Schwab Launches Crypto Trading for Brokerage Clients
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Charles Schwab is set to introduce a new feature known as Schwab Crypto, enabling retail clients to trade bitcoin and ethereum directly. This offering is priced at 75 basis points per transaction and is expected to be available to clients shortly.
According to the brokerage firm based in Westlake, Texas, the phased launch will allow clients to engage in cryptocurrency trading alongside traditional investments such as stocks and bonds. The anticipation surrounding the Schwab Crypto platform has grown as it readies to roll out in the upcoming weeks.
Jonathan Craig, the head of retail investing at Charles Schwab, noted that clients have expressed a desire to manage a broader scope of their financial activities within Schwab’s platform. The introduction of this new service aims to accommodate those preferences, facilitating seamless crypto trading without the need to engage with multiple firms.
A recent survey conducted by Schwab among 460 current and prospective crypto investors revealed that essential factors in selecting a crypto trading platform include transparent pricing, brand trust, and a high level of security for their assets.
Initially, Schwab Crypto will support trading in bitcoin and ethereum, with these two cryptocurrencies constituting a significant portion of the overall market cap, approximately 75%. Clients will have access to a dedicated crypto account that links to their existing brokerage accounts. This feature will be managed through Charles Schwab Premier Bank, SSB, which will act as custodian for the clients’ digital assets.
Paxos, a regulated blockchain infrastructure firm, has been selected to manage sub-custody and trade execution for the new platform. Joe Vietri, who heads digital assets at Schwab, conveyed confidence in Paxos due to its established regulatory expertise and capabilities in the digital space.
Trading will be facilitated via Schwab’s online platform, including on the Schwab Mobile app and the specialized thinkorswim trading platform. Additionally, clients will benefit from 24/7 support via phone and chat from Schwab service professionals.
Looking to the future, Schwab has plans for further enhancements to the platform. The firm intends to diversify the selection of cryptocurrencies offered and improve transfer options for deposits and withdrawals, which would permit clients to migrate their existing digital assets into Schwab accounts.
Charles Schwab already holds a notable position in the digital asset landscape, as its clients are reported to possess approximately 20% of the spot crypto exchange-traded products. For now, various access methods are available, including spot crypto ETPs, crypto futures, and related mutual funds.
Vietri emphasized the aim of the new offering is to provide a unified platform for both novice and seasoned investors. Schwab’s competitive pricing structure at 75 basis points positions it among the leaders in the industry for direct cryptocurrency trading at major brokerages.
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