Financial services firm Charles Schwab has announced the upcoming rollout of Schwab Crypto, a new spot cryptocurrency trading service designed for retail investors. Set to commence in phases over the coming weeks, the platform will allow direct access to trade Bitcoin (BTC) and Ethereum (ETH).
According to the official announcement, the firm plans to add additional cryptocurrencies to the platform in future alongside transfer capabilities for deposits and withdrawals. Joe Vietri, Head of Digital Assets at Charles Schwab shared, “Our goal is to be the destination of choice for retail investors who want to incorporate digital assets into their portfolios with confidence.”
How Schwab Crypto works
Schwab Crypto will operate through Charles Schwab Premier Bank, SSB, with Paxos providing the regulated custody, execution, and settlement infrastructure. Crypto holdings will sit in a dedicated Schwab Crypto account, separate from the main brokerage account — consistent with how digital assets are typically structured across the financial industry. Schwab will charge a flat 0.75% fee on every crypto trade.
The platform will be available across all U.S. states except New York and Louisiana, both of which have stricter crypto licensing frameworks that currently prevent Schwab from offering the service there.
Head of Retail Investing, Jonathan Craig, at Schwab, said, “With Schwab Crypto, clients who want direct access to the asset class can trade it alongside their other investments, while benefiting from the service, education, and research they expect from us.”
The offering also includes educational resources, market insights, and 24/7 customer support—aimed at both new and experienced crypto investors.
A step toward mainstream crypto adoption
Schwab’s entry into spot trading is a landmark for the “TradFi-to-Crypto” bridge. The firm already manages a massive share of the crypto market indirectly; internal data shows Schwab clients currently hold approximately 20% of all crypto exchange-traded product (ETP) exposure.
By moving from “proxy” products (like ETFs and Futures) to direct spot trading, Schwab is positioning itself to compete directly with crypto-native exchanges like Coinbase and Kraken.
This rollout follows an extensive period of employee testing and internal feedback. With the public launch now underway, Schwab is effectively bringing its $12 trillion in client assets to the doorstep of the spot crypto market.
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