Charles Schwab Launches Spot Crypto Trading Platform for Retail Investors | LeapRate | Online Trading Industry News, Broker Intelligence & Fintech Analysis
Charles Schwab has announced the launch of Schwab Crypto, a spot cryptocurrency trading service that will be rolled out to retail clients in phases over the coming weeks.
At launch, clients will be able to trade Bitcoin and Ethereum directly, with the two cryptocurrencies together accounting for approximately three-quarters of the total crypto market capitalisation.
Trading will be available across Schwab’s website, mobile app, and its thinkorswim platform, and will be priced at 75 basis points on the dollar value of each trade.
Clients will hold digital assets in a separate crypto account through Charles Schwab Premier Bank, which will act as custodian.
Paxos, a blockchain infrastructure provider regulated by the OCC, will provide sub-custody and trade execution services.
Jonathan Craig, Head of Retail Investing at Charles Schwab, said the offering would allow clients to trade cryptocurrency alongside their existing investments, while benefiting from the education and support already associated with the Schwab brand.
Schwab plans to add further cryptocurrencies to the platform over time, along with transfer capabilities enabling clients to consolidate existing digital asset holdings.
The firm noted it already has a significant presence in the digital assets space, with clients holding approximately 20% of spot crypto exchange-traded products currently in the market.
