Charles Schwab has begun rolling out its crypto offering to retail clients, giving an initial group of users direct access to spot trading in bitcoin (BTC) and ethereum (ETH). The new service is designed to sit alongside clients’ existing investments, allowing crypto exposure within the broader Schwab ecosystem.
Linked crypto accounts power the new offering
Under the structure announced by Schwab, retail clients will hold a separate Schwab Crypto account offered by Charles Schwab Premier Bank, SSB, which links directly to their Schwab brokerage account. Charles Schwab Premier Bank will handle custody, safekeeping, and record-keeping for client digital assets, while Paxos will provide sub-custody and trade execution services.
At launch, the product includes spot trading for BTC and ETH, educational resources, research, Schwab Coaching content, and 24/7 phone or chat support. Schwab said pricing is set at 75 basis points of each trade’s dollar value.
Availability is limited, with more features planned
The rollout is not yet nationwide. Schwab Crypto accounts are available in U.S. states except New York and Louisiana, and the service is not offered in U.S. territories or international jurisdictions. Account applications remain subject to approval, and accounts may face restrictions or closure if clients move to unsupported locations.
Schwab also signaled that this is only the first phase of the product. Over time, the firm expects to add more cryptocurrencies and introduce transfer functionality, including deposits and withdrawals, which would allow clients to bring existing digital assets into the Schwab platform.
Crypto spot trading adds to Schwab’s existing lineup
The new rollout expands a broader set of digital asset-related products already available at Schwab. Clients can currently access crypto-linked investments through ETPs, crypto futures, options on spot crypto ETPs, crypto-related ETFs, mutual funds, OTC trusts, and digital asset-linked equities. Named examples include Coinbase (COIN), Strategy (MSTR), Riot Platforms (RIOT), and the Schwab Crypto Thematic ETF (STCE).
While the launch marks a meaningful step in Schwab’s digital asset strategy, the company’s disclosures continue to stress that cryptocurrencies remain speculative investments and can lose their entire value.