Schwab Eyes Crypto Spot Trading, with Caution

Charles Schwab is slowly rolling out a platform that will allow its clients to purchase cryptocurrency directly. The brokerage firm has opened a waitlist for its Schwab Crypto accounts, which are slated to launch in the first half of 2026.

Schwab clients already have access to crypto through ETFs, futures, and other indirect vehicles, including its own Schwab Crypto Thematic Index ETF. Those products have attracted significant assets. Last July, CEO Rick Wurster said Schwab clients held more than 20% of all crypto exchange-traded products industry-wide.

The next question is whether that same client base—generally made up of individual investors—has the appetite to own crypto directly. Schwab will also need to determine whether digital assets can fit into the workflow of a mainstream brokerage customer.

Simple and Direct

Qualified clients will be able to trade Bitcoin and Ethereum through a dedicated account tied to the firm’s affiliated banking subsidiary. Schwab is separating these spot crypto holdings securities and ETFs, which offer SIPC insurance of up to $500,000. Crypto assets held through the new product will not be insured by either SIPC or FDIC.

For now, the offering is relatively limited. The accounts will not accept external crypto deposits or allow withdrawals to self-custody wallets. Features such as staking, recurring purchases, and limit orders will also be unavailable.

Those are standard features on many native crypto platforms, and their absence highlights the differences between Schwab’s approach and that of firms like Coinbase.

Slow Rolling the Offering

The rollout will be gradual. The accounts will first be tested internally with Schwab employees, followed by a limited early-access group drawn from the waitlist.

Since the SEC first approved crypto ETFs two years ago, the category has grown to $120 billion, alongside a more favorable regulatory backdrop for the industry and its investors. Shortly after the 2024 presidential election, Wurster said Schwab planned to introduce spot crypto trading once U.S. regulations eased.

Schwab isn’t the only brokerage exploring this space. E*Trade, owned by Morgan Stanley, is also preparing to offer spot trading in Bitcoin, Ether, and Solana, via a partnership with blockchain startup Zerohash.

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Tags: BitcoinCharles SchwabCrypto ETFE*tradeEthereumSpot Trading