Charles Schwab to Charge 0.75% Fee for Direct Bitcoin and Ethereum Trading, Entering Battle with Robinhood

Charles Schwab clients will soon be able to trade bitcoin and ether directly through Schwab Crypto, a new division the company announced Thursday. The service will charge a 0.75% fee on every trade, a stark contrast to Robinhood's commission-free model. The company will partner with Paxos to custody crypto assets in a separate account, isolating them from brokerage funds. This move signals Schwab's intent to compete with platforms like Robinhood, which attracts a younger demographic. The brokerage has emphasized client demand for crypto access, positioning the new offering as a way to integrate crypto trading with traditional investments.