Charles Schwab, one of the largest brokerage firms in the United States, will roll out cryptocurrency spot trading for individual customers in the coming weeks, starting with Bitcoin and Ether through a dedicated account linked to its brokerage platform.
According to the announcement on Thursday, this service will allow customers to trade and view cryptocurrencies alongside stocks and other assets on Schwab's web, mobile, and Thinkorswim platforms, with custody being handled by their banking unit and trade execution processed through a partnership with Paxos, a federally regulated trust company.
Schwab reported that total client assets reached $12.22 trillion as of February 2026, according to the latest filings, and operates as a brokerage providing trading, banking, and asset management services.
Upon launch, the service will support trading of the two largest cryptocurrencies: Bitcoin (BTC) and Ether (ETH), with a fee of 75 basis points per transaction, along with plans to add many other cryptocurrencies and allow deposits and withdrawals over time.
With a fee of 75 basis points, equivalent to 0.75%, Schwab's fees are higher than exchanges like Kraken, where fees start from about 0.25% to 0.40% and decrease with volume, while generally comparable to Coinbase, where fees start from about 0.40% to 0.60% for low-volume traders, according to information on the websites of these exchanges.
Clients will access the service through a separate cryptocurrency account, with assets held by Schwab's banking subsidiary under a custodial model. The rollout will begin in phases over the coming weeks, initially limited to qualified individual clients in the U.S., excluding residents of New York and Louisiana.
Schwab stated that this move expands its existing cryptocurrency services, including exchange-traded products, futures contracts, and funds linked to digital assets. The company noted that its clients currently hold about 20% of exchange-traded spot cryptocurrency products, based on internal estimates.
Traditional financial companies are expanding cryptocurrency services.
Traditional financial companies are expanding their cryptocurrency services through trading, exchange-traded funds (ETFs), and structured products.
On April 8, Morgan Stanley launched a spot Bitcoin ETF (MSBT) and recorded inflows of $30.6 million on its first trading day on the NYSE Arca, marking their entry into the market for managed cryptocurrency investment products. The fund's website shows total net assets of $87.6 million as of April 15.
Also in April, Goldman Sachs filed with the U.S. Securities and Exchange Commission to launch a Bitcoin-linked ETF designed to generate income through options strategies, providing indirect exposure to Bitcoin while still aiming to limit volatility.
As traditional financial companies expand into cryptocurrency, pure cryptocurrency firms are also moving in the opposite direction, entering traditional markets through tokenized stocks.
In December, Coinbase introduced stock and ETF trading, while in February, Kraken launched managed perpetual futures contracts for crypto stocks, providing leveraged exposure to U.S. stocks, indices, and commodities.
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