Key Takeaways
- “Schwab Crypto” is available to the first batch of eligible retail clients
- Charles Schwab reported $11.77 trillion in client assets at the end of March
Charles Schwab, a brokerage and banking firm, has officially inaugurated its cryptocurrency trading platform, “Schwab Crypto,” to a handpicked group of retail clients.
In a post on the social media app X on May 12, the firm said the first group of eligible retail investors can now trade bitcoin and ether directly on the platform together with other crypto-related investment products.
Platform to Launch in Phases
The release follows Charles Schwab’s announcement in April last month that it would introduce the cryptocurrency trading platform in a staggered manner. The inaugural marks a significant expansion from the firm’s previous crypto-related services, which were limited to indirect exposure through exchange-traded funds (ETFs) and derivatives.
According to a statement, Schwab clients will be maintaining separate crypto accounts through the platform Schwab Crypto. The custodian of the platform is Charles Schwab Premier Bank, while Paxos, a blockchain infrastructure provider, handles trade execution and sub-custody.
Schwab Crypto Not Available in all U.S. States
Schwab Crypto is set to charge customers a 75-basis-point fee per trade transaction. The crypto trading service is going to be rolled out in all U.S. states except for New York and Louisiana, according to the platform’s FAQ page. The company also emphasized that not all existing Schwab clients may qualify for the crypto trading platform.
According to its quarterly report, Charles Schwab reported $11.77 trillion in client assets with 39.1 million active brokerage accounts at the end of March 2026.
In the first quarter of 2026, the company posted an adjusted net income of $2.6 billion and earnings per share of $1.43. This increased by 38% year-on-year. The company’s first-quarter revenue grew 16% year-on-year to $6.48 billion.
