Charles Schwab has begun rolling out direct cryptocurrency trading to retail investors in the United States, marking a shift from indirect exposure toward spot market access. The brokerage confirmed on May 13 that a first group of eligible users can now trade Bitcoin and Ethereum through newly introduced Schwab Crypto accounts.
In a post on X, the firm stated:
“Schwab Crypto accounts are now being rolled out to retail clients. Starting today, the first group of clients can trade Bitcoin and Ethereum at Schwab, right alongside their other investments.”
The rollout follows earlier statements from CEO Rick Wurster, who told Barron’s that the firm planned a phased launch in the second quarter of 2026. A company representative also confirmed that the initial access comes after an internal pilot program.
“Following a successful employee pilot, we began rolling out access to Schwab Crypto accounts earlier this week to a cohort of eligible retail clients who signed up on our interest list,” the representative said. “We will continue rolling out access to eligible clients over the coming months.”
Spot trading replaces indirect crypto exposure
Until this launch, Schwab clients could only gain crypto exposure through exchange-traded products, equities, and funds tied to the sector. The new accounts allow direct spot trading of BTC and ETH, which places crypto assets alongside traditional securities within the same brokerage ecosystem.
Schwab Crypto accounts operate as separate accounts linked to existing brokerage profiles. Users must already hold an eligible brokerage account to access the service. Individual and joint accounts qualify under the current structure.
The service is available to most U.S. residents. New York and Louisiana remain excluded due to licensing requirements. International users cannot access the product at this stage.
Schwab Premier Bank acts as the custodian for client assets. Paxos, an OCC-regulated trust company, manages trade execution and sub-custody. Each transaction carries a 75 basis-point fee, equal to 0.75% of the trade value.
A phased rollout tied to regulatory clarity
The firm had previously indicated that it would wait for clearer regulatory conditions before entering spot crypto trading. The timing of the launch comes after a period of more favorable policy signals in the United States following President Donald Trump’s return to office.
Schwab manages around $12 trillion in client assets and serves tens of millions of accounts. The company has gradually expanded its digital asset footprint, which includes a crypto-focused section on its website introduced earlier this year.
During an earlier earnings call, Wurster also pointed to future ambitions in other digital asset segments. He said the firm has interest in stablecoins and could explore additional offerings over time. “That's something we do want to be able to offer,” he said in reference to stablecoin exposure.
Competition intensifies across brokerage platforms
The launch places Schwab in direct competition with platforms such as Coinbase, Robinhood, and Fidelity, all of which already offer crypto trading services. Schwab enters the space with a large existing client base that has already shown interest in digital assets through ETFs and related products.
The firm has stated that its clients hold a significant share of crypto exchange-traded products. That existing demand could translate into direct trading activity as access expands.
Pricing also positions Schwab within a competitive range. Its 0.75% fee sits below some rivals while remaining above others, which creates pressure across brokerage platforms that continue to expand crypto offerings.
Market reaction remains muted
Despite the launch, market prices for major cryptocurrencies showed limited movement. TradingView data shows Bitcoin traded near $79,800, while Ethereum hovered around $2,263. Both assets recorded slight declines of more than 1%.
Schwab’s own stock showed modest movement. According to Google Finance, Shares of Charles Schwab Corporation (SCHW) rose about 1% and traded near $91.18 on Wednesday.
The firm reported strong financial results in its first-quarter earnings. Net income reached $2.5 billion, while adjusted profit rose to $2.6 billion. Adjusted earnings per share increased 38% year over year to $1.43.
Expansion plans extend beyond crypto trading
Schwab has also explored other areas tied to financial innovation. In April, Wurster said the firm may introduce prediction markets in the future. He clarified that such products would likely focus on financial outcomes rather than topics like sports or entertainment.
“At some point, we will likely have prediction markets,” he said during the company’s earnings call.
The crypto rollout represents a foundational step in a broader digital asset strategy. The firm has indicated that additional tokens, as well as features such as deposits and withdrawals of existing crypto holdings, may follow.
For now, the focus remains on expanding access to Bitcoin and Ethereum across its retail client base. The phased rollout suggests that broader availability will take shape over the coming months.
Jordan V.
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