Charles Schwab Fully Opens Crypto Trading, CEO Says It Will Expand Trading Revenue with Crypto and Prediction Markets

BlockBeats news, October 16: U.S. brokerage Charles Schwab announced that it has completed the broad rollout of Schwab Crypto to retail clients, and eligible clients can now directly trade Bitcoin and Ethereum. The company also began a phased rollout of crypto asset transfer-in and transfer-out functionality, and plans to add Solana, Avalanche, and Chainlink by the end of 2026.

Charles Schwab CEO Rick Wurster said at the fall business update that cryptocurrency trading will become an important channel for the company to expand transaction-based revenue, and together with new businesses such as prediction markets, will help the platform improve the commercialization efficiency of client assets and trading behavior. Schwab currently manages approximately $13.33 trillion in client assets and has 40.3 million active brokerage accounts, which will give its crypto business a significant existing client base.

Currently, eligible users can trade BTC and ETH through Schwab.com, Schwab Mobile, and thinkorswim. Trading is supported by Paxos for execution and sub-custody, with a fee rate of 0.75%, and a single transaction amount between $1 and $2 million. Client holdings will be displayed alongside stocks, bonds, and ETFs within Schwab's existing account system.

The crypto transfer function still adopts a relatively strict risk control framework. Schwab has opened Bitcoin and Ethereum deposit and withdrawal services to some clients. New withdrawal addresses must complete registration and undergo a 24-hour waiting period; the withdrawal limit is 3 transactions per 24 hours, with each transaction capped at $5,000, and the maximum monthly deposit limit can reach $50 million. The service is currently not available to clients in New York State, Louisiana, U.S. territories, and international clients.

Schwab's crypto strategy is extending from ETF exposure to spot trading and custody transfers. The company said its clients already hold about 20% of the industry's spot crypto ETF assets; with BTC and ETH spot trading and the subsequent launch of SOL, AVAX, and LINK, competition between traditional large brokerages and crypto-native trading platforms will further intensify.