Schwab Expands into Crypto with Direct Trading Platform

Charles Schwab is taking a major step into the crypto market by launching its own trading platform, which will allow retail clients to buy and sell bitcoin (BTC) and ethereum (ETH) directly. The platform, called Schwab Crypto, will be rolled out in phases over the coming weeks, starting with a waitlist phase that began earlier this month.

The rollout marks a significant expansion of Schwab's offerings in the digital assets space, which was previously limited to indirect exposure via exchange-traded funds and derivatives. With the new platform, clients will have access to dedicated crypto accounts linked to their traditional brokerage accounts, allowing them to trade BTC and ETH without having to go through a separate exchange.

The launch of Schwab Crypto comes with some limitations. Depositing and withdrawing digital assets will be disabled on launch, meaning that clients will need to purchase any BTC or ETH they want to trade directly through the platform. Additionally, the service will not be available for residents of New York and Louisiana due to regulatory restrictions.