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JIM ARMSTRONG: All right, one of the most-asked-for features since we launched Fidelity Crypto has been the ability to transfer cryptocurrencies both into and out of a Fidelity Crypto account. We got lots of questions like these three we’ll flash on the screen right now. These came in during registration from people anxious to learn more about transfer capabilities.
Emily wants to know, “How can I transfer my crypto from other accounts to Fidelity?” Kevin has the opposite question, “Can I transfer my bitcoin from a Fidelity account to my personal wallet?” And then during a recent live chat, we had a general question, can you just show us how to do this thing? How do I transfer my cryptocurrencies into and out of Fidelity?
All right, Dan, the people are clear. They want to know how to transfer into and out of a Fidelity Crypto account.
DAN CHODOS: All right, let’s give it to them, Jim. So I’m going to start here at desktop and show you how to enter in. So the capability for transferring of crypto—and what we mean by transferring a crypto? We mean bringing cryptocurrency in from an external source, whether that’s a centralized or decentralized exchange or your own self-hosted wallet onto the Fidelity platform. That’s our deposit.
Or if you’d like to take the coins off platform and bring it to those counter platforms, you can go ahead and do that with a withdrawal. So those capabilities are available to you both from a desktop as well as a mobile experience. I do want to enter in here first time from a desktop though, just to walk you through a little bit of the difference that your experience on mobile desktop for the first time.
So when I go ahead and I click that deposit, and so there was a Deposit/withdrawal button within that account page, I’m going to get sent to this page at first. This is my first time, one time only, that you come into the transfer of crypto capability. And because of this function, we do have a higher level of security. And we do require that you complete this through a mobile platform.
That mobile platform allows you to take a photo of an identification source. It allows you to take a selfie, and some other things as well. And so when you come here for the first time, you will be prompted with this page, and you can either choose to get a link, which will allow you to take it, that link to the application, or if you have your camera up, you can scan the QR code, and that will bring you in as well.
But, again, it’s this one time. It’s a setup. It is an opt-in functionality that you have here. Does not come automatically when you have your crypto account. So I have already gone ahead and queued up a phone here.
Just so, if you were to come into this entry point for the first time on mobile, or use that QR code and you were redirected here, and you come down, you’re going to see the same idea, the deposit or withdraw crypto from the account page.
I’m going to go ahead and click that. Because it’s my first time, it doesn’t matter if I choose deposit or withdraw. In subsequent times, it will take you down the correct path that you’re looking to do. But I’m going to click “Deposit crypto.” And you’re going to see that it’s going to bring me to this page.
We are going to use a vendor in order to verify the identity. That’s going to allow us access to your camera, scan your ID, and also take a picture of yourself. The transfer of crypto externally on the blockchain, these are immutable transactions.
Once they happen, they’re not on the same idea as being on, within our platform. It actually leaves. It goes. It’s this one-time transaction. And so we really want to make sure that they’re safe, that they’re secure.
Because this is a test account and in order to just move us forward a little bit, I have gone ahead and loaded an account that already has been verified and is ready to complete some deposits and withdrawals. So I’m just going to go ahead and switch to that now.
I’m going to click “Deposit/withdraw.” We’re going to start with deposit. So I’m going to click “Deposit crypto.” And I’m going to choose the asset that I’d like to deposit. It doesn’t matter if you have any of these assets on platform already. It’s as long as this is a tradable coin, it’s one that we custody at Fidelity Digital Assets.
You can choose this. You can see the balances. We actually do have balances for all these. But if you did not, you’d still be eligible to deposit it. Let me go ahead and click this. First thing that you’re going to see, “Validate your network address with a penny test.”
Please, please, please, read this, pay attention to it. It is strongly recommended to complete a penny test. Here’s how it’s working. You’re going to deposit a small amount from your external wallet to the Fidelity Crypto account.
Why is this so important? Again, immutable transaction. Once it’s complete, it’s complete. We can’t reverse it. And so rather than just going all in and sending it, it really is, from a security standpoint, best practices to do a small amount first, make sure that it happened, it went to the right account, you feel good about it, before doing any subsequent deposits. So really, really want to make sure that that’s front and center.
So here you’ll see your crypto account. You’ll see the address. From here, you can either choose to copy this address, or you can also generate a QR code. If you’re using another device, you can scan that QR code and have that bring your address over to the external platform for you to go ahead and make that deposit.
So a couple steps here on how to make the deposit. One, you’re going to be on your external wallet. So if you’re at another centralized exchange, or if you’re at your own hardware wallet, that’s where you’re going to start. You’re going to start external to Fidelity. You’re going to bring this address through copy or your QR code, and you bring that over, and you say, this is where I want to send the funds. And you’re going to go ahead and make that transaction.
So that is deposit. Now, I’m going to go ahead and pull up withdraw. So, withdraw, again, this is taking coin off platform, from the Fidelity platform, to another address.
I’m going to select ethereum in this case. Now, what you need is an address. So here, again, these are all test addresses that we have that will allow you to send to that address. Fidelity does require that you add an address in advance of sending to that address.
It’s a process that we feel really strongly about with Fidelity, because we want to make sure that you’re safe and secure, and that when you’re sending coin off platform, you’re the one sending it. So we do want you to go ahead and add it. And also, as you saw, I just clicked “Add Address.”
Remember, if you’re adding address, know why you’re adding that address. Are you sending it to yourself, or did somebody else ask you for that? There are scams to watch out for. Fraudulent scams, social media scams, imposter scams, investment scams, all things that you want to make sure that you’re looking out for when you’re making a withdrawal.
Here, I’m going to go ahead though and provide that information. I’m going to select the asset that I want to do. So here, it’s ethereum. I can name this to be my address. And then, I can also then paste or scan an address in here. So if I hit “Scan QR code,” I’m on my phone, and I am scanning it from somewhere else, that’ll bring the address in.
Also, you do want to provide, if you’re sending that to yourself, or if you are sending it to a third party, which is OK as well, we do just request that you provide additional information about that.
This is our address that we’re going to bring in here. I’m going to select “Myself.” And I click “Review.” And, again, so this is a secure process. So we do require that you do provide that second level of assurance to make sure that you are you when you are adding this address. So I’ll click “Continue.”
And it does take a couple of business days in order for that address to become available for you to send.
Let’s say that we did want to send to one that was in existence, though. I’m going to select that one. And then I’m going to choose what I’d like to send. So here you’ll see what I have available to withdraw. I have an amount, and I can choose either to enter that amount in quantity or in dollars.
So if I wanted to do $10 worth, I could do that. There we go. Or if I wanted to do in quantity, I can also switch, and do it in quantity, or I can change the quantity as well. Just remember, when you are sending, you are always sending in the ethereum native token for this one in ether or in bitcoin.
So while you can select in dollars, the dollars are a representation of what the coin would be. So here you’ll see the estimated value is 0.001. We’ll go ahead and click “Review.” And here you’ll see the information. So you’re withdrawing this amount from here to this wallet address with this value. Estimated time, this is a transaction that happens on the blockchain. So once we send it, we are subject to the validators doing their thing, making sure that it’s a good transaction and pushing it through.
So like I was saying before on deposit, this is what you would see on a version of this. Everybody has their own takes, but you’re going to provide a wallet address, you’re going to provide an amount. You are also going to pay a network fee. And this is the one thing I do want to clarify.
This is a fee to the network. This is going to the blockchain to say, in order to validate that this is a correct transaction, this is how much it’s going to cost to validate. And so, you go ahead and need to add that fee to the principal amount that you’re sending. And in total, that is what is going to be withdrawn from the account.
And then you can go ahead and click “Submit,” and let the blockchain do its thing. And Jim, that’s how you deposit and withdraw on Fidelity Crypto.
JIM: Excellent, Dan. Thank you for that. It is worth noting, too—Dan mentioned it, but I’ll say it again—in order to enable crypto transfers, you have to have a Fidelity Crypto account. You have to have it linked to a brokerage account, and you have to live in a state where Fidelity Digital Assets is able to provide crypto transfer capabilities.
Fidelity Crypto IRAs, I should point out, are ineligible for crypto transfers. And again, it’s worth mentioning, Fidelity.com/Crypto or Fidelity.com/CyptoHelp are both really great resources that you can continue to rely on throughout this process.
Dan, thank you so much for walking us through the mobile and the web experiences. Just really, really appreciate your time.
DAN: Oh, thanks for having me, Jim. It was a pleasure.
JIM: And thanks, everybody who took the time out of their day to watch. We hope you got something out of this livestream, and we hope to see you again soon at the next livestream.
