Charles Schwab confirmed Tuesday via its official X account that it has begun a phased rollout of Schwab Crypto to eligible U.S. retail clients. Users can buy and sell bitcoin (BTC) and ether (ETH) directly through their existing brokerage accounts, with crypto holdings displayed alongside stocks and other traditional investments across Schwab.com, Schwab Mobile, and the thinkorswim platform.
A $12 Trillion Asset Manager Enters Spot Crypto
The firm oversees roughly $12 trillion in client assets across about 39 million active brokerage accounts. The spot trading service is offered through its banking subsidiary, Charles Schwab Premier Bank, SSB, which acts as custodian. Paxos, an OCC-regulated blockchain infrastructure provider, handles sub-custody and trade execution on the back end. Schwab cited Paxos's regulatory standing and enterprise infrastructure as enabling a seamless integrated experience.
Fee Structure Undercuts Fidelity and Coinbase
Each trade carries a fee of 75 basis points (0.75%) of the transaction value, well below Fidelity Crypto's 1% and Coinbase's retail tier, which can hit 4%. At launch, the service does not support crypto deposits or withdrawals from external wallets; clients must purchase assets directly through Schwab. The company plans to add more cryptocurrencies and transfer capabilities over time, but has given no timeline.
Geographic Restrictions and Regulatory Routing
The product is unavailable to residents of New York and Louisiana, as well as U.S. territories and international jurisdictions. Not all applicants will qualify, and account approval is at the discretion of Charles Schwab Premier Bank. By routing the offering through a bank subsidiary rather than its core brokerage platform, Schwab stays within existing U.S. regulatory frameworks and avoids securities classification complications.
Existing Digital Asset Exposure and Related Filing
Before launching spot trading, Schwab's clients already held roughly 20% of all assets invested in U.S. spot crypto exchange-traded products. Separately, EDX Markets—a crypto exchange backed by Citadel Securities, Fidelity, and Schwab—has filed for an OCC national bank charter to operate as a federally regulated trust entity. CEO Rick Wurster has also signaled openness to prediction markets tied to economic and financial outcomes as a complement to traditional research tools.