Key Takeaways
- • Fidelity Crypto customers can transfer eligible cryptocurrencies between Fidelity Crypto, third-party exchanges, wallets, and other Fidelity Crypto accounts, but transfers are not supported for Fidelity Crypto IRAs.
- • Enabling transfers requires government ID verification through vendor Socure and Know Your Customer questions; deposits are enabled first, and withdrawals are optional.
- • Withdrawal limits are $2,000 per day under Standard and $25,000 per day under Advanced, which requires two-factor authentication through an authenticator app.
- • Newly added external withdrawal addresses face a 48-hour activation period, and Fidelity recommends a small test deposit before larger transfers.
- • Deposits must be sent on the layer 1 network of the supported coin, such as Bitcoin or Ethereum; Fidelity states it cannot recover deposits sent on proprietary networks.
Summary
Fidelity Digital Assets has added a crypto transfer feature to Fidelity Crypto, allowing customers to deposit or withdraw eligible cryptocurrencies between Fidelity Crypto and third-party exchanges or wallets, or move holdings to another Fidelity Crypto account. In a Covering Crypto livestream, host Jim Armstrong noted that transfers are not available to or from a Fidelity Crypto IRA. He said viewer questions fell into two groups: customers moving holdings in from other custodians and customers seeking to move coins out to cold wallets.
Rob Monticchio demonstrated the setup process. Customers navigate to the crypto account, select Deposit/Withdraw Crypto, and complete identity verification with vendor Socure, which captures and validates a government-issued ID such as a driver's license or passport, along with front and rear photos and a selfie. Customers then answer Know Your Customer questions about expected transfer frequency and amounts; Fidelity said these answers do not affect transfer eligibility. Accounts are initially set up for deposits only. Withdrawals can be enabled at two levels: Standard permits up to $2,000 per day, while Advanced permits up to $25,000 per day and requires enrollment in an authenticator app for two-factor codes at the time of withdrawal.
For deposits, customers select the asset and the layer 1 network, since Fidelity Crypto does not support proprietary exchange networks. They then copy the generated Fidelity Crypto deposit address, or scan a QR code, and initiate the withdrawal from their source exchange or wallet. Fidelity sends a notification once a blockchain confirmation is detected and another when the deposit completes. Monticchio recommended a small test transfer before larger amounts, given the length and complexity of wallet addresses. Customers can also update cost basis for deposited lots in the Account Activities tab on Portfolio Summary, using the original purchase price plus fees, which can be found in the originating wallet or exchange.
Withdrawals to external wallets require adding the destination address to the address book. Fidelity Crypto imposes a 48-hour activation period before withdrawals can be executed to a newly added address. Users must enter a nickname, identify the wallet owner, and, for third parties, provide the owner's full name and country of residence. Fidelity warned customers to verify addresses carefully and to be wary of unsolicited offers promising unusually high returns. In the demonstration, Monticchio withdrew $1 of ETH with $0.06 in fees, noting that the platform alerts users when blockchain fees are elevated. Fidelity directed viewers to Fidelity.com/Crypto and Fidelity.com/CryptoHelp for additional guidance.
Rob Monticchio demonstrated the setup process. Customers navigate to the crypto account, select Deposit/Withdraw Crypto, and complete identity verification with vendor Socure, which captures and validates a government-issued ID such as a driver's license or passport, along with front and rear photos and a selfie. Customers then answer Know Your Customer questions about expected transfer frequency and amounts; Fidelity said these answers do not affect transfer eligibility. Accounts are initially set up for deposits only. Withdrawals can be enabled at two levels: Standard permits up to $2,000 per day, while Advanced permits up to $25,000 per day and requires enrollment in an authenticator app for two-factor codes at the time of withdrawal.
For deposits, customers select the asset and the layer 1 network, since Fidelity Crypto does not support proprietary exchange networks. They then copy the generated Fidelity Crypto deposit address, or scan a QR code, and initiate the withdrawal from their source exchange or wallet. Fidelity sends a notification once a blockchain confirmation is detected and another when the deposit completes. Monticchio recommended a small test transfer before larger amounts, given the length and complexity of wallet addresses. Customers can also update cost basis for deposited lots in the Account Activities tab on Portfolio Summary, using the original purchase price plus fees, which can be found in the originating wallet or exchange.
Withdrawals to external wallets require adding the destination address to the address book. Fidelity Crypto imposes a 48-hour activation period before withdrawals can be executed to a newly added address. Users must enter a nickname, identify the wallet owner, and, for third parties, provide the owner's full name and country of residence. Fidelity warned customers to verify addresses carefully and to be wary of unsolicited offers promising unusually high returns. In the demonstration, Monticchio withdrew $1 of ETH with $0.06 in fees, noting that the platform alerts users when blockchain fees are elevated. Fidelity directed viewers to Fidelity.com/Crypto and Fidelity.com/CryptoHelp for additional guidance.
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