Charles Schwab has expanded its services to allow retail clients to trade Bitcoin and Ethereum directly. This move opens up crypto trading to its vast client base of 40.1 million retail investors. Previously, Schwab customers could only access crypto indirectly. Now, they can own the actual coins through the same platform they use for traditional investments like index funds and retirement accounts.
The new Schwab Crypto account launched on April 16, 2026, with a phased rollout that concluded by October 15-16, 2026. The service is available on Schwab.com, Schwab Mobile, and the firm's active trading platform, thinkorswim. Trading fees are set at a flat 0.75% for trades valued between $1 and $2 million. Paxos handles trade execution and sub-custody on Schwab's behalf.
While the service is now fully available to eligible retail clients, it excludes residents of New York and Louisiana, as well as certain client categories. Additionally, the initial coin offerings are limited to Bitcoin and Ethereum, with plans to add Solana, Avalanche, and Chainlink by the end of 2026. Chief executive Rick Wurster has highlighted crypto trading as a new revenue stream for the firm.
Schwab is not the first brokerage to offer direct crypto trading, as competitors like Fidelity and E*TRADE have already implemented similar services. The firm's move comes amid growing regulatory clarity and a market shift favoring direct trading. The next key milestones to watch are the planned additions of new cryptocurrencies and the eventual inclusion of excluded geographic areas.