Charles Schwab has announced the launch of Schwab Crypto, a new service that will soon allow retail clients to trade Bitcoin and Ethereum directly. This marks the company’s official move into spot crypto trading, expanding beyond its existing offerings like ETFs, futures, and crypto-related funds.
The platform is designed to let users trade crypto alongside traditional assets such as stocks, all within Schwab’s ecosystem (web, mobile, and thinkorswim). The firm will charge a 0.75% fee per trade, making it cheaper than Fidelity Investments’ crypto service and competitive with platforms like Coinbase and Robinhood.
At launch, Schwab Crypto will only support Bitcoin and Ethereum, which together dominate most of the crypto market. However, the company plans to expand to more assets and introduce deposit and withdrawal features in the future. Clients will need a separate crypto account through Schwab’s banking arm, with custody handled internally and supported by Paxos for execution and sub-custody.
This move reflects a broader trend where traditional financial institutions are increasingly embracing crypto. Firms like Morgan Stanley and Goldman Sachs are also expanding their digital asset offerings. Meanwhile, crypto-native platforms such as Coinbase and Kraken are entering stock trading, creating direct competition between the two worlds.
Schwab’s strategy is largely driven by client demand, as many investors currently hold crypto on separate platforms. By integrating crypto into its main services, the company aims to provide an all-in-one investment experience. The rollout will also include education, research, and 24/7 customer support to help users navigate digital assets.
This launch highlights the growing convergence between traditional finance and crypto, as both sides race to offer full-service investment platforms under one roof.