Schwab Rolls Out Spot Bitcoin and Ether Trading to Retail Clients

Charles Schwab has started rolling out spot Bitcoin and Ether trading to its retail clients. The move comes after the company's earnings call last month, where it said its crypto trading business was progressing as planned.

The trading fee is 0.75% per transaction, with Paxos handling order execution and secondary custody. This service currently only supports two cryptocurrencies: Bitcoin and Ether. Clients cannot deposit or withdraw funds from external wallets.

Schwab oversees $13.1 trillion in client assets, with around 39.8 million brokerage accounts. Its clients have already invested $25 billion in crypto-related financial products through exchange-traded products (ETPs).