Charles Schwab announces launch of spot Bitcoin and Ethereum trading

Popular banking firm Charles Schwab has rolled out direct Bitcoin and Ethereum trading to its U.S. retail customers via a new platform called “Schwab Crypto.” This platform will give the firm’s over 39 million account holders access to spot crypto purchases in addition to stocks and bonds.

The brokerage firm confirmed on Tuesday that an initial group of eligible investors can now trade the two largest cryptocurrencies by market cap on its new platform. The launch follows plans Charles Schwab first mentioned last year and then went on to detail in an April 16 press release.

How Schwab Crypto operates

The platform is not a total standalone from existing account profiles. Each client will maintain a fresh crypto account linked to their brokerage profiles.

Charles Schwab Premier Bank will act as the custodian for its digital asset holdings, while Paxos, an OCC-regulated blockchain infrastructure firm, will ensure smooth execution of trades, according to the company’s press release.

Each trade costs 75 basis points, which equals 0.75% of the dollar value of the transaction. The service became live in every US state except New York and Louisiana at launch.

“We know our clients want to conduct more of their financial lives at Schwab,” Jonathan Craig, Head of Retail Investing, said in the company announcement. “With Schwab Crypto, clients who want direct access to the asset class can trade it alongside their other investments, while benefiting from the service, education, and research they expect from us.”

Schwab surveyed nearly 500 current and prospective crypto investors between July and September 2025. The firm then created its spot trading platform to cater to the top three factors the survey respondents cited for choosing a trading platform, which included trust in the brand, low and transparent pricing, and security of their financial assets.

Charles Schwab’s shift from ETFs to direct ownership

Charles Schwab’s interest in crypto has been limited to indirect product offerings till this launch. These included spot Bitcoin and Ethereum ETFs, options on these ETFs, crypto futures, and other related mutual funds. The firm claims its clients already hold roughly 20% of all spot crypto exchange-traded products on the market.

The addition of direct spot trading to the firm’s crypto exposure is of massive significance. Joe Vietri, Schwab’s Head of Digital Assets, said the goal is to become “the destination of choice for retail investors who want to incorporate digital assets into their portfolios with confidence,” according to the press release.

Schwab also plans to add more cryptocurrencies in the near future and eventually support deposits and withdrawals of previously held digital assets.

What this means for the crypto market

The rollout coincides with an increased crypto push by traditional financial firms. Bitcoin magazine reported that nearly 60% of the largest US banks now offer Bitcoin-related services or plan to shortly. Morgan Stanley launched crypto trading on its ETrade platform last week, while Goldman Sachs recently filed for a Bitcoin Premium Income ETF.

Congress is also nearing a final agreement on the CLARITY Act, which would establish laws governing how crypto is regulated, and potentially reshape the competitive environment for firms like Charles Schwab entering the crypto space.

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