Schwab Crypto Opens to All Eligible Clients: What Bitcoin and Ether Buyers Should Know

Schwab Crypto is now open to every eligible Charles Schwab client, ending a phased rollout that began with a waitlist in April. CEO Rick Wurster told investors on October 15 that "all clients can now access Schwab Crypto," which means millions of ordinary brokerage customers can buy Bitcoin and Ether in the same place they hold stocks, ETFs and retirement savings. Schwab also says Solana, Avalanche and Chainlink are planned before the end of 2026.

For a firm that reported $13.33 trillion in client assets at the end of September, this is a big moment. It also comes with a price tag and a list of limits that every client should understand before placing a first trade.

What happened

Schwab used its Fall Business Update webcast on October 15, the same day it released third quarter results, to confirm that direct spot crypto trading had moved beyond its pilot group. According to Blockchain Reporter, the product now covers all eligible clients, and Schwab has started rolling out inbound transfers so customers can move coins they already own from other platforms into their Schwab accounts.

Crypto Briefing quoted Wurster on the transfer piece directly: "We are rolling out the ability for clients to transfer their crypto holdings to Schwab." Outbound transfers have not been announced, so for now the flow is one way.

The rollout has been steady rather than sudden. Here is the timeline as reported:

• April: Schwab opened a waitlist.
• May: the first retail clients got Bitcoin and Ether trading.
• August: Schwab named Solana, Avalanche and Chainlink as the next assets.
• October 15: access opened to all eligible clients and inbound transfers began.

Schwab's own earnings release keeps the crypto line short. Among its third quarter highlights, the company says it "plans to expand digital assets available in Schwab Crypto." The same release reported record net revenues of about $7.2 billion, up 17% from a year earlier, and record core net new assets of $190.4 billion.

How Schwab Crypto works

Coins and fees

Right now clients can trade Bitcoin and Ether. According to Blockchain Reporter, each trade carries a 0.75% fee with no added spread. On a $1,000 purchase, that works out to $7.50.

That rate is higher than what many dedicated crypto exchanges charge for spot trades, and the outlet framed the product as a convenience play for people who already bank and invest with Schwab. In plain terms, you pay a bit more to keep everything under one login and one tax statement provider. If you want a refresher on how spot coins differ from fund products, our guide to Bitcoin ETFs explained walks through it.

Custody and transfers

Schwab is not holding the coins entirely on its own. Charles Schwab Premier Bank acts as custodian, with Paxos Trust Company handling sub custody and trade execution, according to Blockchain Reporter.

Deposits work over the Bitcoin and Ethereum networks. Withdrawal addresses must be registered ahead of time, and any newly added address faces a 24 hour waiting period. That delay is a deliberate safety feature. It slows down thieves who gain access to an account, though it also slows you down if you need to move funds quickly. Our explainer on how crypto wallets work covers why address controls like this matter.

Where it is not available

The service does not reach New York, Louisiana, U.S. territories or international markets, according to Blockchain Reporter. Clients in those places will not see the option even though they are Schwab customers.

Why it matters

Schwab is one of the largest brokerages in the country, with 48.6 million client accounts at the end of September. When a firm of that size puts Bitcoin a few taps away from an index fund, it changes who owns crypto and how they hold it.

Wurster has been open about the business motive. He described crypto as one of several new sources of trading revenue, telling investors Schwab is "expanding into new areas that create additional transactional based revenue streams," according to Crypto Briefing. Prediction markets sit in the same bucket. Schwab already offers limited S&P 500 linked binary options through Cboe and plans to widen those markets over the next 12 to 18 months to cover financial events, company performance and political events, while staying away from sports betting.

This also fits a wider pattern of traditional finance moving into digital assets. We have covered Deutsche Bank's crypto custody plans and Morgan Stanley's push into tokenized equities, and Schwab's move puts direct spot access in front of a much broader retail audience.

The timing is interesting too. Bitcoin dipped below $80,000 last week after a hot inflation report, as we reported in our piece on crypto liquidations after the CPI release. Schwab's wider launch arrives in a nervous market, not a euphoric one.

Who is affected

Existing Schwab clients get the most direct change. If you already hold crypto ETFs or have been buying coins on a separate exchange, you can now hold spot Bitcoin and Ether inside your Schwab relationship.

Crypto exchanges face a new competitor for mainstream customers. Schwab's fee is higher, but many investors value convenience and a familiar brand over the lowest possible cost.

Cautious first time buyers may find it easier to start here. That is good for access, but it also means more people buying a volatile asset without much background. Our guide on how to spot a crypto scam is worth reading before you move any money.

What to do if you are a Schwab client

1. Check eligibility. Log in and look for Schwab Crypto. If you live in New York or Louisiana, it will not be available.
2. Do the fee math. At 0.75% per trade, frequent buying and selling adds up. Investors who plan to buy and hold may care less than active traders.
3. Know what is not protected. Crypto held at Schwab has no FDIC or SIPC coverage, according to Blockchain Reporter. If the price falls, nothing makes you whole.
4. Set up withdrawal addresses early. Because of the 24 hour hold on new addresses, register any wallet you might use well before you need it.
5. Keep tax records. Selling crypto at a gain is a taxable event. Our explainer on crypto taxes covers the basics.

What to watch next

The next milestone is the arrival of Solana, Avalanche and Chainlink, which Schwab says should come before the end of the year. Watch for any word on outbound transfers, which would let clients move coins off the platform, and for whether Schwab adjusts its 0.75% fee as competition heats up. Schwab does not break out crypto revenue, so outside observers will be reading between the lines of future earnings calls for clues on adoption.

For more coverage like this, visit our crypto news hub.

Frequently asked questions

Can every Schwab client trade crypto now?

All eligible clients can, according to Schwab's CEO. The service is not offered in New York, Louisiana, U.S. territories or outside the United States.

Which coins does Schwab Crypto support?

Bitcoin and Ether today. Schwab plans to add Solana, Avalanche and Chainlink before the end of 2026.

How much does Schwab charge for crypto trades?

Reports put the fee at 0.75% of each trade with no added spread, so a $1,000 buy costs about $7.50.

Is crypto at Schwab insured?

No. Crypto held at Schwab is not covered by FDIC or SIPC protection, so you carry the full market risk.