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Charles Schwab said on May 12 that Schwab Crypto accounts are now being rolled out to selected retail clients, enabling direct trading of bitcoin (BTC) and ethereum (ETH) through linked Schwab brokerage accounts. The offering includes 24/7 support, education, research, and pricing of 75 basis points on each trade’s dollar value.
Schwab Crypto accounts are being introduced to an initial group of retail clients, with additional users able to sign up for updates and potentially receive early access. At launch, clients can trade BTC and ETH alongside their other Schwab investments.
Retail clients will hold a separate Schwab Crypto account offered by Charles Schwab Premier Bank, SSB. The account links directly to the client’s Schwab brokerage account. Charles Schwab Premier Bank will custody client digital assets and manage safekeeping and record-keeping, while Paxos will provide sub-custody and trade execution services.
Schwab Crypto at launch includes:
Schwab said direct trading will be available across Schwab.com, Schwab Mobile, and thinkorswim. The company also outlined plans to add additional cryptocurrencies over time.
Future transfer features are expected to include deposits and withdrawals, which would allow clients with existing digital assets to move them to Schwab.
Schwab’s existing digital asset access extends beyond spot trading. Clients can use exchange-traded products (ETPs), crypto futures, options on spot crypto ETPs, crypto-related exchange-traded funds (ETFs), mutual funds, OTC trusts, and digital asset-linked equities.
Among the investments available are Coinbase (Nasdaq: COIN), Strategy (Nasdaq: MSTR), Riot Platforms (Nasdaq: RIOT), and Schwab Crypto Thematic ETF (NYSEARCA: STCE).
Schwab Crypto accounts are available in U.S. states except New York and Louisiana. They are not available in U.S. territories or international jurisdictions. Applicants remain subject to review and approval, and accounts may be restricted or closed if clients move to unsupported locations.
“ETPs available at Schwab provide exposure to cryptocurrencies, cryptocurrency futures contracts, and companies that are focused on servicing the cryptocurrency market and digital assets.”
Schwab said the rollout expands its existing digital asset offerings while it continues developing additional crypto functionality, including broader cryptocurrency support and transfer capabilities for client deposits and withdrawals. Risk disclosures accompanying the launch state that digital assets remain speculative investments that can lose their full value.
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