Fidelity opens $0 commision trades, a possible alternative to dealing with abuse

[blandana]

Hello.

This is a very signifianct development that I think the whole entire community can benefit from hearing/reading.  I have recently discovered fidelity.com is now offering $0 commision on all trades on starter accounts it seems like.  I've tested it already and it's true, I lost only 2 cents for making three trades.

See the article here: https://www.marketwatch.com/story/fidelity-cuts-fees-to-0-as-it-jumps-on-zero-commission-bandwagon-2019-10-10

If all goes well this could be a great alternative rather than dealing with harssment in bitcoin from fake buys and some traders trying to get attention from what could be counterfeit money.  

This isn't an ad, I'm sharing because this is pretty groundbreaking.  Only bitmex has free commission from what I've heard and if you haven't been keeping up this is pretty cutting edge.  See you in wallstreet if you join me.

[avikz]

I think you are talking about the Fidelity My Money account!

It's great to know that a big trading company like Fidelity has decided to join the zero fees bandwagon. However, I believe, offshore exchanges will still remain as a favorite choice for a lot of traders because of the anonymity it offers to US residents! If you invest even a single penny through Fidelity, that's going to be reported to IRS, while that's not the case for a lot of offshore exchanges!

So Fidelity starter account may be beneficial for non-crypto users but for crypto users with decent amount of money in working, offshore exchanges are still their best bet! But yes, it's a positive development overall!

[Sumral1l]

I agree with the strategy, thanks sharing My Texas Benefits!

[alyssa85]

Hello.

This is a very signifianct development that I think the whole entire community can benefit from hearing/reading.  I have recently discovered fidelity.com is now offering $0 commision on all trades on starter accounts it seems like.  I've tested it already and it's true, I lost only 2 cents for making three trades.

See the article here: https://www.marketwatch.com/story/fidelity-cuts-fees-to-0-as-it-jumps-on-zero-commission-bandwagon-2019-10-10

If all goes well this could be a great alternative rather than dealing with harssment in bitcoin from fake buys and some traders trying to get attention from what could be counterfeit money.  

This isn't an ad, I'm sharing because this is pretty groundbreaking.  Only bitmex has free commission from what I've heard and if you haven't been keeping up this is pretty cutting edge.  See you in wallstreet if you join me.

So what are the requirements to join Fidelity? Do you need to do a KYC, and do you need to make a minimum deposit first before you can trade?

I'm always suspicious of these zero commission deals. Either they're a loss leader simply to attract people to sign up and the fees go up later. Or they're making money through withdrawal fees or custody fees.

[bitmover]

0 trading fees are not sustainable.
I prefer to pay a reasonable price and have a good service, like Binance.

If they are charging 0 on fees, they are probably going to offer a bad service soon.

I really hate withdrawal fees, which are usually very expensive for BTC. I wish there was an option to use 1 sat/byte transaction even if it too 2-3 days to complete in those exchanges....