading platform later on

anyway lets review their terms to see how it treats customers

https://www.fidelitydigitalassets.com/terms-of-use
they dont have a "user agreement" yet but in the general terms of use a couple highlights

in short
1. they don't prompt you to read / press an accept terms update button
2. at time of posting. its not regulated in the US and operates as a trust not a exchange
3. they can cut and run any time, any reason without notice and you cant sue them or try to claim against them

[1].
[2].


3.
the part(3) is strange. because most GOOD services still allow account access, but will suspend the 'trading/market' option/service within a users account. so that users can still see balances and also withdraw balance while being suspended from 'using the service to do any trading'

it seems if they ban you. they really do ban you, rather then suspend your trading activity and asking you to take your money and leave

the part(2) think of them currently more like greyscale rather than coinbase (totally different business models)


the part(1) is strange. instead of emailing an announcement of term changes prompting you to read it. they expect you to check it regularly. this means of you are a custodian hoarder, that doesnt day-trade. your expected to regularly inspect them, rather then them inform you of any changes to your contract with them

The link states that they have been involved in BTC for a very long time now, in other ways by the way:
I am neither bullish that this will have a price effect, nor because of this centralized platform getting involved in BTC trade because i don't feel people would create new accouts on Fidelity just to trade BTC when there are crypto exchanges available to them that gives them so many options to trade; so the people who would probably use this are BTC people who already use Fidelity, and it may also encourage non bitcoiners to try it out too.

Just a little correction! It has not yet started but just got announced that they are very close to starting it. Read the news here,

https://www.fidelity.com/crypto/trading

They have started registering interest from the market. Also you need to note one very important point from their website FAQ section,


So it's very similar to what Paypal offers in the market already. Trade and take your profit in fiat. No crypto transfer is allowed at this moment.

Fidelity just opened bitcoin trading accounts. What this means to the market? Fidelity is one of the biggest assets manager or a financial institutions worldwide. To know more, you can just visit their website directly.
I think they just did it on time because of how FTX messed up, they're the ones that's catching all of those customers that they've left. But, I don't want to celebrate early on this one. It's another centralized platform but I don't know how it will be done by them. What can you say about this news? Are you bullish? Or are you worried as another big financial institution and centralized platform gets in?


I wonder aside from buying and selling, will they allow to withdraw those bitcoins and it's not just going to be an appearing number on their customers account?

Source: FIDELITY BEGINS OPENING RETAIL BITCOIN TRADING ACCOUNTS