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Schwab Goes Spot
Charles Schwab began rolling out its Schwab Crypto accounts to an initial group of eligible retail clients in the United States, allowing them to trade Bitcoin and Ethereum directly through the platform starting Tuesday.
“starting Tuesday”
The rollout excludes residents of New York, Louisiana, and U.S. territories at this stage, and Schwab Crypto accounts are also not yet available to international users.
Charles Schwab said the first wave of clients can access spot cryptocurrency trading on the Schwab Crypto platform, and the service charges a 75-basis-point trading fee.
The company said Schwab Crypto accounts are separate from standard brokerage accounts, with Schwab Premier Bank serving as custodian while Paxos manages trade execution and sub-custody services.
Who Can Trade
The Crypto Times said the phased launch expanded Bitcoin and Ethereum access to 39 million accounts while excluding New York and Louisiana due to licensing hurdles.
In a Tuesday post on X, The Block said Schwab made “Schwab Crypto” available to the first wave of eligible retail clients starting Tuesday, following an April announcement that the crypto trading platform would be introduced in phases.
The service is available in all U.S. states except New York and Louisiana, and not all clients qualify, according to the platform’s FAQ as cited by The Block.
ForkLog said the company noted that clients can trade Bitcoin and Ethereum “right alongside their other investments,” while also stating that Schwab Crypto accounts are being rolled out to retail clients starting today.
Fees, Custody, and Risk
The Crypto Times said Schwab charges a flat 0.75% fee for each crypto trade, and it described Schwab Crypto™ accounts as separate from standard brokerage portfolios.
“not FDIC insured”
Crypto.news reported that Schwab warned clients that cryptocurrencies are “not FDIC insured” and “may lose value,” and it said the account is separate from a brokerage account though linked to the client’s wider Schwab relationship.
CryptoPotato said Schwab Premier Bank serves as the custodian for the latest offering, while Paxos will manage trade execution and sub-custody services.
CoinDesk said Schwab manages around $12 trillion in client assets and began the U.S. rollout of spot crypto trading for retail customers, with an initial group of clients now able to trade bitcoin and ether on the Schwab Crypto platform.