Charles Schwab, a leading US brokerage firm, is set to launch spot cryptocurrency trading for its retail clients within weeks. The new service will initially feature Bitcoin and Ether, accessible through a dedicated account integrated with Schwab’s existing brokerage platform. Clients will be able to trade and view digital assets alongside traditional investments like stocks via Schwab's web, mobile, and Thinkorswim platforms. Custody will be managed by Schwab's banking unit, with Paxos, a regulated trust company, handling execution.
The offering will support trading for Bitcoin (BTC) and Ether (ETH) with a transaction fee of 75 basis points (0.75%). While this fee is higher than some crypto-native exchanges, it aligns with offerings from competitors. Schwab plans to introduce additional cryptocurrencies and enable deposits and withdrawals in the future. The rollout will be phased, initially available to eligible US retail clients, excluding residents of New York and Louisiana. This expansion builds upon Schwab's existing digital asset services, which include exchange-traded products, futures, and funds.
This development follows a broader trend of traditional financial institutions increasing their involvement in the cryptocurrency space. Firms like Morgan Stanley and Goldman Sachs have recently launched or filed for Bitcoin-related investment products, signaling a growing acceptance and integration of digital assets within mainstream finance.