Schwab Prepares to Launch Direct Bitcoin and Ethereum Trading for Individual Investors
The brokerage giant is set to launch direct cryptocurrency trading for its two largest digital assets via a specialized account, marking its inaugural entry into the spot crypto market while broadening its digital currency services.
In a significant move for the cryptocurrency industry, Charles Schwab, a leading US brokerage firm by assets under management, plans to launch spot digital currency trading for individual customers within the next several weeks, beginning with Bitcoin and Ether accessible via a specialized account that connects to its main brokerage system.
Based on the announcement made on Thursday, this new product will enable customers to buy, sell, and monitor cryptocurrencies alongside equities and other investment vehicles throughout Schwab's digital ecosystem, including web, mobile applications and Thinkorswim platforms, with digital asset custody managed by its banking division and trade execution facilitated through a strategic alliance with Paxos, a federally regulated trust company.
As of February 2026, Schwab managed $12.22 trillion in total client assets based on the company's most recent regulatory disclosures, and functions as a comprehensive brokerage offering trading services, banking products and wealth management solutions.
When the service goes live, it will facilitate trading in the two largest digital currencies by market capitalization, Bitcoin (BTC) and Ether (ETH), charging 75 basis points for each transaction, with intentions to expand the selection of available cryptocurrencies and facilitate deposits and withdrawals in future updates.
The 75 basis point charge, equivalent to 0.75%, positions Schwab's pricing structure above platforms like Kraken, which offers starting fees ranging from approximately 0.25% to 0.40% that decrease with higher trading volumes, while remaining generally comparable to Coinbase, which charges starting fees of roughly 0.40% to 0.60% for traders with lower volumes, based on publicly available fee schedules from these platforms' official websites.
Users will gain access to this new offering via a distinct cryptocurrency account, with digital holdings maintained by Schwab's banking affiliate operating under a custodial framework. The deployment will occur in multiple stages throughout the upcoming weeks, with initial availability restricted to qualifying US retail customers excluding those residing in New York and Louisiana.
According to Schwab, this initiative represents an extension of its current cryptocurrency-related products, which encompass exchange-traded products, futures contracts and funds associated with digital assets. The firm indicated that its customer base presently holds approximately 20% of spot crypto exchange-traded products, according to the company's internal calculations.
Traditional financial firms expand crypto offerings
Established financial institutions are broadening their cryptocurrency-related services spanning direct trading, exchange-traded funds (ETFs) and various structured investment products.
On April 8, Morgan Stanley introduced a spot Bitcoin ETF (MSBT) which attracted $30.6 million in capital inflows during its inaugural trading session on NYSE Arca, signifying its entrance into the regulated crypto investment product marketplace. According to the fund's official website, total net assets reached $87.6 million as of April 15.
Additionally in April, Goldman Sachs submitted paperwork with the US Securities and Exchange Commission to introduce a Bitcoin-linked ETF structured to produce income via options trading strategies, providing indirect Bitcoin exposure while seeking to reduce price volatility.
While traditional financial institutions expand their presence in cryptocurrency markets, crypto-native platforms are pursuing the reverse strategy, entering conventional financial markets through tokenized securities offerings.
In December, Coinbase rolled out trading services for stocks and ETFs, whereas in February Kraken unveiled tokenized equity perpetual futures, providing leveraged trading opportunities for US equities, market indexes and commodity products.