Charles Schwab Adds Spot Bitcoin And Ether Access For Retail Traders In Phases

TLDR

• Schwab will launch spot Bitcoin and Ether trading for retail clients in the coming weeks.
• The new service, Schwab Crypto, will run on Schwab.com, Schwab Mobile, and thinkorswim.
• Schwab set crypto trading fees at 75 basis points on each trade value.
• Charles Schwab Premier Bank will hold assets, while Paxos will handle execution services.
• Schwab reported Q1 revenue of $6.5 billion and added 1.3 million brokerage accounts.

Charles Schwab is preparing to bring direct crypto trading to retail clients. Spot Bitcoin and Ether trading will begin in phases in the coming weeks.

The launch adds direct crypto access to Schwab’s investing platforms. It also comes after a strong first quarter for revenue, assets, and trading activity.

Schwab Crypto to open with Bitcoin and Ether

Charles Schwab said the new service will be called Schwab Crypto. At launch, it will support spot trading in Bitcoin and Ether. Clients will access it on Schwab.com, Schwab Mobile, and thinkorswim.

The company said it built the product around clear pricing, secure custody, and a trusted brand. Schwab said those features match what many crypto investors want. The phased rollout also starts with the two largest crypto assets by market value.

Jonathan Craig, head of retail investing, said, “Clients want to keep more of their financial activity within Schwab’s ecosystem.” Joe Vietri, head of digital assets, said Schwab wants to help retail investors add crypto with more confidence. Both comments tied the launch to client demand.

How the service and account structure will work

Clients will open a separate crypto account through Schwab Crypto. That account will link directly to a Schwab brokerage account. This setup lets investors view crypto beside stocks and other holdings.

Charles Schwab Premier Bank will act as custodian for client digital assets. Paxos will provide sub-custody and trade execution services. Schwab said this structure supports secure storage and trade processing.

The firm set pricing at 75 basis points on each trade value. It will also provide research, educational material, and 24 by 7 client support. Schwab said investors asked for simple pricing and secure access.

Rollout follows strong quarter and broader crypto push

Schwab already offers crypto-related exchange traded products, funds, futures, and options tied to spot crypto products. The company said its clients already hold about 20% of spot crypto exchange traded products. Direct spot trading now extends that existing crypto business.

Schwab said it plans to add more crypto assets over time. It also plans deposit and withdrawal transfers in a later phase. That step would let clients move outside crypto holdings onto the platform.

The rollout follows a strong first quarter for the brokerage. Revenue rose 16% from a year earlier to a record $6.5 billion. Net income reached $2.5 billion, while daily average trading volume rose 34% to 9.9 million.

The firm also added 1.3 million new brokerage accounts during the quarter. Core net new assets totaled $140 billion. Those figures came as Schwab expanded its direct crypto offer for retail clients.

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