Charles Schwab has officially launched spot cryptocurrency trading for a select group of retail clients, marking a significant expansion beyond its previous crypto offerings of ETFs and derivatives.
The firm announced the rollout on X:
“Schwab Crypto™ accounts are now being rolled out to retail clients. Starting today, the first group of clients can trade Bitcoin and Ethereum at Schwab, right alongside their other investments.”
How the platform works
Schwab clients will hold a separate crypto account under Schwab Crypto, with Charles Schwab Premier Bank acting as custodian and blockchain infrastructure provider Paxos handling trade execution and sub-custody.
The service charges a 75-basis-point fee per trade.
It is available across all U.S. states except New York and Louisiana, and not all clients will qualify.
Scale of the rollout
The launch comes as Schwab reported $11.77 trillion in client assets and 39.1 million active brokerage accounts at the end of March 2026.
In Q1 2026, the company posted adjusted net income of $2.6 billion and earnings per share of $1.43, up 38% year-on-year, with revenue growing 16% to $6.48 billion.
Phased expansion
The rollout follows an April announcement that Schwab would introduce the platform in phases.
With US Bitcoin ETFs already drawing massive institutional interest, Schwab’s move into direct spot trading signals that major brokerages are increasingly competing for retail crypto volume rather than simply offering indirect exposure.
