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JIM ARMSTRONG: Let’s dive in now how to place a trade with Fidelity Crypto. It’s another area where we have gotten a lot of excellent viewer questions over the past few months or so, like the ones on your screen right now, asking, how do I start investing in crypto? How do I buy crypto from my Fidelity account? Is $100 enough to start my crypto investing? And then, of course, what coins can I purchase through Fidelity?
I’ll take a couple of those questions right now. I’ll start with the money question from Yasmine. I will say that Fidelity Crypto, as offered by Fidelity Digital Assets, allows you to start with as little as $1. But the amount that you invest is entirely up to you personally based on things like your risk tolerance, how much you are willing to lose, and what the rest of your portfolio looks like.
So again, it’s a uniquely individual question. But you can start with as little as $1. And in terms of the coins offered, you could always find the most recent list of coins offered by Fidelity Crypto on Fidelity.com/Crypto. That, by the way, is fantastic resource for all things related to Fidelity Crypto, Fidelity.com/Crypto.
But again, once you decide what cryptocurrency or currencies might work well for you and your portfolio and your investing needs, then you are ready to start the process of buying and selling, trading crypto. To walk us through exactly how that works, let’s have Dan hop on, share his screen, and show us how it’s done. Hey, Dan.
DAN CHODOS: Hey, Jim. Thanks for having me. So as mentioned, we are in the Fidelity application here. This is our mobile application. You can get the latest from your Apple App Store or from the Google Play store. But just make sure you grab the latest version when you’re utilizing the app so that you can have all the newest features available.
I’m on the All Accounts Summary page here. You can see the total of all the accounts. But in order to trade crypto, we are going to go direct into our crypto account. So this is our test account. It’s funded with some funds to execute some transactions here.
I’m going to scroll down. And here, you’ll see, in the cryptocurrency section, this account. I’m going to click it.
So in here, I do have $110 in total.
And then if you see, under the balances section, I do have $82.92 of free funds available to trade. So my favorite entry point—there are a few of them—but my favorite entry point is actually to come over. I’m going to click this Positions tab. Here, you can see the existing positions I have but also this tradable coins list.
This tradable coins list is dynamic. It’s always updated for the latest coins that are available for you to buy and sell at the moment. I’m going to come in here, though, to Bitcoin—so just clicking Bitcoin. And in here, you’re going to see charts.
So you can see hour, day, week, month, year chart on where it’s trading. Some info on why is crypto so up and down. Also, if you’d like to do some additional research, this will give you some information about bitcoin or any of your current holdings, which is in the Positions tab. So that’s all available here from this page and this quote page.
And I’m going to go ahead and come into Trade. On the bottom, there’s this green button for Trade. And let’s start with a Buy. So here we come. This is our trade ticket.
So here, you came in through buy. You can also change it to sell if you choose to do that at this time. And you can choose the amount. The amount is either in dollars. Or if I toggle that, I can also trade in the native currency.
So either one will allow me to enter in a certain amount. So in here, I can type in how many sats I wanted. Or if I wanted to change that up, let’s go ahead and do a dollar-based order. And so you will see dollar.
The other option here is Market or Limit. So a market order tells us how much to buy at the next available price. A limit order is setting the price that you’re willing to pay per coin when buying today.
Why don’t we do this? We’ll do a market buy. And we’ll do a limit sell. And I’ll show you how both of them work.
So we’ll go ahead and do a buy here. We’re going to choose to buy $10. Preview. And this is going to give you the details about that trade—so what you’re looking to buy, the order amount of $10.
There is a fee included in that. You can click this little Info icon next to the fee. And that will give you a lot more details about the fee, how it’s calculated. And that’s also in our frequently asked questions if you’re looking to learn more.
Our disclosures—please, make sure that you read through them and that you’re comfortable with the transaction. And then you can go ahead and complete your buy. So we’ve got your order. This is a market order.
So we’re going to go ahead and push that at the next available price. And you can see it in the order status, as well. So I’m just going to click Order Status. And you’ll see, this was just filled.
And here, you can see the details about that order that we just placed, the $10, including the transaction type, how much you purchased, how many satoshis you have, and then the total amount. And then click out of here. And we’re going to go ahead now, and do a sell.
So same idea—we can come into Bitcoin. We’re going to go back down to this Trade icon. And we are going to do a sell.
So like you had before on the buy, you can do a dollarized order, or you can do a coin order. And as mentioned, you can do a market or a limit. So let’s talk about limit.
Limit is setting the price that you want to receive per coin when selling. So I’m going to select Limit. So right now, we have bitcoin trading at $79,227.
Let’s say we want to do a sell, but I actually don’t want to sell it at that price. I want to sell it at a higher price. And so what I’m actually going to do, is if you see, I can just type in the price. I can say that I want to sell it at 80 or some other number.
Or there’s this little icon here for a limit chart. So this limit chart allows you to actually look at the chart of bitcoin and identify maybe a level that you’re looking to sell at. So I might want to sell up here. So that is $80,830. And that is up 2% from where it is today.
And again, you can toggle below, a 24-hour chart, one week, month, year. But I’m going to click Continue. So that prefills the $80,000 worth. And again, you can still do what you’re looking to sell. So I’m looking to do $10 worth at that price.
I’m going to hit Preview. It’s going to give you the details. So here, as opposed to being a market type that’s going to fill, this is a limit order. So it will tell you it’s going to fill at $80,830, unless it expires.
And then you see the details, as well, here. Then we’ll go ahead and hit Sell. And now this limit order is placed. And so we’re going to watch the market and fill at the time that the price is reached.
As mentioned, this is all done on our mobile app. We do also offer this service on our desktop app, which is fundamentally a very similar process, as well. Jim, back to you.
JIM: Dan, that’s great. Thank you so much for that. If anybody watching has further questions or is looking for some clarification, definitely would suggest a website, Fidelity.com/CryptoHelp. It is a tremendous resource. You’ll find a lot of frequently asked questions there, as well as a ton of other educational resources. So that’s Fidelity.com/CryptoHelp, a really, really great place to get started, whether you’re looking for help with opening or funding an account or trading in that account or if you’re looking to learn a little bit more or a lot more about cryptocurrencies in general. Fidelity.com/CryptoHelp is an amazing resource.
Dan, Rob, that was fantastic. Thank you again for taking time out of your day to walk us through all of those processes. And thank you also to the audience for joining along and for sending in your questions. We really appreciate your engagement and being part of the Covering Crypto Livestream community.
Be sure, also, to join us again for our next livestream. You can register for that show using the address that’s on your screen right now. And as always, we’d love it if you wanted to be part of our Reddit community. You can get your questions answered there and join another great community of people who have a lot of the same crypto questions that you do.
Thanks again for joining us for this episode of the Covering Crypto Livestream. And we hope to see you again real soon.
