Charles Schwab launches direct crypto trading for clients
6.6 Investments Charles Schwab now offers phased access to direct Bitcoin and Ethereum trading for select retail clients, integrating crypto into brokerage accounts with competitive fees and more options.
Charles Schwab has begun a phased rollout of its Schwab Crypto platform, allowing select retail clients to trade Bitcoin and Ethereum directly from their existing brokerage accounts. This expansion, which started in April, marks a significant move by a major U.S. financial institution into the spot cryptocurrency market. Schwab Crypto accounts are being introduced gradually, enabling early users to buy and sell Bitcoin and Ethereum alongside traditional investment assets. The platform charges a 0.75% commission per transaction and is currently unavailable in New York and Louisiana due to state licensing restrictions. Custody is provided by Charles Schwab Premier Bank, while Paxos handles transaction infrastructure. In addition to direct crypto trading, Schwab continues to offer a range of crypto investment products, including ETFs, ETPs, and shares of crypto companies. This initiative positions Schwab among leading traditional finance firms embracing digital assets, underscoring the growing institutional acceptance of cryptocurrencies in the U.S. financial system.
