Schwab's crypto entry undercuts Fidelity and Coinbase fees
Retail investors pay 75 basis points per transaction for spot Bitcoin and Ethereum trading at Schwab. This fee undercuts Fidelity Investments' 1% charge and Coinbase's retail fee ceiling of 4%. The service is available to retail investors and registered investment advisors through the Schwab Crypto platform, which integrates digital assets into a unified account view alongside equities, ETFs, and fixed-income products. Charles Schwab Premier Bank, SSB acts as custodian, while Paxos provides the regulated sub-custody and trade execution infrastructure. The rollout follows the SEC's rescission of Staff Accounting Bulletin 121 in January 2025 and the OCC's March 2025 reaffirmation that crypto custody is permissible for national banks. Access is currently limited to Bitcoin and Ethereum in most U.S. states, excluding New York and Louisiana. The platform does not currently support the deposit or withdrawal of digital assets from external wallets. Shares of Coinbase and Robinhood each fell approximately 3% following the announcement.
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