Schwab to offer direct crypto trading to 39 million customers in coming weeks

Charles Schwab said it will begin offering direct cryptocurrency trading to everyday investors in the coming weeks, enabling customers to buy and sell bitcoin and ethereum alongside traditional investments. The new service, Schwab Crypto, will charge 75 basis points on the dollar value of each trade, positioning it among the lower-cost options in the industry.

How Schwab Crypto will work

Customers will be able to view and manage digital assets next to stocks and bonds through Schwab’s website, mobile app, and thinkorswim trading platform. Schwab said it surveyed nearly 500 current and prospective cryptocurrency investors between July 31 and September 1, 2025, and that respondents prioritized three factors when choosing where to trade: low and transparent pricing, brand familiarity and reputation, and confidence that holdings would remain secure.

Schwab will initially support bitcoin and ethereum, which together represent approximately three-quarters of total cryptocurrency market value. The firm plans to add additional digital currencies over time and eventually allow customers to transfer crypto they already own into their Schwab accounts.

Custody, execution and education

Charles Schwab Premier Bank will serve as custodian, handling safekeeping and record-keeping of customer assets. Paxos, a blockchain infrastructure provider regulated by the Office of the Comptroller of the Currency, will manage sub-custody and trade execution.

Schwab’s Schwab Center for Financial Research will provide educational materials and crypto-focused content through Schwab Coaching. Customers will also have access to Schwab’s 24/7 support from service professionals by phone or chat.

Schwab’s existing crypto footprint

Schwab said it already leads in cryptocurrency-related investments, with clients holding approximately 20% of spot cryptocurrency exchange-traded products. The firm also offers crypto futures, options on spot crypto ETPs, and crypto-related ETFs and mutual funds.

Industry competition and new product moves

Other major firms are also expanding into crypto trading and products. Morgan Stanley is taking similar steps through its ETrade platform, partnering with Zerohash to provide trading infrastructure expected to go live in the first half of 2026. ETrade customers will initially be able to trade bitcoin, ethereum, and solana.

Jed Finn, Morgan Stanley’s head of wealth management, described the move as a “transformative moment” for the industry, adding that the firm ultimately plans to build a full wallet solution for custody and tokenization of assets.

Robinhood pulled in more than $600 million from crypto trading last year, accounting for about one-fifth of its total revenue. Goldman Sachs filed an application for a Bitcoin Premium Income ETF, which would provide bitcoin exposure while generating income by selling options tied to bitcoin-linked ETPs, collecting premiums in exchange for capping some upside during strong rallies. BlackRock is preparing a similar product, the iShares Bitcoin Premium Income ETF, trading under the ticker BITA, with an updated regulatory filing earlier this month indicating refinements to the fund’s structure and expectations of a launch within weeks.

Congress nears crypto regulation agreement

The push by major financial firms comes as Congress appears close to passing the Digital Asset Market Clarity Act, which would establish comprehensive federal rules for cryptocurrency. JPMorgan sources told CoinDesk that negotiations are in a late stage, with most disputes resolved and only two or three issues remaining.

The bill would formalize how oversight is divided between the Securities and Exchange Commission and the Commodity Futures Trading Commission, while defining how tokens, stablecoins, and decentralized finance platforms fit within existing financial law. Treasury Secretary Scott Bessent and other officials have urged Congress to act, warning that delays could push innovation and capital to foreign markets with clearer rules.