Charles Schwab to Launch Bitcoin and Ethereum Trading in Coming Weeks

Charles Schwab announced yesterday a phased launch of spot cryptocurrency trading for retail clients, with direct access to Bitcoin and Ethereum expected in the next few weeks. The new offering, called Schwab Crypto, marks the brokerage's formal entry into spot crypto trading.

The company said Schwab Crypto will allow clients to trade Bitcoin and Ethereum alongside traditional investments across Schwab.com, Schwab Mobile, and thinkorswim. The firm plans to charge 75 basis points, or 0.75%, on the dollar value of each crypto trade, placing it below Fidelity Crypto's 1% fee.

At launch, Schwab Crypto will support only Bitcoin and Ethereum, which together account for about three-quarters of the cryptocurrency market by capitalization. Clients will need a separate crypto account through Charles Schwab Premier Bank, which will serve as custodian for client digital assets. Paxos, an OCC-regulated blockchain infrastructure provider, will provide sub-custody and trade execution services.

The launch adds to a broader shift among large financial firms moving into digital assets. Morgan Stanley recently launched a spot Bitcoin ETF, while Goldman Sachs filed to introduce a Bitcoin income ETF. Fidelity entered the crypto market earlier and introduced a crypto trading app in 2023.

Sources:
Coinpaper - Charles Schwab announcement
Business Wire - Schwab Crypto details