Retail clients will pay 75 basis points on the dollar value of each trade to access bitcoin and ethereum through the new Schwab Crypto service. The platform integrates spot cryptocurrency trading into the same ecosystem where clients manage stocks, bonds, and other traditional investments across Schwab.com, the Schwab Mobile app, and thinkorswim.
Charles Schwab announced the phased rollout of the service in the coming weeks. The offering is managed through a separate crypto account linked to existing brokerage accounts, with Charles Schwab Premier Bank, SSB serving as the custodian for digital assets. Paxos, an OCC-regulated blockchain infrastructure provider, handles sub-custody and trade execution.
Schwab clients already hold approximately 20% of spot crypto exchange-traded products. The firm plans to expand the platform by adding more cryptocurrencies and introducing transfer capabilities for deposits and withdrawals, allowing clients to move existing digital asset holdings to the firm.
