Charles Schwab opens spot BTC/ETH trading

Crypto brokerage just got a lot more mainstream. Charles Schwab has started rolling out direct spot trading for bitcoin and ether inside its own ecosystem, which means some Schwab clients can now buy actual BTC and ETH where they already trade stocks, ETFs, and options. That sounds incremental, but it fixes a real gap — plenty of wealth clients wanted crypto exposure without parking a slice of their money at a separate crypto-native platform. Schwab said this product, called Schwab Crypto, would launch in phases after announcing it on April 16, 2026, and the first live client rollout is now underway. ### What actually opened up? This is spot trading, not just another crypto-linked wrapper. Schwab clients in the initial rollout can buy and sell bitcoin and ethereum directly through Schwab Crypto, rather than getting exposure only through spot ETFs, futures, trusts, or crypto-related stocks. That is the biggest change. Until now, Schwab’s crypto menu leaned heavily on indirect products, while its public crypto page still framed direct trading as “coming soon.” (pressroom.aboutschwab.com) ### Why is that different from what Schwab already had? Because “crypto access” can mean very different things. Schwab already offered spot bitcoin and ether ETPs, crypto futures, crypto-related stocks, options on crypto-linked securities, and its own thematic ETF. But those products either track crypto, hold crypto in a fund structure, or sit one layer away from the coins themselves. Schwab Crypto is the first in-house path for clients to trade the underlying assets directly inside the Schwab stack. (pressroom.aboutschwab.com) ### Who gets it first? Not everyone. Schwab described the launch from the start as a phased retail rollout, and earlier reporting said the company planned to test with employees, then a small client group, before broadening access. So this is not a full switch-flip across Schwab’s entire client base on one day. It is a controlled release — basically a slow opening designed to catch operational issues, tune support, and manage compliance before going wider. (schwab.com) ### Where does the trading happen? Inside the normal Schwab universe. Schwab said clients will be able to view and trade crypto alongside traditional investments on Schwab.com, Schwab Mobile, and thinkorswim. That integration is a bigger deal than it sounds. The product is not being positioned as a separate side app for crypto tourists. It is being slotted into the same dashboard where clients already manage the rest of their money. (pressroom.aboutschwab.com) ### What’s the business angle? Schwab is trying to keep assets from leaking out. Rick Wurster had already described a common client behavior — people keeping 98% of their wealth at Schwab and 1% to 2% at a digital-native firm just to hold crypto. If Schwab can pull that slice back in-house, it deepens account stickiness and gives clients one custody relationship instead of two. It also puts Schwab more directly against Coinbase, Robinhood, and Fidelity. (pressroom.aboutschwab.com) ### What’s the catch? Price and scope. Schwab said launch pricing is 75 basis points on the dollar value of each trade, which it calls among the lowest in the industry. That may look reasonable for trust-and-service-oriented wealth clients, but it is still a visible fee in a market where crypto-native platforms compete hard on cost and active traders care about spreads, not just branding. And for now, the product only covers bitcoin and ethereum. (cnbc.com) ### Why does this matter beyond Schwab? Because Schwab is one of the biggest U.S. brokerages, with more than $11 trillion in client assets, and firms that size do not usually move unless they think demand is durable. The practical effect is not that crypto suddenly becomes risk-free — it doesn’t. The effect is that direct crypto keeps getting absorbed into ordinary brokerage infrastructure. That makes the category easier to access, easier to hold next to other assets, and harder for traditional finance to keep treating as a side market. (pressroom.aboutschwab.com) ### Bottom line? This is not Schwab “discovering” crypto. It is Schwab deciding the direct-trading version now belongs inside the main brokerage experience. The rollout is still selective, but the direction is clear — bitcoin and ethereum are moving from special-case products toward standard menu items at mainstream wealth platforms. (pressroom.aboutschwab.com) (cnbc.com)