Charles Schwab Launches Spot Bitcoin and Ether Trading for US Retail Clients

Gate News message, April 17 — Charles Schwab is rolling out spot Bitcoin and Ether trading for retail clients in the coming weeks through a dedicated crypto account linked to its brokerage platform. The firm, which manages US$12.22 trillion in total client assets, will handle custody through its banking subsidiary Charles Schwab Premier Bank, with trade execution managed by Paxos.

The service will roll out in phases, initially limited to eligible US retail clients, excluding residents of New York and Louisiana. Customers can view and trade cryptocurrencies alongside stocks on Schwab.com, Schwab Mobile, and Thinkorswim. Schwab will charge 75 basis points (0.75%) per transaction, higher than Kraken’s 0.25% to 0.40% range but in line with major platforms charging 0.40% to 0.60% for lower-volume traders. The company plans to add more cryptocurrencies and enable deposits and withdrawals over time.

According to Schwab’s internal estimates, its clients already hold approximately 20% of US spot crypto exchange-traded products. The move reflects broader Wall Street adoption: Morgan Stanley launched a spot Bitcoin ETF on April 8 that generated US$30.6 million on its first day and reached US$87.6 million in net assets within a week. Goldman Sachs has also filed with the SEC for a Bitcoin-linked income fund.