Charles Schwab Launches Direct Bitcoin and Ethereum Trading for Retail Clients
Charles Schwab announced on Thursday the launch of Schwab Crypto, a platform enabling direct spot trading of Bitcoin and Ethereum. The service will be available to clients in the coming weeks, with a 0.75% fee per trade and custody managed through a partnership with Paxos.
cnbc.comCharles Schwab announced on Thursday the launch of Schwab Crypto, a new platform offering direct spot trading of Bitcoin and Ethereum to retail clients. The crypto trading capability is expected to be available to clients in the coming weeks. 75% fee on every crypto trade.
Custody of crypto funds will be handled through a partnership with Paxos, with these funds held in a separate Schwab account distinct from the brokerage account. Charles Schwab manages approximately $12 trillion in assets under management and holds more than $11 trillion in client assets.
CEO Rick Wurster stated last July that many clients have 98% of their wealth at Schwab and only 1% to 2% at digital native firms for crypto, and the company aims to bring that crypto business back to Schwab.
This move follows recent industry developments including Fidelity Investments' launch of a commission-free crypto trading app in 2023, Morgan Stanley's recent introduction of a spot bitcoin ETF called the Morgan Stanley Bitcoin Trust, and Goldman Sachs' filing to launch a bitcoin income ETF.
75% trading fee contrasts with Robinhood's commission-free trading and Coinbase's fees, which can be as high as 4% for retail customers. Schwab shares declined 5% on Thursday following the announcement.
Story Timeline
6 events- Apr 16, 2:02 PM ET
2 new sources added: Cnbc, @WatcherGuru
2 sourcesCnbc · @WatcherGuru - 2026-04-16
Charles Schwab announced the launch of Schwab Crypto, a spot Bitcoin and Ethereum trading platform for retail clients.
4 sourcesCharles Schwab · @WatcherGuru · @CoinDesk · unattributed - 2026-04-16
Schwab shares fell 5% following the announcement.
1 sourceunattributed - 2023
Fidelity Investments launched a commission-free crypto trading app.
1 sourceunattributed - Recent days
Morgan Stanley launched a spot bitcoin ETF called the Morgan Stanley Bitcoin Trust.
1 sourceunattributed - Recent days
Goldman Sachs filed to launch a bitcoin income ETF.
1 sourceunattributed
Potential Impact
- 01
The 0.75% trading fee positions Schwab between commission-free platforms and higher-fee exchanges, potentially affecting competitive dynamics.
- 02
Schwab's entry into direct crypto trading may attract clients currently using digital-native firms for crypto assets.
- 03
Schwab's partnership with Paxos and separate custody accounts may influence client trust and regulatory compliance in crypto asset management.
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