Charles Schwab has opened direct trading of Bitcoin (BTC) and Ethereum (ETH) to its approximately 40 million brokerage account holders, expanding its crypto offerings on August 13. The move gives one of the largest US financial institutions’ clients access to leading cryptocurrencies through the same platforms they use for stocks and bonds.
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AAPLSchwab’s crypto platform details
The Schwab Crypto platform allows eligible clients to buy and sell Bitcoin and Ethereum using their existing brokerage interface. The service is currently available in 48 US states, with New York and Louisiana excluded for now. Schwab charges a 0.75% fee on crypto trades, which aligns with rates found across the industry.
Charles Schwab Premier Bank handles custody of client assets for the new crypto service, providing oversight and recordkeeping. Paxos, a blockchain infrastructure company regulated by the Office of the Comptroller of the Currency (OCC), is responsible for sub-custody and trade execution.
Mini dictionary: Paxos is a blockchain infrastructure company that provides crypto brokerage, custody, and settlement services, operating under regulatory oversight from the US Office of the Comptroller of the Currency (OCC).
Jonathan Craig, Head of Retail Investing at Schwab, highlighted new service and research features available to clients trading digital assets alongside traditional investments. He stated that broader financial management and educational resources are intended to make the platform appealing for cryptocurrency investors.
Clients now have access to Bitcoin and Ethereum trading on the same interface as stocks and bonds, with added support, research, and education.
Expansion and future plans
Schwab, with over $12 trillion in client assets, initially entered the crypto sector using indirect exposure instruments such as spot Bitcoin and Ether exchange-traded products (ETPs), futures, and related funds. As of May, 39.1 million Schwab retail clients were offered access to crypto trading. The figure has now reached 40 million accounts with the broader rollout.
Joe Vietri, Head of Digital Assets, said Schwab aims to become the primary destination for individual investors looking to include digital assets in their portfolios. The company plans to expand its product range beyond BTC and ETH and eventually enable token transfers from outside wallets and exchanges.
| Feature | May 2026 | August 2026 |
|---|---|---|
| Accounts eligible for crypto trading | 39.1 million | 40 million |
| Tokens supported | BTC, ETH | BTC, ETH |
| Supported states | 48 (excludes NY, LA) | 48 (excludes NY, LA) |
| Trade fee | 0.75% | 0.75% |
Currently, Schwab clients account for about 20% of all spot crypto ETP holdings, highlighting the firm’s position in the retail crypto market.
Risk messaging and industry context
Despite launching direct crypto trading, Schwab continues to caution investors about the risks of digital assets. A company research report from April found that even a modest 1% to 3% allocation to Bitcoin or Ether can significantly increase a portfolio’s total risk. The firm noted that volatility remains a concern, as both tokens have previously dropped over 70% in some market cycles, and described cryptocurrencies as speculative, high-risk holdings.
Any cryptocurrency allocation is likely to raise portfolio volatility, and there is no single correct level of exposure for every investor.
Schwab’s move matches a broader trend on Wall Street, with institutions such as Morgan Stanley introducing crypto trading on its E-Trade platform and Goldman Sachs seeking regulatory approval to launch a Bitcoin Premium Income ETF. These developments are happening as US lawmakers consider the Digital Asset Market Clarity Act, which would divide oversight of crypto between the SEC and CFTC and establish ground rules for tokens, stablecoins, and decentralized finance (DeFi).
