How to invest in crypto when working in IB?
Hey everyone, so I just started a few months ago and had to close my Robinhood account and plan on moving everything to Fidelity. I had some crypto in my Robinhood but Fidelity doesn't offer crypto to retail investors. I know that there are specific crypto exchanges out there such as Gemini, but is that considered a brokerage firm? All I know is Fidelity and Schwab are the only brokerage accounts I'm allowed to have so don't want to violate any compliance rules.
Essentially am I allowed to put money in Gemini even if my bank only allows Fidelity and Schwab?
Can you not open a wallet and trade from the wallet?
what do u mean open a wallet?
You don't deserve to trade crypto if you don't know what a wallet is?
A wallet is what actually holds the codes for the crypto. It be like going and buying physical yen and putting it in your back pocket. When you want to trade the Yen just go to the currency exchange and transact. I imagine that this cannot be regulated by your bank as it is not through a broker, but I don't know the limitations of the trading.
I have experience with this at a MM firm. I was able to trade on any exchange that did not also allow trading in equities. Coinbase was totally fine, but Robinhood was off limits since I could also buy stocks on that platform. You need to ask your compliance department though because your firm may have specific rules in place.
thanks - that was helpful
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