Charles Schwab has announced Schwab Crypto, a spot cryptocurrency trading service that will be rolled out to retail clients over the coming weeks. The initial launch includes BTC and ETH, with trading built directly into Schwab.com, the firm’s mobile app, and thinkorswim, allowing users to manage crypto alongside traditional investments on the same platform.
Initial rollout centers on BTC and ETH
According to the company’s announcement, the service starts with Bitcoin and Ether, which Schwab said account for about 75% of the global crypto market capitalization. Jonathan Craig, head of retail investor services, said clients want to handle more of their financial activity at Schwab, and the new offering gives those seeking direct exposure to the asset class a way to trade crypto next to stocks and other holdings while using the firm’s existing service and research tools.
Schwab set the fee at 75 basis points, or 0.75% of each transaction. The company described that pricing as among the lower levels in the industry.
Paxos selected for infrastructure and execution
For account structure and custody, clients will open separate crypto accounts through Charles Schwab Premier Bank, an affiliated entity that will serve as custodian. On the infrastructure and execution side, Schwab is working with Paxos, a blockchain infrastructure provider regulated by the Office of the Comptroller of the Currency, or OCC.
Joe Vietri, Schwab’s head of digital assets, said Paxos brings regulatory standing and operational expertise to support an integrated trading experience. At launch, Schwab Crypto focuses on spot trading, but the company said it plans to add more cryptocurrencies over time and introduce crypto deposit and withdrawal functions.
Retail crypto access expands inside Schwab’s platform
Schwab also said its clients currently hold about 20% of spot crypto exchange-traded products, or ETPs. The move extends the firm’s digital-asset offering beyond product exposure into direct spot trading. For Schwab users, the practical change is simple: BTC and ETH will sit inside the same trading environment as stocks and other traditional assets.