Charles Schwab has finished rolling out direct bitcoin and ether trading to all eligible US retail clients, the company said in mid-October. Trades cost 0.75% with no added spread. Schwab's own crypto page says the coins are not protected by SIPC, are not insured by the FDIC, and may lose value. Solana, Avalanche and Chainlink are due to be added before the end of 2026.

What's new

After a phased rollout this year, every Schwab retail client who meets its US eligibility rules can now buy and hold bitcoin and ether directly, not just through funds. Charles Schwab Premier Bank holds the coins, and Paxos Trust Company handles sub-custody and the trades. The service isn't offered in New York, Louisiana or US territories, or to clients outside the US. Schwab is turning on transfers of crypto from other platforms in stages, so not everyone can move coins in yet.

What it costs

The fee is 0.75% of each trade, so a $1,000 buy costs $7.50, and selling it later costs about the same again. That's simple, but it isn't the cheapest way in. If you only want price exposure, a spot bitcoin ETF in the same account usually costs a small yearly fee instead. If you want to hold the coins yourself, you'll need to check whether Schwab lets you withdraw to your own wallet.

The protection people miss

Your stocks at Schwab are covered by SIPC if the firm fails. Your crypto there is not. Schwab says so on its own crypto page, and SIPC says it doesn't protect digital assets that aren't securities. It also isn't a bank deposit, so the FDIC doesn't cover it. That doesn't make it unsafe, but it's a different promise from the rest of your account. Our guide to what moves crypto prices explains the swings to expect.

Watch for fake Schwab crypto messages

  • Scammers jump on launches like this with emails and texts saying your "Schwab crypto account" needs verifying or unlocking. Log in only by typing schwab.com yourself.
  • No real Schwab rep will ask for your password, a 2FA code, or a recovery phrase, or ask you to send crypto to a "safe" wallet.
  • Got a message you're not sure about? Run it through our 2-minute scam check.

Sources: Charles Schwab crypto service page and announcement, Oct 2026, FinanceFeeds, The Crypto Times, Tech Times, SIPC: what SIPC protects.