Fidelity does not offer Dogecoin on its platform. There is a petition for Fidelity to offer the popular digital currency but there are only about 740 signatures so far.
In this article, I will walk you through what crypto you can buy instead of Dogecoin on Fidelity and which trading platform alternatives offer DOGE.
I also highly recommend you read my article on how to buy Dogecoin.
Will Fidelity offer Dogecoin any time soon?
The company has given no indication as to whether they will be offering Dogecoin any time soon. However, they have stated that they will be offering additional cryptocurrencies in the future.
Fidelity has many competitors and not all of them offer crypto investments.
The most famous crypto brokerage to offer Dogecoin is Robinhood.
Robinhood has the address with the most Dogecoin in the world holding about 1/4 of its supply.
However, Robinhood is not a direct competitor to Fidelity. Fidelity’s target market is intermediate to experienced traders while Robinhood’s target market is less experienced Gen-z customers.
Still, it could be that at some point Fidelity starts offering DOGE in order to be more competitive and gain market share.
Tell me more about Fidelity
Fidelity Investments is a financial institution founded in 1946 and headquartered in Boston, Massachusetts. It is one of the largest asset management and brokerage firms in the world with 85 million active users.
Fidelity offers a wide range of financial products and services, including retirement plans, wealth management, brokerage services, mutual funds, and trading platforms for individual and institutional investors.
In recent years, Fidelity has also shown interest in the cryptocurrency market, launching Fidelity Digital Asset Services to provide institutional-grade crypto custody, trading, and investment services.
More recently Fidelity launched crypto trading for retail investors.
Fidelity launches Crypto trading for retail customers
In November 2022 Fidelity started allowing its retail users to buy Bitcoin and Ethereum via its mobile app.
While it’s a little underwhelming that they only offer the two largest coins more could be in the works.
In addition, you can get further exposure to the crypto market by purchasing one of their exchange-traded funds for crypto.
They currently have two crypto ETFs on offer
- Fidelity® Crypto Industry and Digital Payments ETF (FDIG). This is an ETF that represents a basket of publicly traded companies that enable digital payments in the crypto industry. Available to U.S. citizens only.
- Fidelity® Metaverse ETF (FMET). Companies included in the index are those that contribute to the development, manufacturing, distribution, or sale of products and services that help create and enable the Metaverse.
- Bitcoin ETF: available for individual investors in Canada only
Fidelity has also announced that it plans to launch a 401(k) product that will allow investors to save 20% of their retirement fund in Bitcoin. This is currently being challenged by a New York Attorney General and a few senetors who are proposing there be legislation that prevents people from taking such high risks with investing their pension in cryptocurrency products.
According to a tweet by lawyer Mike Kodoudis Fidelity has more plans in the works when it comes to crypto. The company has filed 3 trademark applications covering NFTs, Metaverses, Virtual Real Estate Investing, and crypto t.rading
Note that Fidelity is not available in all U.S. states. Specifically, it does not allow crypto transactions in the states of Alaska, Hawaii, and New Mexico in adherence to local regulations.
Fidelity crypto trading fees
Fidelity’s crypto trading service is commission free. However, they plan to charge up to a 1% spread which is pretty decent.
So where can I buy Dogecoin as a Fidelity customer
While DOGE is not available on Fidelity there are a bunch of online brokerages that offer a similar experience to what you are used to in Fidelity’s app.
Here are some of the most popular brokerages in the US that offer Dogecoin. For a comprehensive list check out my guide on the best place to buy Dogecoin.
1. eToro USA
eToro has an easy interface to use. When you sign-up with them you can buy Dogecoin at a market or limit price and you can trade the most popular cryptocurrencies. The only drawback with eToro is that Dogecoin is custodial. This means they hold your Dogecoin for you.
Except for the fact that crypto in the US is not insured by the FDIC (federal deposit insurance corporation). This means if eToro goes bankrupt there is no way for you to get your Dogecoin back. It is also a hassle if you want to send move your DOGE elsewhere to trade it.
Robinhood is a full-service brokerage and on of the most popular places to buy Dogecoin. Buying dogecoin on Robinhood is extremely easy. It features instant deposits and commission-free trading.
Also, Robinhood offers its iPhone users a mobile app (plus there is a waitlist for Android users) that acts as a wallet. This means you can move your Dogecoin to the Robinhood wallet where you have 100% ownership of it.
If Robinhood were to go bust your DOGE would still be safely in your wallet.
This is a recent FinTech trading platform that is trying to make trading easy. I do not know much about them but I do know that they too offer Dogecoin.
Like with eToro there is no way to move your DOGE to a wallet. You would first need to sell your DOGE on WeBull and then withdraw your cash to your bank account. From there you’d need to send it to an exchange to buy DOGE again and only then would you be able to move your DOGE to another wallet.
Most popular US crypto exchanges to buy Dogecoin
Another alternative to waiting until Fidelity offers Dogecoin is to try using a crypto exchange.
The main difference between online brokerages and crypto exchanges is that the latter specialize in digital currencies only. The reason to join an exchange is that you can send your DOGE and other crypto to whatever addresses you want whether that is another exchange, a DeFi protocol, or a personal wallet.
All of the top crypto exchanges in the United States offer the option to buy Dogecoin. Here are the top 5 most reputable exchanges:
Coinbase is one of the largest and most well-known cryptocurrency exchanges in the US. Established in 2012, it offers a user-friendly platform for buying, selling, and trading a variety of cryptocurrencies, including Dogecoin. With a strong focus on security and compliance, Coinbase has become a popular choice for both novice and experienced traders.
Binance.US is the American counterpart of the global Binance exchange. Launched in 2019, it operates under separate management but offers a similar range of cryptocurrencies and trading features. Binance.us is known for its low trading fees, extensive selection of cryptocurrencies, and advanced trading tools, making it a popular choice for experienced traders.
Founded in 2011, Kraken is one of the oldest and most established cryptocurrency exchanges in the US. It offers a wide selection of cryptocurrencies, margin trading, and futures trading. Kraken is known for its strong security measures and commitment to protecting user funds, making it a reliable choice for traders who prioritize security.
Gemini is a US-based cryptocurrency exchange founded by the Winklevoss twins in 2015. It offers a user-friendly platform for buying, selling, and trading cryptocurrencies including DOGE. Gemini is a licensed and regulated exchange with a strong focus on compliance, security, and transparency, making it an attractive option for those new to cryptocurrency trading or looking for a safe platform.
Should I buy crypto on Fidelity?
While the fees are low the fact that Fidelity has not enabled cryptocurrency transfers via a wallet is a big disadvantage in my opinion. The whole point of crypto is that you are able to move crypto from one place to another. Personally, I find Robinhood’s product suite more attractive.
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