Charles Schwab Opens Spot Bitcoin and Ethereum Trading to Its First Retail Clients

Why Schwab’s Crypto Launch Matters

Schwab is not a crypto-native exchange. It is one of the largest U.S. brokerage and banking platforms, with tens of millions of brokerage accounts and trillions of dollars in client assets.

That makes the launch important for a different reason than a new exchange listing. Schwab’s crypto service brings Bitcoin and Ethereum into the same environment where many retail investors already manage stocks, bonds, ETFs, retirement accounts and cash.

For users who avoided crypto exchanges because of custody, security or platform trust concerns, Schwab’s entry could lower the psychological barrier to owning digital assets.

What Clients Can Trade at Launch

At launch, Schwab Crypto supports direct trading in Bitcoin and Ethereum, the two largest crypto assets by market capitalization.

That narrow asset list is intentional. Instead of competing immediately with exchanges that offer hundreds of tokens, Schwab is starting with the assets most likely to fit a traditional investor framework.

Bitcoin remains the dominant store-of-value asset in crypto, while Ethereum is the largest smart contract network and the foundation for much of DeFi, tokenization and stablecoin activity.

How Schwab Crypto Works

Schwab clients will use a separate crypto account linked to their brokerage account. The crypto account is offered through Charles Schwab Premier Bank, while Paxos provides sub-custody and trade execution services.

The platform is designed to let clients view crypto and traditional investments side by side across Schwab’s ecosystem, Schwab Mobile and thinkorswim.

Schwab has said pricing will be 75 basis points on the dollar value of each trade. The firm also plans to add more cryptocurrencies and transfer capabilities over time, including deposits and withdrawals.

The Catch: Availability and Risk

Schwab Crypto is not available to every client immediately. The rollout is phased and subject to eligibility. Schwab’s earlier launch materials also state that crypto accounts are not available in New York, Louisiana, U.S. territories or international jurisdictions.

The company also makes clear that crypto assets are not FDIC insured, not deposits, not SIPC protected and may lose value.

That language matters. Schwab may be making crypto easier to access, but it is not turning Bitcoin or Ethereum into low-risk banking products.

FAQ

Can Charles Schwab clients trade Bitcoin directly?

Yes. Schwab has started rolling out direct spot Bitcoin trading to eligible retail clients through Schwab Crypto.

Does Schwab Crypto support Ethereum?

Yes. Ethereum is supported at launch alongside Bitcoin.

Who provides custody for Schwab Crypto?

Charles Schwab Premier Bank offers the crypto account, while Paxos provides sub-custody and trade execution services.

Is Schwab Crypto available everywhere?

No. Availability is phased and subject to eligibility, with some jurisdictions excluded.