Charles Schwab has completed a retail rollout of direct bitcoin and ether trading to eligible investors, bringing cryptocurrency access to its $13.33 trillion brokerage operation. During an Oct. 15 webcast, CEO Rick Wurster confirmed the expansion and announced plans to introduce cryptocurrency transfers and three additional digital assets before the end of 2026.
Expanded Access Following Early-Access Period
The rollout follows an early-access program that began in May. Schwab first disclosed its cryptocurrency trading service in April, initially offering bitcoin and ether through an account operated by Charles Schwab Premier Bank. The company manages approximately 40.3 million active brokerage accounts.
Crypto firm Paxos handles trade execution and provides sub-custody services. Eligible customers can purchase and sell the cryptocurrencies through Schwab.com, the Schwab Mobile application, and thinkorswim, with holdings displayed alongside stocks, bonds, and exchange-traded funds. Trading carries a 0.75% fee, with transactions starting at $1 and reaching a maximum of $2 million per order.
Cryptocurrency Transfers Now Available
Schwab has begun enabling cryptocurrency deposits and withdrawals for selected clients, with broader availability arriving in stages. Customers must complete additional identity verification and receive approval before transferring assets.
Transfers currently support bitcoin on the Bitcoin network and ether on the Ethereum network. Customers must register approved withdrawal addresses, which face a 24-hour waiting period before transfers can proceed. Withdrawals are restricted to three transactions per 24 hours, each limited to $5,000. Monthly deposits can reach $50 million. Schwab does not impose additional transfer fees, though blockchain network charges apply to outgoing transactions.
Expansion Plans for Additional Cryptocurrencies
Schwab plans to introduce solana, avalanche, and chainlink before the end of 2026. The company previously estimated that Schwab clients hold approximately 20% of all spot cryptocurrency exchange-traded products industrywide.
Crypto as Revenue Opportunity
During the Oct. 15 webcast, CEO Wurster identified cryptocurrency trading as a source of transaction-based revenue for the brokerage. When asked by an analyst about monetizing the platform, Wurster stated that the company has actively pursued multiple ways to generate revenue, describing crypto trading as creating additional transactional-based revenue streams.
Wurster noted that the strategy extends beyond cryptocurrency to include other areas that create transaction-based revenue, while emphasizing the company's approach to monetizing customer trading behavior that customers want to undertake.
Strong Financial Position
The cryptocurrency expansion arrives during a record quarter for Schwab. The company reported $190.4 billion in core net new assets during the third quarter, representing 38% growth year-over-year. Net revenue reached $7.2 billion, a 17% annual increase, while adjusted earnings per share climbed 29% to $1.69. The company opened 1.2 million new brokerage accounts during the quarter, bringing its total client account count to 48.6 million.
Schwab Crypto remains unavailable in New York, Louisiana, U.S. territories, and international markets. Cryptocurrency holdings are not protected by the Federal Deposit Insurance Corp. or Securities Investor Protection Corp.
