Financial brokerage and banking firm Charles Schwab has officially begun rolling out its cryptocurrency trading platform to retail clients in the United States, joining the list of traditional financial institutions expanding their digital asset offerings.
Schwab has launched spot trading for BTC and ETH
On Tuesday, brokerage giant Charles Schwab valued it at $11.7 trillion open It has officially launched its instant digital asset trading platform, Schwab Crypto, to a select group of retail clients.
According to X’s announcement, the first group of clients can trade Bitcoin (BTC) and Ethereum (ETH) directly on its platform alongside their other digital asset-related investment products.
The cryptocurrency trading platform is available in all US states, except New York and Louisiana, and will charge a fee of 75 basis points on the dollar value of each trade, among the lowest in the industry.
Last month, the company revealed that the platform would be offered in phases, starting with an internal beta for employees, moving to a waiting list of customers, and then opening it to eligible customers throughout the remainder of 2026.
like I mentioned The company explained from Bitcoinist that Schwab clients will maintain separate accounts within the new platform, which will be linked directly to their brokerage accounts.
Notably, Charles Schwab Premier Bank (CSPB) will act as custodian of clients’ assets, handling custody and recordkeeping. Meanwhile, blockchain infrastructure provider Paxos will handle trade execution and sub-custodial, using a federally supervised trust model and enterprise-grade technology.
The brokerage giant also revealed plans to add additional digital assets to platform and introducing transfer capabilities for both deposits and withdrawals, allowing clients with existing digital asset investments to bring them into Schwab alongside their other accounts.
Jonathan Craig, head of retail investing at Charles Schwab, previously noted that with Schwab Crypto, the company seeks to allow clients who want direct access to the asset class to benefit from the service, educational resources and research tools they have come to expect from the company.
Traditional institutions are expanding their cryptocurrency offerings
The move represents a significant expansion from Schwab’s previous digital asset offerings, which included indirect exposure to investments through cryptocurrency exchange-traded products (ETPs), futures contracts, cryptocurrency exchange-traded options, cryptocurrency-related ETFs, and mutual funds that invest in the broader digital asset ecosystem. The company noted that Schwab clients own approximately 20% of spot cryptocurrency products traded on its exchange.
Furthermore, the launch comes as major banks and brokerages are racing to add digital asset products and integrate cryptocurrencies into mainstream investing, with several companies expanding their retail digital asset offerings in recent years.
Last week, Wall Street giant Morgan Stanley did as well Fired It is piloting cryptocurrency trading on its E*Trade platform for a limited number of users, and seeks to challenge major players, including Schwab, with competitive pricing.
The banking giant charges E*Trade users a fee of 50 basis points on the transaction value, putting its prices below Robinhood’s 95 basis points, Coinbase’s 60 basis points, and Schwab’s 75 basis points.
While the pilot program is currently only available to a limited group, Morgan Stanley expects to expand access To all 8.6 million E*Trade customers later this year. Bank executives are reportedly preparing a proposal to convert digital assets directly into shares in exchange-traded products without selling assets, and plan to add the ability to trade token shares in the second half of 2026.
Ged Finn, head of wealth management at Morgan Stanley, emphasized that the launch is “much bigger than trading cryptocurrencies at a cheaper price,” explaining that their strategy is to “disintermediate brokers.”
The total crypto market capitalization is at $2.63 trillion in the one-week chart. Source: TOTAL on TradingView
Featured image from Unsplash.com, chart from TradingView.com
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