Charles Schwab Opens Bitcoin and Ethereum Trading to All 48.6 Million Clients

Charles Schwab has completed the rollout of its Schwab Crypto platform, opening direct Bitcoin and Ethereum trading to all 48.6 million client accounts, CEO Rick Wurster announced on the company’s third-quarter earnings call. The milestone marks one of the largest expansions of crypto access by a major U.S. brokerage and signals that cryptocurrency trading has truly entered the mainstream of American finance, available now to virtually every retail investor in the country through one of the most trusted names in financial services.

Schwab Crypto Platform Details

Schwab Crypto, first announced in April 2026 and rolled out to select retail clients in May, provides direct trading in Bitcoin and Ethereum at a cost of 75 basis points (0.75%) per trade with zero spread, which Schwab says is among the lowest in the industry. The platform is available in all U.S. states except New York and Louisiana. Clients maintain a separate crypto account linked to their Schwab brokerage account, with Charles Schwab Premier Bank, SSB serving as custodian and Paxos, an OCC-regulated blockchain infrastructure provider, handling trade execution and sub-custody. Schwab clients can place market, limit, stop, and stop-limit orders, with orders based on either the amount of cryptocurrency they want to trade or the dollar amount they want to invest.

Bitcoin (BTC) and Ethereum (ETH) available now for all 48.6 million client accounts
Solana (SOL), Avalanche (AVAX), and Chainlink (LINK) planned for addition by year-end
Crypto transfer capability now rolling out, allowing clients to move existing holdings to Schwab
0.75% per trade fee with zero spread, available on Schwab.com, Schwab Mobile, and thinkorswim
24/7 live support from crypto specialists by phone or chat, with SchwabSafe security protection

Record Quarter for Schwab

The crypto expansion coincided with record third-quarter results. Schwab reported record net revenue of $7.2 billion, up 17% year-over-year, with daily average trading volume rising 44% to 10.7 million trades. Clients opened 1.2 million new brokerage accounts during the quarter. Wurster identified crypto and prediction markets as new sources of transaction revenue, suggesting the brokerage sees digital assets as a meaningful growth driver for the future. “All clients can now access Schwab Crypto. We are rolling out the ability for clients to transfer their crypto holdings to Schwab, and we are launching access to three new coins by the end of the year,” Wurster said on the earnings call.

The transfer capability marks a significant shift from Schwab Crypto’s original spot trading setup, under which clients had to buy Bitcoin or Ethereum directly through Schwab Crypto rather than move in existing holdings from other platforms. This change removes a major barrier for cryptocurrency investors who want to consolidate their digital assets alongside their traditional investments, and could drive significant inflows to the platform as investors take advantage of Schwab’s security guarantees and integrated experience.

Mainstream Crypto Adoption

The rollout to all clients represents a significant step in mainstream cryptocurrency adoption. Schwab’s client base of 48.6 million accounts now has access to direct crypto trading alongside traditional investments, a model that bridges the gap between conventional brokerage services and dedicated crypto exchanges. Schwab clients already held approximately 20% of spot crypto exchange-traded products before the launch of direct trading, indicating substantial existing interest in the asset class among the firm’s customer base.

The move also puts pressure on other major brokerages to offer similar services. As the largest brokerage by total client assets, Schwab’s entry into spot crypto trading could accelerate adoption across the entire financial services industry, making it easier for everyday investors to access digital assets through the same platforms they use for stocks, bonds, and mutual funds. Schwab’s approach of offering crypto through a separate account with Paxos as sub-custodian provides a regulated, secure environment that may appeal to investors who have been hesitant to use dedicated cryptocurrency exchanges.

Cryptocurrency is highly volatile and not backed by any government or central bank. Investing in cryptocurrencies involves risk, including the risk of total loss of principal. This article is not financial advice and reflects information available as of October 20, 2026.

For more on how major financial institutions are approaching crypto, see our coverage of institutional cryptocurrency adoption in 2026.

Sources: CoinMarketCap, October 2026; Charles Schwab Press Release, April 2026