Key Takeaways
- • TD Ameritrade ceased to exist as an independent entity following Charles Schwab's completion of its acquisition in 2024, with all client accounts fully migrated to the Schwab platform by that date.
- • Charles Schwab launched Schwab Crypto on May 13, 2026, enabling direct spot trading in Bitcoin and Ethereum for eligible U.S. retail clients through Charles Schwab Premier Bank, opening access to the platform's 35 million active accounts.
- • Schwab Crypto's 75 basis points per-trade fee positions it between Fidelity Crypto (1%) and Robinhood (0.03%–0.95%), reflecting a mid-market pricing strategy among major brokerages.
- • The platform carries significant feature limitations at launch, excluding New York and Louisiana, while lacking self-custody withdrawals, staking, altcoin trading, recurring purchases, and limit order functionality.
- • Former TD Ameritrade clients retain crypto exposure through Schwab's 11 available spot Bitcoin ETFs and multiple Ethereum ETPs, alongside the new direct spot trading capability.
Summary
TD Ameritrade no longer operates as an independent brokerage following Charles Schwab's acquisition, announced in 2019 for approximately $26 billion. The integration process culminated in 2024 when all client accounts were fully transitioned to the Schwab platform under a unified brand. This transition has material implications for the roughly 6 million former TD Ameritrade clients seeking cryptocurrency exposure through their legacy accounts.
The landscape shifted materially on May 13, 2026, when Charles Schwab launched Schwab Crypto, its first direct cryptocurrency trading offering. The platform extends spot trading access in Bitcoin and Ethereum to eligible U.S. retail clients through Charles Schwab Premier Bank, effectively opening cryptocurrency markets to Schwab's 35 million active accounts for the first time. This represents a significant strategic expansion into digital assets for one of the industry's largest retail brokerages.
Fee structure places Schwab competitively between established competitors. At 75 basis points per trade, Schwab's pricing sits between Fidelity Crypto's 1% charge and Robinhood's variable range of 3–95 basis points, positioning it as a moderate-cost option within the evolving retail crypto brokerage landscape. The pricing reflects Schwab's institutional heritage while acknowledging competitive pressures from lower-cost platforms.
The initial rollout carries notable constraints. Schwab Crypto excludes New York and Louisiana residents at launch and does not currently support self-custody asset withdrawals, staking, altcoin trading, recurring purchases, or limit order functionality. These limitations suggest a cautious, compliance-focused market entry prioritizing regulatory alignment over feature breadth.
Former TD Ameritrade clients retain multiple pathways to cryptocurrency exposure. Beyond the new direct spot trading capability, existing accounts provide access to 11 spot Bitcoin ETFs and multiple Ethereum ETPs already operating within the traditional securities framework, offering an alternative to direct cryptocurrency holdings.
The landscape shifted materially on May 13, 2026, when Charles Schwab launched Schwab Crypto, its first direct cryptocurrency trading offering. The platform extends spot trading access in Bitcoin and Ethereum to eligible U.S. retail clients through Charles Schwab Premier Bank, effectively opening cryptocurrency markets to Schwab's 35 million active accounts for the first time. This represents a significant strategic expansion into digital assets for one of the industry's largest retail brokerages.
Fee structure places Schwab competitively between established competitors. At 75 basis points per trade, Schwab's pricing sits between Fidelity Crypto's 1% charge and Robinhood's variable range of 3–95 basis points, positioning it as a moderate-cost option within the evolving retail crypto brokerage landscape. The pricing reflects Schwab's institutional heritage while acknowledging competitive pressures from lower-cost platforms.
The initial rollout carries notable constraints. Schwab Crypto excludes New York and Louisiana residents at launch and does not currently support self-custody asset withdrawals, staking, altcoin trading, recurring purchases, or limit order functionality. These limitations suggest a cautious, compliance-focused market entry prioritizing regulatory alignment over feature breadth.
Former TD Ameritrade clients retain multiple pathways to cryptocurrency exposure. Beyond the new direct spot trading capability, existing accounts provide access to 11 spot Bitcoin ETFs and multiple Ethereum ETPs already operating within the traditional securities framework, offering an alternative to direct cryptocurrency holdings.
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