Charles Schwab Enters Spot Crypto Trading
Charles Schwab, one of the largest brokerage firms in the United States, has announced the launch of direct spot bitcoin trading through its new platform, Schwab Crypto™. This marks a major step by one of the country's largest brokerage firms into the digital asset market. The feature will roll out in phases over the coming weeks, allowing retail clients to buy and sell bitcoin and ethereum directly through existing Schwab platforms.
Trading Details and Supported Assets
Schwab Crypto will initially enable direct trading in bitcoin and ethereum, which together represent approximately three-quarters of the global crypto market capitalization. Clients can access the trading feature via Schwab.com, the Schwab Mobile App, and the thinkorswim® trading suite. The platform integrates digital assets into existing accounts, allowing clients to maintain access to Schwab's 24/7 customer service network, digital asset education through Schwab Coaching®, and research from the Schwab Center for Financial Research.
Fees and Infrastructure
Schwab will charge a transaction fee of 75 basis points (0.75%) on the dollar value of each trade, placing its pricing at the low end of the brokerage industry. Digital asset custody will be handled by Charles Schwab Premier Bank, SSB, while blockchain infrastructure provider Paxos will manage sub-custody and trade execution under a federally regulated trust structure. Paxos, a New York-based blockchain provider overseen by the Office of the Comptroller of the Currency (OCC), already serves several global financial institutions seeking regulated access to digital assets.
Market Positioning and Client Ecosystem
"Clients want to conduct more of their financial lives at Schwab," said Jonathan Craig, Head of Retail Investing. "With Schwab Crypto, they can trade digital assets within their existing accounts while drawing on the service, research, and tools they rely on." Schwab already holds a strong presence in the digital asset ecosystem, with clients owning roughly 20 percent of spot crypto exchange-traded products. The new feature expands Schwab's reach beyond indirect crypto exposure through ETFs, mutual funds, and futures tied to cryptocurrency benchmarks, directly competing with firms such as Coinbase, Robinhood, and Webull.
Joe Vietri, Head of Digital Assets at Schwab, described the launch as an extension of the firm's broader digital strategy: "Our goal is to be the destination of choice for retail investors who want to integrate digital assets into their portfolios with confidence."
Future Plans and Expansion
Schwab plans to add more cryptocurrencies over time and enable transfer capabilities for deposits and withdrawals. This would allow clients to transfer digital assets from external wallets directly into Schwab accounts, further bridging traditional finance and the crypto ecosystem.