Schwab Launches Direct Crypto Trading for Millions of Accounts
Charles Schwab has launched direct cryptocurrency trading for its 40 million securities accounts in 48 U.S. states, excluding New York and Louisiana.
The service, called Schwab Crypto, allows customers to buy and sell Bitcoin (BTC) and Ether directly on the same platform used for stocks and bonds.
The trading fee is 0.75 percent, and operations will be run by Charles Schwab Premier Bank and Paxos.
According to Forbes, the number of eligible accounts has increased to about 40 million from 39.1 million in May when the service was first applied.
Joe Vietri, head of digital assets at Charles Schwab, stated that the company aims to become the preferred platform for retail investors seeking to add digital assets to their portfolios.
Schwab is taking a cautious approach by maintaining risk warnings, noting that even a small allocation to cryptocurrencies can have an outsized impact on a portfolio, citing the 70 percent fall in past cycles of Bitcoin and Ether.