America's largest brokerage, Charles Schwab, has officially launched spot trading for Bitcoin (BTC) and Ethereum (ETH) on its Schwab Crypto platform, powered by Charles Schwab Premier Bank. The move marks a major pivot by a traditional finance giant into crypto, directly competing with Robinhood and Fidelity.
Phased Rollout: Employees First, Then Clients
The service will be introduced in three phases: an internal employee pilot, followed by a client waitlist pilot, and finally a broader expansion through Q2 2026 and beyond. New York and Louisiana are currently excluded. Schwab manages approximately $1.48 trillion in assets under management (AUM) and serves 46 million active brokerage accounts through 16,000 advisors. Once fully deployed, this could become one of the largest crypto on-ramps in the traditional financial system.
Fee Competition: 0.75% Underbids Fidelity but Lags Robinhood
Schwab charges a 0.75% fee for BTC and ETH trades, undercutting Fidelity Crypto's 1% but still trailing Robinhood's commission-free model (which profits from spreads). Robinhood currently offers over 15 cryptocurrencies, broader international reach (EU, Asia-Pacific), and external wallet transfers, giving it flexibility advantages. Still, Schwab's massive AUM and established client base could reshape the brokerage crypto landscape.
BTC Hits $75K; ETH Dips on Whale Sell-Off
On the same day, Bitcoin briefly touched $75,000, boosted by sustained spot ETF inflows and hopes of a US-Iran ceasefire. Ethereum traded at $2,357 (down 0.75%) after a long whale took profits of roughly 120,000 ETH ($59 million), creating selling pressure. Separately, Schwab reported its Q1 2026 earnings: net revenue grew 16% YoY to a record $6.48 billion, slightly missing the $6.50 billion consensus, which triggered a 7.73% drop in its stock (SCHW) to $92.53.