Charles Schwab has started a phased rollout of Schwab Crypto, its long-awaited crypto trading platform, giving retail clients direct access to bitcoin and ethereum for the first time. The launch follows an earlier waitlist period and matches the firm’s second-quarter timetable.
Customers can trade BTC and ETH through dedicated crypto accounts linked to their existing Schwab brokerage accounts. That expands Schwab’s digital asset offering beyond indirect exposure through ETFs and derivatives into spot trading inside its own platform.
Custody stays with Schwab while Paxos executes trades
The product uses a custody-controlled structure. Accounts are offered through Charles Schwab Premier Bank, Schwab serves as custodian, and blockchain infrastructure provider Paxos handles trade execution. Schwab is charging 75 basis points per transaction, a fee structure that looks closer to traditional brokerage pricing than crypto-native exchange models.
At launch, the platform does not support crypto deposits or withdrawals. Clients must buy bitcoin and ethereum directly through Schwab, and the assets remain inside the firm’s custody environment. The design keeps the service tightly managed around compliance, custody oversight, and a simpler user flow, while leaving out external wallet transfers.
Launch begins with limited access across the US
The service is not initially available to residents of New York and Louisiana, pointing to continuing state-level regulatory differences in the United States. Schwab said extra features could be added over time, including transfer support and access to a wider set of digital assets, but it did not provide a timeline.
The rollout puts Schwab in direct competition with crypto-native venues such as Coinbase and retail trading apps like Robinhood. Schwab’s approach is different. Instead of building a standalone crypto ecosystem, it is plugging digital asset trading into its existing brokerage infrastructure and client network. According to the source material, as of early 2026 the firm oversaw $12.22 trillion in client assets and nearly 39 million active brokerage accounts, giving it substantial distribution reach from day one.
A familiar brokerage interface, but not full blockchain functionality
Schwab’s entry adds to the overlap between traditional finance and digital asset markets, especially on the retail side. Putting crypto trading inside a familiar brokerage interface lowers the barrier for investors who have not used crypto-native platforms before. The trade-off is clear as well: without deposit and withdrawal functionality, the platform does not yet offer the full range of ownership and transfer features associated with open blockchain systems.
The timing also comes with solid financial results. Schwab reported first-quarter earnings of $1.43 per share on $6.48 billion in revenue. Whether Schwab Crypto remains a controlled gateway product or grows into a broader digital asset platform will depend in part on when, or if, transfer features are added.