Charles Schwab has announced Schwab Crypto™, a spot crypto trading service beginning a phased rollout to retail clients in the coming weeks.
The platform will offer direct bitcoin and ethereum trading — assets that together represent roughly three-quarters of total crypto market capitalization — alongside Schwab’s existing investing and banking tools.
What the platform includes
At launch, clients will be able to trade bitcoin and ethereum side-by-side with traditional investments across Schwab.com, Schwab Mobile, and the thinkorswim® platform.
Pricing is set at 75 basis points on the dollar value of each trade, which Schwab describes as among the lowest in the industry.
The service also includes educational resources from the Schwab Center for Financial Research, crypto-focused content through Schwab Coaching®, and 24/7 support from service professionals.
Jonathan Craig, Head of Retail Investing at Charles Schwab, said:
“We know our clients want to conduct more of their financial lives at Schwab. With Schwab Crypto, clients who want direct access to the asset class can trade it alongside their other investments, while benefiting from the service, education, and research they expect from us.”
How it works
Clients will hold a separate crypto account through Charles Schwab Premier Bank, SSB, linked directly to their brokerage accounts.
Paxos, an OCC-regulated blockchain infrastructure provider, will handle sub-custody and trade execution.
Joe Vietri, Head of Digital Assets at Charles Schwab, said:
“Paxos is a strong partner for blockchain infrastructure. Their regulatory standing and digital asset expertise will help us deliver the seamless, integrated experience our clients expect from Schwab.”
Schwab already claims a significant footprint in digital assets, with its clients holding approximately 20% of all spot crypto exchange-traded products in the U.S.
Broader ambitions
Schwab plans to expand the platform over time, adding more cryptocurrencies and enabling deposit and withdrawal transfers so clients can consolidate existing digital asset holdings.
Vietri added:
“Whether you’re new to crypto and looking for a firm you know and trust, or you already own digital assets, our goal is to be the destination of choice for retail investors who want to incorporate digital assets into their portfolios with confidence.”
A Schwab survey of 460 cryptocurrency owners and prospective buyers found that the three most important factors when choosing a crypto trading firm were low transparent pricing, brand familiarity, and asset security — areas Schwab says it is directly targeting with this launch.
The accounts are available in all U.S. states except New York and Louisiana.
