Charles Schwab Corporation, a top U.S. brokerage with over 34 million active clients and $12 trillion in assets under management, has officially launched spot trading of bitcoin and ether. The service will be gradually rolled out across Schwab.com, the Schwab Mobile App, and the thinkorswim trading suite.
Direct exposure within existing accounts
The new “Schwab Crypto” feature lets retail investors buy and sell the two leading cryptocurrencies directly, using their existing brokerage accounts. Before this, Schwab clients could only hold crypto-linked ETFs, mutual funds, or futures. Spot trading brings direct digital asset ownership alongside stocks, bonds, and traditional funds.
Transaction fees are set at 75 basis points per trade, a competitive rate among major brokerages. The firm plans to add more cryptocurrencies and enable deposit/withdrawal transfers over time. Charles Schwab Premier Bank, SSB will act as custodian for client digital assets.
Infrastructure via Paxos partnership
To ensure institutional-grade security and regulatory compliance, Schwab partnered with New York–based blockchain firm Paxos, which is supervised by the Office of the Comptroller of the Currency. Paxos provides the custody and trade execution backbone under a federally regulated trust structure. Clients can access educational resources from Schwab Coaching and the Schwab Center for Financial Research to navigate the new asset class.
Strategic push as a digital asset destination
Joe Vietri, Head of Digital Assets at Schwab, called the move a natural progression of the firm’s digital strategy, stating Schwab aims to become “the destination of choice for retail investors who want to integrate digital assets into their portfolios with confidence.” Jonathan Craig, Head of Retail Investing, added: “Clients want to conduct more of their financial lives at Schwab. With Schwab Crypto, they can trade digital assets within their existing accounts while drawing on the service, research, and tools they rely on.”
The launch aligns Schwab with other retail crypto platforms like Coinbase and Robinhood. The company has a product roadmap to expand supported coins and account features, signaling a long-term commitment to the digital asset space.