Charles Schwab Introduces Bitcoin and Ethereum Trading for Retail Clients

Charles Schwab launched spot Bitcoin and Ethereum trading for a select group of retail clients on May 13, 2026, extending the brokerage's approximately $9 trillion in client assets into direct cryptocurrency. The service operates on schwab.com and thinkorswim platforms, using Paxos Trust for trade execution and sub-custody with Schwab Premier Bank serving as primary custodian. The rollout targets a phased expansion across the firm's approximately 50 million customers.

Schwab is pricing the service at 75 basis points (0.75%) per trade, positioning itself against Coinbase's retail fees of up to 4% and Robinhood's 0.03–0.95% range. The launch follows OCC guidance from early 2025 clarifying that nationally chartered banks may offer crypto custody without special permits, catalyzing traditional brokerages' entry into digital assets. The move comes as the Trump administration's crypto-friendly regulatory stance has materially reduced barriers to institutional crypto custody.

SCHW Charles Schwab's entry is widely viewed as a competitive threat to Coinbase and Robinhood, which have built significant crypto trading franchises. Schwab CEO Rick Wurster has publicly stated the firm expects substantial demand from its existing client base once the service is fully available. The key question for the market is whether traditional brokerage fee structures and custody arrangements can compete with dedicated crypto-native platforms that offer broader asset selection and faster on/off ramps to blockchain ecosystems.

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