Charles Schwab announces the launch of "Schwab Crypto," allowing retail investors to buy and sell Bitcoin and Ethereum.

U.S. brokerage giant Charles Schwab announced that its long-anticipated cryptocurrency trading platform is officially live, marking Schwab’s first step in opening the door for retail investors to directly buy and sell Bitcoin and Ethereum.
This new service, called Schwab Crypto, is expected to be rolled out in phases over the coming weeks, allowing clients to trade Bitcoin and Ethereum directly through dedicated crypto accounts linked to their existing brokerage accounts.
In the past, Schwab clients could only participate indirectly in the crypto market via ETFs and derivatives; now, with the launch of spot trading, Schwab makes a significant milestone in its digital asset strategy.
Schwab stated that each transaction will incur a 75 basis point (0.75%) fee, and the crypto accounts will be provided by its banking subsidiary, Charles Schwab Premier Bank, with Schwab acting as the asset custodian.
Trading execution and matching will be handled by blockchain infrastructure provider Paxos.
However, during the initial phase of Schwab Crypto, certain restrictions remain, including the inability to deposit or withdraw cryptocurrencies. Investors can only buy and sell Bitcoin and Ethereum directly on the Schwab platform; transferring from external wallets or other exchanges is not yet supported, nor can users transfer their purchased coins out.
Additionally, due to regulatory restrictions, residents of New York and Louisiana are temporarily unable to access crypto trading services.
Schwab emphasized that future platform enhancements will be made gradually based on market conditions, including support for more types of cryptocurrencies and the addition of asset transfer features, though no specific timeline has been provided.
With the new platform launch, Schwab will compete directly with crypto-native exchanges like Coinbase and popular retail trading apps such as Robinhood; at the same time, it also challenges traditional financial institutions that are preparing to enter the digital asset space.