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Charles Schwab announces the launch of "Schwab Crypto," allowing retail investors to buy and sell Bitcoin and Ethereum
U.S. brokerage giant “Charles Schwab” announced that its long-anticipated cryptocurrency trading platform is officially live. This marks Schwab’s first time opening the door for retail investors to directly buy and sell Bitcoin and Ethereum.
This new service, called “Schwab Crypto,” is expected to be rolled out in phases over the coming weeks. Clients will be able to trade Bitcoin and Ethereum directly through dedicated crypto accounts linked to their existing brokerage accounts. Previously, Schwab clients could only participate in the crypto market indirectly via ETFs and derivatives; now, with spot trading enabled, this represents a major milestone in Schwab’s digital asset strategy.
Schwab stated that each transaction will incur a 75 basis point (0.75%) fee. The crypto accounts will be provided by its banking subsidiary, “Charles Schwab Premier Bank,” with Schwab acting as the asset custodian. The execution and matching of trades will be handled by blockchain infrastructure provider Paxos.
However, during the initial launch phase, “Schwab Crypto” still has some restrictions. Currently, deposits and withdrawals of cryptocurrencies are not yet available. Investors can only buy and sell Bitcoin and Ethereum directly on the Schwab platform; transferring from external wallets or other exchanges is not possible, nor can users transfer their purchased coins out.
Additionally, due to regulatory restrictions, residents of New York and Louisiana are temporarily unable to use the crypto trading service.
Schwab emphasized that future platform enhancements will be made gradually based on market conditions, including support for more types of cryptocurrencies and the addition of asset transfer features, though no specific timeline was provided.
With the new platform launch, Schwab will directly compete with crypto-native exchanges like Coinbase and popular retail trading apps such as Robinhood. At the same time, it is also challenging traditional financial institutions that are preparing to enter the digital asset space.