Key Takeaways
- • Charles Schwab Crypto added Solana (SOL), Avalanche (AVAX) and Chainlink (LINK) to its spot offering, bringing supported assets to five alongside Bitcoin and Ether, with trading against the US dollar from November 9, per the announcement reported by Finance Magnates.
- • Eligible US retail clients trade through a separate Schwab Crypto account offered by Charles Schwab Premier Bank, SSB, at a 0.75% fee on each purchase or sale, with a $0.01 minimum.
- • Charles Schwab Premier Bank safeguards assets and maintains ownership records, while Paxos provides sub-custody and trade execution.
- • Schwab Crypto is unavailable in New York and Louisiana, as well as US territories and international jurisdictions, and holdings are not covered by FDIC insurance or SIPC protection.
- • The launch moves Schwab clients from indirect crypto exposure (ETPs, futures, options) to direct ownership, with asset transfers into the platform being introduced gradually.
Summary
Charles Schwab has added Solana, Avalanche and Chainlink to Schwab Crypto, expanding the service to five cryptocurrencies alongside Bitcoin and Ether. Eligible US retail clients can buy and sell SOL, AVAX and LINK against the US dollar from November 9, according to Charles Schwab's announcement. The US brokerage first disclosed plans for the three additions in August. The launch follows a staged rollout that began with early access for small groups of customers in May, with Bitcoin and Ether trading opened to all eligible retail clients in October.
Clients use a separate Schwab Crypto account offered by Charles Schwab Premier Bank, SSB, linked to an eligible Schwab brokerage account and funded by moving available cash from that brokerage account. Schwab charges 0.75% of the value of each purchase or sale, with a minimum fee of $0.01. Holdings can be viewed and traded alongside traditional investments on Schwab.com, Schwab Mobile and thinkorswim, and account terms provide for round-the-clock customer support. Under the custody arrangements outlined at launch, Charles Schwab Premier Bank safeguards digital assets and maintains ownership records, while Paxos provides sub-custody and trade execution. Cryptocurrency holdings are not covered by FDIC insurance or SIPC protection.
The spot service adds direct ownership to existing routes that Schwab clients already used, including crypto ETPs and futures, options on spot crypto ETPs, and funds investing in the broader digital asset sector. In its April launch announcement, Schwab estimated that its clients held approximately 20% of spot crypto ETPs; the company noted that this figure referred to exchange-traded product holdings rather than direct cryptocurrency ownership. Charles Schwab has positioned the service as a way for customers to conduct more of their financial activity with the firm and eventually bring existing digital assets onto the platform. According to Schwab's current FAQ, that transfer capability is being introduced gradually, with clients able to send and receive supported cryptocurrencies once their accounts are enabled and they have enrolled in transfers.
Clients use a separate Schwab Crypto account offered by Charles Schwab Premier Bank, SSB, linked to an eligible Schwab brokerage account and funded by moving available cash from that brokerage account. Schwab charges 0.75% of the value of each purchase or sale, with a minimum fee of $0.01. Holdings can be viewed and traded alongside traditional investments on Schwab.com, Schwab Mobile and thinkorswim, and account terms provide for round-the-clock customer support. Under the custody arrangements outlined at launch, Charles Schwab Premier Bank safeguards digital assets and maintains ownership records, while Paxos provides sub-custody and trade execution. Cryptocurrency holdings are not covered by FDIC insurance or SIPC protection.
The spot service adds direct ownership to existing routes that Schwab clients already used, including crypto ETPs and futures, options on spot crypto ETPs, and funds investing in the broader digital asset sector. In its April launch announcement, Schwab estimated that its clients held approximately 20% of spot crypto ETPs; the company noted that this figure referred to exchange-traded product holdings rather than direct cryptocurrency ownership. Charles Schwab has positioned the service as a way for customers to conduct more of their financial activity with the firm and eventually bring existing digital assets onto the platform. According to Schwab's current FAQ, that transfer capability is being introduced gradually, with clients able to send and receive supported cryptocurrencies once their accounts are enabled and they have enrolled in transfers.
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