Schwab Flips Switch on Direct Crypto Trading for 40 Million Clients

Charles Schwab has launched direct cryptocurrency trading for its massive retail brokerage base of approximately 40 million account holders. The service, which went live on August 13, allows clients to buy and sell Bitcoin (BTC) and Ethereum through the same interface they use for stocks and bonds.

The rollout marks one of the largest single expansions of crypto access by a traditional U.S. financial institution. Schwab is charging a 0.75% fee per crypto trade, a rate in line with prevailing industry pricing.

The service is available in 48 U.S. states, excluding New York and Louisiana for now. The architecture behind the offering splits responsibilities between two firms: Charles Schwab Premier Bank serves as custodian, holding and maintaining records of client assets, while Paxos handles sub-custody and trade execution.