Key Highlights
- Charles Schwab launched Schwab Crypto accounts on Tuesday for eligible U.S. retail investors.
- Approved clients can now execute spot Bitcoin and Ethereum trades directly through the Charles Schwab platform.
- The service remains available to most U.S. residents, with exceptions for New York, Louisiana, and U.S. territories.
- International clients currently lack access to Schwab Crypto accounts.
- Users need an existing eligible Charles Schwab brokerage account before opening a Schwab Crypto account.
- The platform currently accommodates individual and joint brokerage account types for cryptocurrency trading.
Charles Schwab introduced spot cryptocurrency trading capabilities on Tuesday for approved retail investors across the United States. This new offering allows qualified users to purchase Bitcoin and Ethereum directly within the brokerage environment. The company restricted availability in New York, Louisiana, and U.S. territories while prohibiting international client participation.
Schwab Crypto Platform Enables Direct Bitcoin Purchases
The company announced that investors need to establish a “Schwab Crypto” account for Bitcoin transactions. Eligibility requires maintaining an active Schwab brokerage account beforehand.
The brokerage restricted eligible account categories to individual and joint brokerage structures. Geographic verification procedures determine client approval status.
Schwab Premier Bank functions as the primary custodian for cryptocurrency holdings. Simultaneously, Paxos handles order execution and delivers sub-custody infrastructure.
Frequently asked questions reveal a 75-basis-point transaction charge, representing 0.75% per executed trade. The firm characterizes this cost as a “75-basis-point trading fee.”
Last month, Schwab unveiled a specialized cryptocurrency section on its digital presence. This dedicated area features “Schwab Crypto” branding and details various product capabilities.
The brokerage confirmed that the initial approved cohort gained immediate trading privileges. The company positioned this launch as a gradual deployment to authorized accounts.
Charles Schwab indicated the initial rollout targets the majority of U.S. residents. Nevertheless, the platform remains unavailable in specifically excluded regions.
Ethereum Trading Becomes Available on Schwab Crypto Platform
The firm simultaneously activated spot Ethereum trading using the identical crypto account framework. Investors can execute ETH transactions alongside conventional securities and monitor all holdings through a unified interface.
Participation continues to depend on brokerage qualification standards and geographic requirements. The company confirmed that international clients remain ineligible for account creation at present.
Clients must review and acknowledge revised terms and conditions before initiating trades. The platform displays order execution details and risk statements within the account dashboard.
The brokerage reported $2.5 billion in net income during the first quarter of 2026. Following adjustments for transaction-related costs, modified profit climbed to $2.6 billion.
Adjusted earnings per share grew 38% compared to the previous year, reaching $1.43. Quarterly revenue expanded 16% to $6.48 billion.
Total client assets hit $11.77 trillion as of March 31, representing a 19% increase year-over-year. Core net new assets accumulated to $140 billion throughout the three-month period.
The firm established 1.3 million new brokerage accounts during the quarter. Overall client accounts totaled 47.2 million at period close.
Charles Schwab traces its origins to 1971 and oversees approximately $12 trillion in client assets. Following the platform launch, Bitcoin prices hovered near $80,000 while Ethereum traded around $2,300.
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