Charles Schwab Introduces Direct Crypto Trading for Clients
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Charles Schwab has initiated the gradual rollout of direct Bitcoin and Ethereum trading, marking a significant step in the integration of cryptocurrency into its retail brokerage services.
Dubbed Schwab Crypto and managed by Charles Schwab Premier Bank, SSB, this new offering will unfold in phases, starting in the second quarter of 2026. The initial phase will allow a select group of employees and early-access participants to trade, followed by a wider release to the company’s broader client base.
This new crypto service represents a strategic addition to Schwab’s existing brokerage, banking, and research platforms, distinguishing itself from independent crypto exchanges. Clients will now be able to trade cryptocurrencies alongside traditional assets like equities, ETFs, and bonds, all from a unified interface.
Each trade will incur a fee of 75 basis points. The infrastructure that supports this venture, including custody, execution, and settlement, is being provided by Paxos, a regulated trust company with a federal banking charter from the Office of the Comptroller of the Currency.
However, clients in New York and Louisiana will find the service unavailable due to more stringent cryptocurrency regulations in those states. Additionally, it’s important to note that clients cannot transfer Bitcoin or Ethereum from external wallets, and the cryptocurrency holdings won’t be covered under SIPC or FDIC insurance.
Schwab’s entry into the crypto space amplifies competition among retail crypto platforms, especially as the firm manages around $12 trillion in client assets. This significant market presence gives Schwab a competitive edge against crypto-centric firms like Robinhood and Coinbase.
Prior to this initiative, Schwab’s engagement with digital assets was limited to crypto-related stocks, futures, and exchange-traded products. The move towards direct spot trading represents a broader trend of institutional involvement in the cryptocurrency market. Notably, U.S. spot crypto ETFs attracted nearly $670 million in net inflows during the first trading day of 2026.
Regulatory changes have also played a role in expediting Schwab’s plans. In January 2025, the SEC repealed Staff Accounting Bulletin 121, which previously required custodians to list client crypto assets as balance-sheet liabilities, easing some operational hurdles. Subsequently, in March 2025, the OCC confirmed that national banks could engage in activities related to crypto custody and stablecoins.
As Schwab ventures into this new arena, the effectiveness of its pricing strategy and brand credibility in attracting crypto trading volumes away from existing platforms will be a critical factor to monitor as the year progresses.
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Gregory Russell
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