TL;DR
- Charles Schwab has started a phased rollout of direct Bitcoin and Ethereum trading for selected U.S. retail clients.
- Schwab Crypto integrates spot crypto trading into the firm’s existing brokerage platforms, including thinkorswim and Schwab Mobile.
- The launch signals continued expansion of retail crypto access among major traditional financial firms.
Charles Schwab has started rolling out direct Bitcoin and Ethereum trading to selected retail clients in the United States. The move marks a notable expansion of crypto access at one of the country’s largest brokerage firms.
The phased launch of Schwab Crypto allows eligible users to trade the two largest cryptocurrencies alongside traditional investments. The service is available through Schwab.com, Schwab Mobile, and thinkorswim. That gives clients access through platforms they may already use for stocks, funds, and other assets.
A phased launch for retail clients
The rollout is not open to all Schwab clients immediately. The company said access is subject to eligibility, availability, and approval. The launch will begin in phases.
At launch, the trading product supports Bitcoin and Ethereum only. Charles Schwab said the two assets together represent about three-quarters of total crypto market capitalization. That helps explain why the firm is starting with the most established digital assets rather than a wider list of tokens.
The move gives Schwab clients a more direct route into crypto markets. Until now, users could access digital assets mainly through products such as spot crypto exchange-traded products, futures, options on spot crypto ETPs, and crypto-linked funds.
>>> Read more: Charles Schwab Cryptocurrency Plans Signal Market Shift
How the trading product works
Schwab Crypto uses a separate account offered by Charles Schwab Premier Bank. The account is linked to the client’s broader Schwab relationship. The bank will serve as custodian for client digital assets. That means it is responsible for safekeeping and record-keeping.
Paxos will provide sub-custody and trade execution services. Schwab described Paxos as a regulated blockchain infrastructure provider that works with financial institutions. The structure gives Paxos a central role in crypto custody and execution.
The product charges 75 basis points on the dollar value of each trade. That means a client trading $1,000 worth of crypto would pay $7.50 in fees. Market movement and spreads may increase total trading costs.
Availability remains limited
The launch comes with clear geographic restrictions. Schwab noted the service is available in U.S. states except New York and Louisiana. It is also unavailable in U.S. territories and international jurisdictions.
The firm also emphasized risk disclosures. Cryptocurrencies held through the product are not FDIC insured and are not SIPC protected. The brokerage warned the assets are not deposits and may lose value. It emphasized that crypto investing carries the risk of total loss of principal invested.
This matters for retail users who may be more familiar with protections tied to traditional brokerage products. Direct crypto ownership carries a different risk profile, even when offered through a major financial brand.
Why the launch matters
Charles Schwab rolling out direct crypto trading on its platform adds another major traditional finance institution to the spot trading market. The move could increase competition with crypto-native exchanges and other brokerage firms expanding digital asset access.
The timing is also important. Spot Bitcoin and Ethereum products have already made crypto more accessible through exchange-traded structures. Direct trading now gives investors ownership exposure inside a familiar brokerage environment.
For Schwab, the launch may help retain clients who want to manage more of their financial activity in one place. For the broader market, it signals that large financial firms are still building crypto services. At the same time, those firms continue to move carefully around custody, eligibility, and risk disclosures.
>>> Read more: Morgan Stanley Brings Crypto Trading to E*Trade
What comes next
Charles Schwab says it plans to add more cryptocurrencies over time, along with transfer capabilities for deposits and withdrawals. That would allow clients who already hold digital assets elsewhere to move them into the Schwab ecosystem.
For now, Schwab Crypto remains a limited rollout centered on Bitcoin and Ethereum. Its broader impact will depend on how quickly access expands, whether more assets are added, and how retail clients respond to trading crypto through a traditional brokerage platform.
