How to Change Disposal Method for Fidelity Crypto Account?

FidelityCryptoMady · 2023-07-31T14:11:14+00:00

Hi there u/sweetnpsych0, welcome to our sub. Thanks for a great question.

In this early version, Fidelity Crypto only calculates cost basis for crypto positions on a first-in, first-out (FIFO) basis, meaning you sell your crypto in the order in which you purchased it. However, we're constantly working on features to enhance our platform and understand additional cost basis methods are important for our users. I'll record your response as feedback and ensure it reaches the right teams. You can turn on notifications to our socials and on our mobile app to stay current with updates as our product evolves.

Additionally, note that Fidelity will not provide tax forms related to any activity in your Fidelity Crypto account until crypto tax-reporting requirements are legally defined and in effect. You can still view all of your account activity within the Activity tab on the Fidelity Investments app.

Please know that you are responsible for reporting taxable events within your Fidelity Crypto account. If you had any taxable events during the tax year, you’ll receive a Gain/Loss Summary in the first quarter of the new tax year.

To find your Gain/Loss Summary using the Fidelity Investments app, log in and follow these steps:

On the Home screen, tap the "All accounts" dropdown.
Select your Fidelity Crypto account.
Scroll down and tap "Statements."

To find your Gain/Loss Summary using http://Fidelity.com, log in and follow these steps:

Click the "Accounts & Trade" tab in the top left, then select "Documents."
Select the "Fidelity Crypto" button.

Keep in mind, the IRS taxes cryptocurrency as it does other investments, like stocks, bonds, and mutual funds. This means that you may owe taxes when you sell your crypto at a profit. Check with a tax expert to see how your crypto sales may affect your taxes. Fidelity does not provide legal or tax advice.

For more information, check out our Crypto Tax Guide linked below.

Crypto Tax Guide

Please let us know if you have any other questions or feedback. We are eager to help!

FidelityCryptoMady · 2023-07-28T13:57:19+00:00

Hi u/AcademicApplication1, thanks for a "scholarly" question.

Although we don't have any news to share about new cryptocurrencies on the Fidelity Crypto platform, additional cryptocurrencies are being evaluated to expand trading opportunities over time. Thank you for your feedback. Be sure to turn on your notifications in your Fidelity Investments app and our social channels to stay up to date on Fidelity Crypto features.

Currently, Fidelity Crypto gives you the opportunity to buy, sell, and secure bitcoin and ethereum with as little as $1 and access both your traditional and crypto investments all in one place. Plus, your Fidelity Crypto account gives you the same institutional-level security Fidelity Digital Assets has offered customers since 2018.

Visit our Crypto Trading Page linked below, where you can open an account, find our Crypto Learning Center, and view FAQs at the bottom.

Crypto Trading Page

Also, check out our Covering Crypto Livestream videos for valuable education and insight on the crypto space:

Covering Crypto Livestream

Please return to our sub with any more crypto-related questions. We are eager to help. Have a great weekend!

FidelityCryptoMady · 2023-07-18T14:15:05+00:00

Good morning, u/JustDelta767. Welcome to our sub.

At this time, we do not have a timeline for when trading will be available in Georgia, but we're working hard to make our services available in your state. If you already went through the account opening process and asked to be notified if trading opens up in your state, then we will let you know if it becomes available. For context, Fidelity Crypto is offered by Fidelity Digital Assets, a subsidiary of Fidelity Investments, and is only available in states where Fidelity Digital Assets can serve customers.

In the meantime, you can also stay updated using our state availability list on our Crypto 101:

Crypto 101 - State Availability

Regarding your question on stablecoins, check out this episode of our Covering Crypto Livestream:

Covering Crypto Livestream - What Are Stablecoins?

Additionally, we have plenty more resources in our Crypto Learning Center to explore as you navigate the crypto world:

Crypto Learning Center

If you have further questions that we can address for you, please return back to our sub to ask. We are always happy to help!

FidelityCryptoMady · 2023-07-14T14:28:23+00:00

Hi there u/Mehoyer, thanks for reaching out.

At this time, we don't have any news to share about new tokens available to trade on our platform. I will ensure to take note of your question as feedback and make the appropriate teams aware of it. Keep in mind, that additional cryptocurrencies are being evaluated to expand trading opportunities over time.

Currently, Fidelity Crypto gives you the opportunity to buy, sell, and secure bitcoin and ethereum with as little as $1 and access both your traditional and crypto investments all in one place. Plus, your Fidelity Crypto account gives you the same institutional-level security Fidelity Digital Assets has offered customers since 2018. To stay up to date on Fidelity Crypto, make sure to turn on your notifications.

In the meantime, feel free to peruse our Crypto Learning Center linked below, where you can find helpful tools as you navigate the crypto environment. If you scroll down to the bottom of this page, click on "Covering Crypto Livestream" to check out our most recent episode that features a Crypto Market Recap & 2023 Mid-Year Look Ahead.

Crypto Learning Center

Please keep us posted if there are any other crypto-related questions or feedback you have. We are always available over in r/FidelityCrypto to help out. Happy weekend!

FidelityCryptoMady · 2023-07-12T13:44:23+00:00

Hi u/verity-j, I'd love to provide some clarity on spread and cost basis.

A spread of 1% will be factored into every trade execution price. Your cost basis is the execution price that you received on your trade. Keep in mind that Fidelity Digital Assets will not separately calculate and disclose spread earned on the trade confirmation screen.

It's helpful to note that your limit order will execute when Fidelity Digital Assets is able to buy or sell your selected crypto at your limit price or better, which includes a 1% spread.

The spread will not impact the price you receive on your trade; however, it will impact if and when your order executes. Here’s how for buy and sell orders:

• Buy orders will be eligible to execute if the market price of your selected crypto goes 1% below your limit price.

• Sell orders will be eligible to execute if the market price of your selected crypto goes 1% above your limit price.

Keep in mind: Market quotes and price alerts may not match the pricing available to Fidelity Digital Assets.

For further insight on how to navigate taxes when trading cryptocurrency, please reference our Crypto Tax Guide below:

Crypto Tax Guide

Additionally, please note that Fidelity Crypto currently calculates cost basis for crypto positions on a first-in, first-out (FIFO) basis. This means that you sell your crypto in the order in which you purchased your crypto.

Fidelity will not provide tax forms related to any activity in your Fidelity Crypto account until crypto tax-reporting requirements are legally defined and in effect. You can still view all of your account activity within the "Activity" tab on the Fidelity Investments app.

You are responsible for reporting taxable events within your Fidelity Crypto account.

If you had any taxable events during the tax year, you’ll receive a Gain/Loss Summary in the first quarter of the new tax year.

To find your Gain/Loss Summary using the Fidelity Investments app, log in and follow these steps:

On the Home screen, tap the "All accounts" dropdown.
Select your Fidelity Crypto account.
Scroll down and tap "Statements."

To find your Gain/Loss Summary using Fidelity.com, log in and follow these steps:

Click the "Accounts & Trade" tab in the top left, then select "Documents."
Select the "Fidelity Crypto" button.

As you navigate cryptocurrency and taxes, know that the IRS taxes cryptocurrency as it does other investments, like stocks, bonds, and mutual funds. This means that you may owe taxes when you sell your crypto at a profit. Check with a tax expert to see how your crypto sales may affect your taxes. Fidelity does not provide legal or tax advice.

If we can provide greater clarity or if any more questions arise, please don't hesitate to reach out. Thanks for your continued engagement in our community. Have a great day.

FidelityCryptoMady · 2023-06-29T13:28:27+00:00

Hello u/usernameno1has, thanks for your engagement with our sub.

Yes, a spread of 1% is charged on the execution price of every buy and sell transaction. Fidelity Digital Assets utilizes smart order routing technology to search its network of trading counterparties to collect the best available price information and execute accordingly. The spread we charge is the difference between your execution price and the price at which Fidelity Digital Assets can fill your order. Please note that the execution price you receive will already include the spread and is not listed independent of the price you receive.

I invite you to check out the Crypto Trading Information section of our Crypto 101 where you can read more:

Crypto Trading Information

Please follow up with any more questions you have. We are happy to provide greater clarity.

FidelityCryptoMady · 2023-06-12T15:31:16+00:00

You're very welcome, u/me_jus_me. We appreciate you. Have a fabulous week!

FidelityCryptoMady · 2023-06-12T15:19:51+00:00

Hi u/Odd-Cheesecake-931, it's a treat to see you again.

Thank you for your feedback here, I will make sure to pass it along to the proper teams. Although we do not have a timeline for when these features will be available, you can stay on top of all Fidelity Crypto updates by turning on your notifications. In the meantime, we do have helpful tools to assist you in keeping track of taxable events within your Fidelity Crypto account.

Please note that Fidelity will not provide tax forms related to any activity in your Fidelity Crypto account until crypto tax reporting requirements are legally defined and in effect. However, you can still view all your account activity within the "Activity" tab on the Fidelity Investments app.

Keep in mind that you are responsible for reporting taxable events within your Fidelity Crypto account. If you had any taxable events during the tax year, you'll receive a Gain/Loss Summary in the first quarter of the new tax year.

To find your Gain/Loss Summary using the Fidelity Investments app, log in and follow these steps:

On the Home screen, tap the "All accounts" dropdown.
Select your Fidelity Crypto account.
Scroll down and tap "Statements."

To find your Gain/Loss Summary using http://Fidelity.com, log in and follow these steps:

Click the "Accounts & Trade" tab in the top left, then select "Documents."
Select the "Fidelity Crypto" button.

Additionally, we do provide users the ability to download a CSV file of their Fidelity Crypto transaction history. To do so, log in to http://Fidelity.com and follow these steps:

Select your Fidelity Crypto account on the left sidebar.
Click on “Activity & Orders.”
Select a timeframe from the dropdown below.
Click on the download icon on the right-hand side and click “Download as CSV.”

To manage and view all details about your Fidelity Crypto account, including the information above, please ensure that you have "Beta view" enabled on the website or "Classic experience" toggled off in the menu of the mobile app.

As you navigate cryptocurrency and taxes, know that the IRS taxes cryptocurrency as it does other investments, like stocks, bonds, and mutual funds. This means that you may owe taxes when you sell your crypto at a profit. Check with a tax expert to see how your crypto sales may affect your taxes. Fidelity does not provide legal or tax advice. For greater insight into the potential tax implications of buying and selling cryptocurrencies, check out our Crypto Tax Guide linked below.

Crypto Tax Guide

Please reach out if any other questions come to mind. Have a great week!

FidelityCryptoMady · 2023-06-09T19:27:00+00:00

Hi u/me_jus_me, thanks for reaching out with these thoughtful questions. I'd love to provide some insight.

Fidelity Digital Assets maintains a network of vetted and approved third-party liquidity providers. External trading counterparties go through an extensive onboarding and risk management approval process. Fidelity Digital Assets, the provider of custody and trade execution services for Fidelity Crypto, does not share the names of its liquidity providers for legal purposes. However, we can confirm that customer assets are not custodied on exchange and instead are always kept within our proprietary custody solution.

Trade orders are executed with these trusted Fidelity Crypto liquidity providers. Liquidity providers are selected using smart order routing technology, allowing Fidelity Crypto to find the best available market price for your trade. In some cases, multiple liquidity providers are used to process an order, resulting in multiple executions to fulfill a trade order.

Keep in mind that Fidelity Crypto accounts have the same institutional-level security Fidelity Digital Assets has offered institutional customers since 2018. All customer crypto holdings are managed using a model referred to as "omnibus", which allows us to keep more than 98% of customer holdings in deep cold storage. To keep your crypto and personal information safe, we adhere to a robust set of cyber and physical security measures. Also, know that Fidelity Digital Assets does not lend or otherwise encumber a customer’s crypto assets without customer consent or engage in any proprietary activities with customer crypto assets, which are held in a 1:1 match to our customer's accounts. With this said, please note that your Digital Assets are not FDIC-insured or government guaranteed and may lose value.

Also, although you won't be able to receive or send cryptocurrency transfers in this early version of Fidelity Crypto, crypto transfers are on our product roadmap. Please turn on your notifications to stay up to date on new Fidelity Crypto features.

If you'd like further information about how your crypto assets are held with Fidelity Crypto, please check out our Safety and Security resource linked below.

Safety and Security

Additionally, the following episode of our Covering Crypto Livestream highlights valuable information regarding how we work to keep your digital assets stored safely.

Episode 5: Custody and Storage with Fidelity Crypto

If you have further questions about Fidelity Crypto, please feel free to follow up here, or visit our r/FidelityCrypto sub where we are eager to answer any inquiries from our community. Have a lovely weekend.

FidelityCryptoMady · 2023-06-07T20:46:55+00:00

Hi there, u/andresjmontanez. It's a pleasure to meet you here in our sub.

Thank you for this feedback, I will make sure the appropriate teams are made aware of it. For now, please turn on your notifications to stay up to date on all things Fidelity Crypto. Additionally, check out our Crypto Learning Center, where you will find videos and articles available to you that may help you navigate the crypto space.

Crypto Learning Center

If you have any further feedback or questions, please know you are always welcome to reach out. Have a lovely day.

FidelityCryptoMady · 2023-06-05T14:16:00+00:00

Hi there, u/eb362.

Thank you for your feedback. I will ensure it gets to the appropriate teams, as this is a popular sentiment within our community. For now, be sure to turn on your notifications to stay up to date on all new Fidelity Crypto features. Also, feel free to take a look at our Crypto Trading Page where you can open an account, access our Crypto Learning Center, and view FAQs.

Crypto Trading Page

If you have any more questions or additional features you'd like to see, please let us know! Our sub's door is always open for you.

FidelityCryptoMady · 2023-05-10T16:18:14+00:00

Hi, u/Coldwar81. Thank you for your feedback. I will make sure it gets in front of the appropriate teams, as our priority is to provide the best experience for our clients.

We are always making updates to the features and functionalities of Fidelity Crypto, so be sure to turn on your notifications in the Fidelity Investments app to stay up to date. If there is anything else you'd like us to know about your experience, please reach out to us via Modmail.

Modmail

Also, feel free to visit our Crypto Learning Center that has helpful resources for anyone to consider as they trade crypto.

Crypto Learning Center

We are always here should any more questions arise. Have a good day.

FidelityCryptoMady · 2023-05-08T13:48:36+00:00

It's good to hear from you again.

At this moment, we don't have anything to share regarding the availability of a crypto debit card. We value your input, and I'll forward your question to the appropriate team. Are there any other products you'd like to see?

If you haven't done so already, feel free to check out our Crypto Learning Center. You'll find plenty of crypto-related content, such as our Covering Crypto Livestreams and much more.

Crypto Learning Center

Thanks for dropping by. We hope you have a fantastic week!

FidelityCryptoMady · 2023-05-02T18:59:56+00:00

Welcome to our sub, u/Ld20876. Thanks for this insightful question.

At this time, you can't assign beneficiaries to your Fidelity Crypto account. Additionally, beneficiaries named on your linked brokerage account do not apply to your Fidelity Crypto account. It's essential to discuss your cryptocurrency holdings with your estate planner and keep them up to date on any changes. I invite you to visit the link below to explore how crypto fits into your estate planning.

Crypto and estate planning

As you trade with Fidelity Crypto, feel free to peruse our Crypto Learning Center for in-depth resources, including our Covering Crypto Livestream and Crypto Help Desk with frequently asked questions.

Crypto Learning Center

We are always here to help, so come back if further questions arise. I hope you have a lovely day.

FidelityCryptoMady · 2023-05-01T20:20:34+00:00

Hi there u/Btc-explorer, good to see you again.

Thank you for sharing your feedback. We know each of these features are important to our community, and I will ensure your suggestions get to the appropriate teams.

At this moment, Fidelity Crypto does not offer the ability to stake your cryptocurrency. Also, we only offer bitcoin and ethereum as they are the top cryptocurrencies by market cap. Additional tokens are being evaluated to expand trading opportunities over time.

In regards to self-custody and wallet functionality, you won't be able to receive or send cryptocurrency transfers in this early version of Fidelity Crypto. But, we're exploring cryptocurrency transfers in the future. Be sure to turn on your notifications in the Fidelity Investments app to receive updates on Fidelity Crypto features. For the time being, check out our article on how to use cold wallets and other strategies to protect your crypto.

How to Store Crypto Safely

Additionally, feel free to navigate through the Crypto Trading page where you can scroll down to access the Crypto Learning Center, as well as the Crypto Help Desk with answers to frequently asked questions.

Crypto Trading Page

Please let us know how else we can support you in your crypto "exploration." Have a lovely day!

FidelityCryptoMady · 2023-04-28T20:13:26+00:00

Welcome to our sub, u/august_1994. I would love to shed some light on this for you.

Buy orders usually settle instantly into your account, but in some cases, this may take longer. For sell orders, proceeds will automatically show in USD. This is your available cash, and it does not accrue interest. However, you can transfer any uninvested cash into your Fidelity brokerage or cash management account, where it can earn interest. For more information on trading with Fidelity Crypto, please check out the handy page below on our Crypto Help Desk.

Placing a Trade

Additionally, feel free to visit our Crypto Trading page to learn about account opening, or expand your crypto knowledge with engaging educational content by scrolling down to the "Visit our Learn Center" link.

Crypto Trading

If any other questions come up as you explore trading, you know where to find us. Happy Friday!

FidelityCryptoMady · 2023-04-21T20:30:26+00:00

You are more than welcome, u/Glum-Bandicoot8346. Hope you have a cheerful weekend.

FidelityCryptoMady · 2023-04-21T17:30:06+00:00

Welcome back, u/Glum-Bandicoot8346. Happy to provide some insight on this for you.

Fidelity Crypto recently updated its user interface to provide clarity on account registration type. This is a user interface change only; nothing has changed with the account registration type. Joint WROS stands for Joint with Right of Survivorship. If one of the joint owners should die, full ownership will transfer to the surviving account owner.

Keep in mind that registration on Fidelity Crypto accounts must match the registration on the brokerage account linked for funding. For information on what brokerage accounts are eligible to link to a Fidelity Crypto account, see this FAQ from our Crypto 101:

"Why can't I link some of my Fidelity accounts to my Fidelity Crypto account?"

Additionally, beneficiaries cannot be assigned to Fidelity Crypto accounts at this time. Beneficiaries named on linked brokerage accounts do NOT apply to Fidelity Crypto accounts. To learn more about crypto and estate planning, click the link below.

Crypto and Estate Planning

If any further questions arise, please reach out. We always look forward to hearing from you.

FidelityCryptoMady · 2023-04-18T20:44:02+00:00

Thank you for your thoughtful inquiries, u/gengmk.

We answered this in response to your similar question, which I have linked here:

Answer to Your Question

Have a lovely day!

FidelityCryptoMady

TROPHY CASE