Charles Schwab is making its debut in direct cryptocurrency trading, starting a phased rollout of spot Bitcoin (BTC) and Ethereum (ETH) transactions for retail brokerage clients. The offering, named Schwab Crypto and operated through Charles Schwab Premier Bank, SSB, is scheduled to launch in stages beginning in the second quarter of 2026.
Schwab integrates digital assets with existing services
Unlike standalone digital asset exchanges, Schwab is embedding spot crypto trading directly within its established brokerage, banking, and research platform. This integration allows clients to manage cryptocurrencies alongside traditional assets such as equities, ETFs, and fixed-income products, all through a unified interface.
Schwab is pricing trades at 75 basis points per transaction. Paxos, which holds a federal banking charter from the Office of the Comptroller of the Currency, will serve as the regulated provider for custody, execution, and settlement. This partnership aims to offer additional assurance and streamlined access for Schwab’s clients.
At launch, only selected employees and clients who registered for early access will be able to trade. Broader access for the wider client base will follow in later phases, reflecting Schwab’s incremental rollout strategy.
The service will be available across the United States, except in New York and Louisiana due to their stricter crypto regulatory frameworks. Notably, users cannot transfer Bitcoin or Ethereum from external wallets into Schwab Crypto, and crypto holdings are not covered by SIPC or FDIC insurance.
Impact on the US retail crypto market
Schwab’s entrance signals a significant shift for the retail crypto investing landscape. With approximately $12 trillion in client assets under management, Schwab stands out among financial services firms for its client reach and infrastructure, bringing direct competition to platforms like Robinhood and Coinbase.
Previously, Schwab provided digital asset exposure through instruments such as crypto-linked equities, futures, and spot exchange-traded products. The move to direct spot trading represents a broader institutional adoption of cryptocurrencies, building on recent momentum in regulated products. US spot crypto exchange-traded funds recorded nearly $670 million in net inflows on their first day of trading in 2026.
Recent regulatory changes have contributed to Schwab’s launch timeline. In January 2025, the Securities and Exchange Commission rescinded Staff Accounting Bulletin 121, which had required custodians to report client crypto holdings as balance-sheet liabilities. Shortly afterwards, the Office of the Comptroller of the Currency confirmed that national banks can participate in crypto custody and stablecoin activities.
“Big win for crypto! Banks can now custody Bitcoin. This is a game-changer for adoption and the future of finance,” Scottie Pippen commented on the SEC’s policy update.
Charles Schwab, founded in 1971 and based in Westlake, Texas, is recognized as one of the largest investment brokerages globally, offering financial services such as wealth management, banking, and trading. With this move, the company strengthens its foothold in the evolving digital asset market, aiming to leverage both its vast client base and established reputation for trust and compliance.
In the second half of 2026, market participants will be closely observing whether Schwab’s approach—including its pricing and limited crypto selection—will pull trading volume away from lower-cost, crypto-native competitors that offer exposure to a broader range of tokens.
