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How To Get Money Using Fidelity? Is It Legit To Use? App Review In 2023
Fidelity is a mobile platform where clients can trade stocks, mutual funds, and bonds and enjoy services from different tools.
When it comes to trading from your smartphone, you can rely on Fidelity. You can enjoy the services from general money management tools and market research tools and get help from regular videos on financial advice.
The most interesting thing is that traders can trade stocks by share or dollar amount. On top of that, they have a service called basket trading, allowing investors to select a customized basket of up to 50 stocks. These people can monitor different trades, manage, and also rebalance as a single unit.
About Fidelity Investments
Fidelity is an award-winning investment app allowing investors to invest through their smartphones (iOS and Android). It also features some great tools and offers expert insights on investment. The platform was founded in 1947, and Fidelity Investment is a full-service broker that has more than 19M retail brokerage accounts and more than $2tn in client assets.
The current mobile-based platform allows users to create a brokerage account and trade from their smartphones. According to Digital Trends, it was listed as one of the top trading apps for both Android and iOS devices in 2018. They excel at providing all-rounded customer services and quality customer support.
The platform is known for operating on a flat-fee structure on trading, and they offer 12,505 mutual funds. Among them, 4000 are no transaction fee funds. Compared to the other brokers, Fidelity only charges for the original purchases and does not charge any additional fee for redemption. The platform currently boasts 40 million investors with a range of different services.
Fidelity Platform Features
Trading platforms like fidelity follow certain benchmarks followed by different brokers. However, before you start trading on one of these platforms, there are a few features that you need to take a look on ?
Ease Of Use
Fidelity accounts are easy to set up, and they follow a very common set up process standard across different brokers. You have to start by providing your mailing address, your social security number, and employment information. Users can use three platforms simultaneously on Fidelity. Also, the mobile apps available for Android and iOS are great.
Excellent Trading Experience
The trading experience with Fidelity is excellent and straightforward. Users have a simple yet intuitive navigation option available here. There is indeed an option to see quotes that stream. However, one has to refresh the news. The web platform can help you buy, stop, and sell orders. However, if you want more customizations and premium features, you have to use The Active Trader Pro Platform.
Mobile Trade Experience
While Fidelity is a conventional trading platform, it has made its way to the digital ecosystem and has options available for those who want to trade on their smartphones. The mobile trading experience on this platform is well enough. It offers certain specifications with smooth operation. Users can see news or place orders whenever they want.
Range Of Offerings
Fidelity does not compromise when it comes to offering a selection of good assets. They have stocks, ETFs, mutual funds, and fixed-income assets. Also, the platform offers currency exchange, but they do not have forex trading. Thankfully, the mobile app, the web platform, and the Active Pro platform of Fidelity offer the same asset classes.
Also, Fidelity has also launched Fidelity Digital Asset Services, allowing Fidelity investment services allowing Cryptocurrency investment. They are planning to offer Bitcoin as an investment for retirement.
Conversion Fees
When the base currency and the bank account currency differ, you might have to pay the charge of a conversion fee which will depend on your personal bank account.
The following base currencies at Fidelity are Available ? USD, EUR, GBP, DKK, PLN, ZAR, HKD, JPY, MXN, NZD, AUD, CAD, SEK, NOK, SGD, and CHF. Experts suggest opening a multi-currency account at digital banks to avoid conversion fees.
Pros & Cons Of Fidelity
Here are some of the pros and coons of using this platform for investment ?
Pros
- Great trade executions
- Excellent options for research and screeners
- Low costs
- Wide range of educational content.
- Top-notch analysis of portfolio through tools and calculators.
Cons
- They don’t offer any access to crypto trading and commodities.
- Accounts are restricted to people from the US.
- Comparatively higher options fees compared to competitors.
- Options fees are higher compared to the competitors.
How Long Does It Take To Withdraw From Fidelity?
If you have already started trading on fidelity, then you might also be wondering how long it will take to withdraw. Compared to regular bank accounts, the process of withdrawal at Fidelity is a bit different.
Also, if you have invested all of your funds, you need to close some of the positions first if you want to get access to cash. Once some of your positions are closed, the broker needs some time before they make the funds available for withdrawal. You have to wait for at least two days for withdrawal at Fidelity.
Bottom Line
Thanks for reading through this whole article. Here I have tried to capture only the most necessary aspects of the Fidelity trading app and give you an idea before you get into trading with it. It is a reputable platform when it comes to trading, and you can trade and invest in different asset classes with ease and expert suggestions from their educative classes. However, if you have any queries related to the same, you can ask us in the comment section. We will answer you as soon as possible.
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