Charles Schwab, the Westlake, Texas-based brokerage giant, has announced the phased launch of Schwab Crypto, a new platform enabling millions of its US retail clients to trade spot cryptocurrencies directly within their existing brokerage accounts. The initial offering supports Bitcoin (BTC) and Ethereum (ETH), with a transparent fee of 75 basis points per trade, positioning it among the lowest-cost options at a major US brokerage.
Platform Details and Partnership
Schwab Crypto accounts are offered through Charles Schwab Premier Bank, SSB, which serves as custodian for clients' digital assets. Paxos, an OCC-regulated blockchain infrastructure provider, handles sub-custody and trade execution. Joe Vietri, Head of Digital Assets at Charles Schwab, praised Paxos as a strong partner given its regulatory standing and digital asset expertise. Clients can access trading via Schwab.com, the Schwab Mobile app, and the thinkorswim trading platform, with 24/7 phone and chat support available.
Customer-Driven Initiative
The move stems from extensive customer research. Between July and September 2025, Schwab surveyed 460 current and prospective crypto investors. The top three factors when choosing a crypto trading firm were low and transparent pricing, brand familiarity, and confidence in asset security. Jonathan Craig, Head of Retail Investing, stated, “Clients have made it clear they want to do more of their financial lives at Schwab.” The platform allows users to trade crypto alongside stocks, bonds, and other traditional investments without switching firms.
Future Expansion Plans
Schwab plans to expand Schwab Crypto over time. The company intends to add more cryptocurrencies and introduce transfer capabilities for deposits and withdrawals, enabling clients to move existing digital asset holdings to Schwab. Currently, Schwab clients already hold approximately 20% of spot crypto exchange-traded products (ETPs). Existing access options include spot crypto ETPs, crypto futures, options on spot crypto ETPs, and crypto-related mutual funds.
Industry Impact
Charles Schwab's entry into direct spot crypto trading marks a significant milestone in the convergence of traditional finance and digital assets. With over 30 million brokerage accounts, Schwab's low-cost, brand-trusted platform is expected to attract a wave of mainstream investors who previously hesitated to enter the crypto space. Analysts anticipate this will pressure other major brokerages to lower fees and enhance their crypto offerings, further accelerating institutional adoption and market maturity.