Charles Schwab’s long-anticipated spot crypto trading service began its first wave of retail access this week, with eligible U.S. clients now able to trade Bitcoin and Ether directly through the same brokerage platform they use for stocks and bonds. The rollout, branded as Schwab Crypto, started with a Schwab employee pilot before opening to an early-access waitlist group, with a broader phased launch expected through the remainder of Q2 2026.
Schwab Crypto is offered through Charles Schwab Premier Bank, SSB, with Paxos — an OCC-regulated blockchain infrastructure provider — handling sub-custody and trade execution. Clients hold assets in a dedicated crypto account linked directly to their existing brokerage account.
- Schwab Crypto is now in phased rollout to eligible U.S. retail clients, starting with an early-access waitlist group drawn from Schwab’s 39.1 million active brokerage accounts.
- The service charges 75 basis points (0.75%) per trade, undercutting Fidelity Crypto’s 1% fee and positioning it below most retail tiers on Coinbase.
- Bitcoin and Ethereum are the only supported assets at launch; New York and Louisiana residents are excluded in the initial phase.
- Sub-custody is handled by Paxos, an OCC-regulated blockchain infrastructure firm, not a crypto-native custodian.
Published: April 23, 2026
Why this launch is different from what came before
Schwab is not the first major brokerage to offer crypto exposure. Fidelity launched Fidelity Crypto in 2023, and Robinhood has offered crypto trading since 2018. What sets Schwab apart is scale and context.
With 39.1 million active brokerage accounts and $9.9 trillion in client assets under management as of early 2026, Schwab is the largest U.S. retail brokerage by assets. Its clients skew toward older, wealthier investors who have historically held back from crypto platforms they perceive as opaque or risky. A native integration inside thinkorswim — Schwab’s flagship trading platform — addresses that hesitation by eliminating the need to move funds off-platform.
The unified dashboard approach matters. Clients can now monitor Bitcoin and Ethereum positions alongside their S&P 500 ETFs, bond ladders, and retirement accounts in a single view. That’s a different psychological frame from opening a separate crypto wallet or exchange account.
How the fees and features compare
Schwab’s 0.75% per-trade fee sits in a competitive range. Fidelity Crypto charges 1% on buy and sell transactions. Robinhood charges between 0.03% and 0.95% depending on the transaction. Coinbase’s retail fees can reach 4% for small transactions on its standard interface, though its Coinbase Advanced tier brings costs down significantly.
Schwab Crypto does not currently support external crypto deposits, withdrawals to self-custody wallets, staking, recurring purchases, or limit orders. Those features are on the roadmap but have no confirmed release dates. For investors who want to move assets off-platform or earn yield on holdings, Schwab Crypto is not yet a full substitute for dedicated crypto exchanges.
What the rollout means for the wider market
Spot Bitcoin ETFs, launched in January 2024, brought institutional capital into crypto through familiar investment vehicles. Schwab’s direct trading service takes the next step: instead of buying a fund that tracks Bitcoin’s price, Schwab clients now own Bitcoin directly, held in a regulated custodial structure.
The distinction has regulatory and behavioral implications. Direct ownership means clients see real-time spot prices, not NAV calculations with intraday premiums or discounts. It also means they’re exposed to the full volatility of the underlying asset without the buffer of ETF structure. For advisors using Schwab’s platform, that creates new conversations around risk tolerance and portfolio sizing for digital assets.
Competitors are watching. Merrill Lynch, Morgan Stanley, and other full-service brokerages have remained cautious about offering direct crypto trading at scale. Schwab’s entry, if adoption is strong among its client base, adds pressure for the holdouts to act or explain why they won’t.
FAQ
Who can use Schwab Crypto right now?
Eligible U.S. retail Schwab clients who signed up for the waitlist at Schwab.com/crypto can access the service through an early-access phased rollout. New York and Louisiana residents are excluded in the initial phase. The service is expected to reach the broader client base through Q2 2026.
Who holds the crypto on behalf of Schwab clients?
Paxos, an OCC-regulated blockchain infrastructure company, provides sub-custody and trade execution for Schwab Crypto. Charles Schwab Premier Bank is the legal custodian of record. Clients do not hold assets in a self-custody wallet and cannot withdraw to external wallets at this stage.
Can Schwab clients earn yield on their Bitcoin or Ethereum?
No. Staking and yield-bearing features are not included at launch. Schwab Crypto is currently a spot trading service only. Schwab has indicated it plans to expand features over time but has not announced a timeline for adding staking or yield products.
