According to Finance Feeds on May 13, Charles Schwab, a retail investing giant with $11.9 trillion in assets under management, is rolling out Schwab Crypto accounts to retail customers in phases. The accounts will support spot trading of Bitcoin and Ethereum, with full availability expected to be completed in the second quarter of 2026; the spot trading fee is 75 basis points per transaction.
Schwab Crypto Account Features and Limitations
According to Finance Feeds’ report and Schwab’s official press release, the main features and limitations of the Schwab Crypto account are as follows:
Supported tokens: Bitcoin (BTC) and Ethereum (ETH); other cryptocurrencies such as SOL and XRP are not supported
Fees: 75 basis points per transaction
Trading platforms: Schwab.com, Schwab Mobile, and thinkorswim; no separate wallet or seed phrase required
Asset custody: handled by Charles Schwab
Not supported: staking, and transferring on-chain assets to your own wallet (initially)
Geographic restrictions: New York and Louisiana residents cannot open accounts (due to BitLicense licensing requirements and state regulations)
Fee Comparison and Industry Background
According to Finance Feeds’ report, Schwab’s 75-basis-point trading fee (about $75 on a $10,000 trade) compared with similar platforms is as follows: Coinbase Advanced charges about $50 for the same-size trade, Kraken Pro is about $26, and Robinhood (including spread) is close to zero.
According to Finance Feeds’ report, earlier this year Morgan Stanley had already enabled spot trading for Bitcoin and Ethereum on the E*Trade platform; Strike founder Jack Mallers said in this regard that placing Bitcoin under institutional custody would weaken its value.
FAQs
Which cryptocurrencies and functions does the Charles Schwab Crypto account currently support?
According to Schwab’s official press release, the Schwab Crypto account currently supports only spot trading of Bitcoin (BTC) and Ethereum (ETH); staking, transferring on-chain assets to your own wallet, and other tokens such as SOL and XRP are not supported initially.
What are the geographic restrictions and launch timeline for the Schwab Crypto account?
According to Finance Feeds’ report, the Schwab Crypto account will be opened to retail customers in phases starting May 13, 2026, with full rollout expected in the second quarter of 2026; New York and Louisiana residents cannot open accounts due to BitLicense licensing requirements and state regulations.
How does the Schwab Crypto account’s 75-basis-point fee compare with major competitors?
According to Finance Feeds’ report, Schwab’s 75 basis points (about $75 on a $10,000 trade) is higher than Coinbase Advanced (about $50), Kraken Pro (about $26), and Robinhood (including spread, close to zero).
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