Charles Schwab has officially launched a new spot cryptocurrency trading platform, enabling retail clients in most US states to trade Bitcoin (BTC) and Ethereum (ETH) directly alongside their traditional investment products. This service, branded Schwab Crypto, rolled out initially to a targeted segment of customers and excludes users in New York and Louisiana due to regulatory constraints.
The platform charges a competitive fee of 0.75% per trade, positioning itself among the lowest-cost options in the crypto trading landscape. Schwab’s rollout follows a phased approach, beginning with an internal employee pilot, then a client waitlist, and now gradually extending access to eligible users throughout 2026. Each Schwab Crypto account is linked to clients’ existing brokerage accounts but operates as a separate entity for clarity and security.
Custody and asset management for Schwab Crypto customers are handled by Charles Schwab Premier Bank (CSPB), ensuring safekeeping and record keeping under federal oversight. Meanwhile, blockchain infrastructure provider Paxos manages trade execution and sub-custody responsibilities, employing a trust model with enterprise-grade technology to safeguard transactions and holdings.
Looking ahead, Schwab plans to expand the platform’s cryptocurrency offerings beyond Bitcoin and Ethereum. The company also intends to enable crypto deposit and withdrawal transfers, allowing clients to consolidate their digital assets within Schwab’s integrated ecosystem.
This move significantly broadens Schwab’s digital asset footprint beyond prior indirect exposures through Exchange-traded products (ETPs), futures, and various crypto-related ETFs and mutual funds. Schwab’s clientele holds a substantial share of spot crypto ETPs, reflecting growing investor interest in digital assets within mainstream portfolios.
The launch takes place amid a broader institutional push to integrate cryptocurrency into conventional financial services. Other major Wall Street players, including Morgan Stanley, have introduced crypto trading pilots on retail platforms like E*Trade, signaling growing acceptance and demand for direct crypto exposure among retail investors.