Overview
- Schwab, which disclosed the launch Tuesday, began a phased rollout to an initial group of eligible U.S. clients who can trade spot Bitcoin and Ether inside Schwab.com, the Schwab Mobile app, and thinkorswim.
- Trades carry a 0.75% fee, and crypto sits in a separate Schwab Crypto account that links to each client’s existing brokerage profile.
- Charles Schwab Premier Bank holds client digital assets in custody while Paxos executes orders and provides sub‑custody under its regulated trust structure.
- Access is limited at launch to qualifying U.S. residents, with New York, Louisiana, U.S. territories, and all international accounts excluded, and clients must have an eligible Schwab brokerage account.
- The move intensifies fee competition as Morgan Stanley’s E*TRADE pilot charges 0.50% and Fidelity lists 1.0%, setting up pressure on retail crypto pricing across major brokerages.