Overview
- Charles Schwab, which announced the service Thursday, will roll out Schwab Crypto to retail clients in phases over the coming weeks across Schwab.com, the Schwab Mobile app, and the thinkorswim suite.
- At launch, clients can buy and sell spot bitcoin and ethereum with a transaction fee of 75 basis points on the dollar value of each trade.
- Client digital assets will be custodied at Charles Schwab Premier Bank in a separate crypto account linked to brokerage accounts, with Paxos handling sub‑custody and trade execution under a regulated trust structure.
- Schwab says clients will get 24/7 support plus education and research, and it plans to add more cryptocurrencies and enable deposit and withdrawal transfers over time.
- The offering puts Schwab into direct competition with Robinhood, Coinbase, and Webull, and it extends crypto access to a reported 38.9 million clients who already keep much of their investing inside the firm’s ecosystem.