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Fidelity Launches Zero-Fee Crypto IRAs for Bitcoin, Ethereum & Litecoin
In a major move, Fidelity Investments has announced the launch of zero-fee crypto retirement accounts (IRAs) that provide exposure to Bitcoin, Ethereum, and Litecoin. This innovative offering is poised to bring cryptocurrency investing into the mainstream by removing barriers associated with high fees.
With this new initiative, investors can now seamlessly integrate cryptocurrencies into their retirement portfolios without incurring additional costs. Fidelity’s decision to eliminate maintenance and custody fees for its crypto IRAs sets a new standard in the industry, making it more accessible for individuals to invest in digital assets.
The zero-fee structure is particularly noteworthy as many other cryptocurrency platforms charge various fees, such as trading fees, management fees, and administrative fees. This shift may incentivize a broader range of investors to consider incorporating cryptocurrencies into their retirement plans.
Initially, the IRA accounts will be available for Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) with no trading commissions, management fees, or other charges. However, it is essential to note that Fidelity will charge a 1% spread on buy and sell orders, which may impact returns over time.
The choice of only three cryptocurrencies initially reflects the company’s focus on well-established assets with higher market capitalization and liquidity. Bitcoin has a significant market cap of approximately $1.7 trillion, making it an attractive option for investors seeking exposure to digital currencies. Ethereum, as the second-largest cryptocurrency by market size ($228 billion), also offers investors a widely traded and recognized asset.
It’s interesting that Fidelity did not start with a broader range of cryptocurrencies but instead chose three established names, which suggests they want to cater primarily to institutional clients looking for more mainstream investment options.
The launch is part of Fidelity’s ongoing efforts to expand its offerings in the digital assets space. This development marks another significant milestone in their crypto journey, following approval from the Securities and Exchange Commission (SEC) to launch Bitcoin and Ethereum exchange-traded funds (ETFs).
Source: https://coincentral.com/fidelity-launches-zero-fee-crypto-iras-for-bitcoin-ethereum-litecoin/
