Key Takeaways
- • Charles Schwab has completed the broader retail rollout of Schwab Crypto, letting all eligible clients trade bitcoin and ether directly, according to CEO Rick Wurster during the Fall Business Update on Oct. 15.
- • Schwab is adding crypto transfers for selected clients, with withdrawals capped at three transactions per 24 hours of up to $5,000 each and monthly deposits of up to $50 million.
- • Trading carries a 0.75% fee, with orders from $1 to $2 million, executed by Paxos, which also provides sub-custody services.
- • Wurster told an analyst that crypto trading is one of several new transactional revenue streams, alongside prediction markets, as Schwab seeks to monetize client trading behavior.
- • Solana, Avalanche and Chainlink are expected to be available before the end of 2026, and Schwab has not disclosed crypto trading volumes or customer adoption figures.
Summary
Charles Schwab has opened direct cryptocurrency trading to all eligible clients of its brokerage, which manages approximately $13.33 trillion in client assets across 40.3 million active brokerage accounts. CEO Rick Wurster confirmed the broader rollout during the company's Fall Business Update on Thursday, Oct. 15, following an early-access program that began in May. Schwab first disclosed the service in April, initially offering bitcoin and ether through a separate account operated by Charles Schwab Premier Bank, SSB. Paxos handles trade execution and sub-custody, and holdings appear alongside stocks, bonds and ETFs on Schwab.com, the Schwab Mobile app and thinkorswim.
The service carries a 0.75% trading fee, with transactions ranging from $1 to a $2 million maximum per order. Trading operates nearly around the clock apart from scheduled maintenance. Crypto transfers are now being enabled in stages for selected clients, who must complete additional identity verification. Transfers currently support bitcoin on the Bitcoin network and ether on the Ethereum network. Customers must register approved withdrawal addresses, and new addresses face a 24-hour waiting period. Schwab imposes no additional transfer fees, though blockchain network charges apply to outgoing transactions.
Wurster framed crypto as a revenue opportunity. In response to a question from Citizens analyst Devin Ryan, he said the firm was expanding into areas that generate additional transaction-based revenue, citing crypto and prediction markets, and said Schwab expects to monetize clients' trading behavior that supports their financial lives. He also pointed to wealth growth and lending as part of a broader effort to monetize the balance sheet. Schwab has not disclosed how much its crypto business contributed to results. The company reported $190.4 billion in core net new assets in the third quarter, up 38% year over year, net revenue of $7.2 billion (up 17%), and adjusted EPS of $1.69 (up 29%).
Schwab plans to add solana, avalanche and chainlink before year-end 2026. Company executives have estimated that Schwab clients hold roughly 20% of spot crypto ETPs industrywide. An Oct. 7 Modern Wealth Survey found that about six in 10 existing crypto investors intend to increase holdings over the next 12 months. Schwab Crypto is unavailable in New York, Louisiana, U.S. territories and international markets, and crypto holdings are not protected by FDIC or SIPC.
The service carries a 0.75% trading fee, with transactions ranging from $1 to a $2 million maximum per order. Trading operates nearly around the clock apart from scheduled maintenance. Crypto transfers are now being enabled in stages for selected clients, who must complete additional identity verification. Transfers currently support bitcoin on the Bitcoin network and ether on the Ethereum network. Customers must register approved withdrawal addresses, and new addresses face a 24-hour waiting period. Schwab imposes no additional transfer fees, though blockchain network charges apply to outgoing transactions.
Wurster framed crypto as a revenue opportunity. In response to a question from Citizens analyst Devin Ryan, he said the firm was expanding into areas that generate additional transaction-based revenue, citing crypto and prediction markets, and said Schwab expects to monetize clients' trading behavior that supports their financial lives. He also pointed to wealth growth and lending as part of a broader effort to monetize the balance sheet. Schwab has not disclosed how much its crypto business contributed to results. The company reported $190.4 billion in core net new assets in the third quarter, up 38% year over year, net revenue of $7.2 billion (up 17%), and adjusted EPS of $1.69 (up 29%).
Schwab plans to add solana, avalanche and chainlink before year-end 2026. Company executives have estimated that Schwab clients hold roughly 20% of spot crypto ETPs industrywide. An Oct. 7 Modern Wealth Survey found that about six in 10 existing crypto investors intend to increase holdings over the next 12 months. Schwab Crypto is unavailable in New York, Louisiana, U.S. territories and international markets, and crypto holdings are not protected by FDIC or SIPC.
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