Schwab brings direct Bitcoin and Ether trading to $12 trillion brokerage ecosystem

Charles Schwab has commenced the rollout of direct spot trading for Bitcoin and Ether to eligible retail clients across its Schwab.com and thinkorswim platforms. The service, which charges a 0.75 per cent fee per trade, is currently live in most US states, with New York and Louisiana excluded from the initial phase. Trade execution is facilitated by Paxos, while Schwab Premier Bank acts as the primary custodian.

The launch integrates digital asset trading into a brokerage ecosystem managing approximately $12 trillion in client assets. This move marks a structural shift in Wall Street participation in crypto, moving from indirect exposure through exchange-traded funds and derivatives to direct trading of Bitcoin and Ether on a major traditional platform. Bitcoin was trading near $79,000 as the rollout began for selected retail clients.

First noted by ETF Prime host Nate Geraci, the expansion is viewed as one of the most significant entry points for retail crypto since the approval of spot Bitcoin ETFs. The integration signals a broader trend where Bitcoin is evaluated through conventional investment principles such as risk, volatility, and diversification, rather than active trading behaviour. This embeds exposure into brokerage accounts, advisory portfolios, and retirement structures that already serve millions of investors.

The expansion introduces a competitive dynamic between integrated brokerage platforms and spot Bitcoin ETFs. ETFs continue to appeal to investors prioritising lower fees and passive exposure, while brokerage-native crypto trading appeals to those seeking portfolio consolidation. This creates a split in investor behaviour, with ETFs attracting long-term allocators who prefer established structures, while direct access appeals to users wanting everything within a single investment platform.

Despite the new access points, ETF inflows remain a key benchmark for the market. Bitcoin ETFs recorded approximately $1 billion in weekly inflows in mid-April, according to SoSoValue, marking their strongest weekly performance since January. The ability to transfer assets to self-custody and the potential expansion beyond Bitcoin and Ether will determine whether Schwab remains a limited entry point or becomes a lasting bridge between traditional markets and digital assets.