Charles Schwab Opens Crypto Trading Beyond Bitcoin and Ether

CN
17 minutes ago

Key Takeaways

  • Solana, avalanche, and chainlink expanded Schwab Crypto’s offerings to five assets.
  • Trading costs 0.75% of each transaction’s dollar value.
  • New York, Louisiana, and international residents remain excluded.

Charles Schwab Corp. (NYSE: SCHW) said Nov. 9 that solana (SOL), avalanche (AVAX), and chainlink (LINK) were now available to buy and sell through Schwab Crypto accounts. The company’s expansion of direct crypto trading brought the lineup to five assets.

Charles Schwab stated:

“The additions are part of Schwab’s plans to thoughtfully expand its digital asset offering with established cryptocurrencies that align with client demand. Schwab Crypto also provides direct access to bitcoin and [ether] trading.”

Joe Vietri, head of digital assets at Charles Schwab, commented: “We continue to expand Schwab Crypto to give clients greater choice and flexibility in how they invest in digital assets alongside their broader investments.” He added: “Our focus remains on delivering the experience, value, education, and support clients expect from Schwab.”

An early-access rollout began in May with bitcoin (BTC) and ether (ETH). Clients chosen for the initial early-access phase gained access through separate crypto accounts linked to their brokerage accounts.

In August, Schwab disclosed plans to introduce the three tokens and indicated trading would begin in the coming months. Further cryptocurrencies and other digital assets remain part of its expansion plans.

By October, the service had reached all eligible retail clients following the phased introduction. During the Oct. 15 business update, CEO Rick Wurster said that three more coins were expected before year-end. The November listings fulfilled that timetable.

Customers can view and trade cryptocurrency alongside traditional investments through Schwab.com, Schwab Mobile, and Thinkorswim, Schwab’s trading platform. Support includes research and commentary from the Schwab Center for Financial Research, crypto content through Schwab Coaching, and 24/7 assistance by phone or chat.

Under the separate crypto account structure outlined in April, Charles Schwab Premier Bank, SSB, serves as custodian, safeguarding client assets. Paxos, a digital asset infrastructure provider, supplies sub-custody, or safekeeping on the bank’s behalf. It also handles trade execution, meaning carrying out buy and sell orders.

That arrangement differs from self-custodial crypto wallets in which users control access to their assets. Buying tokens directly also differs from purchasing funds that provide cryptocurrency exposure. Transfers of supported cryptocurrencies are available to enrolled clients whose accounts have been enabled, with access rolling out gradually.

Schwab’s trading fees and eligibility requirements include a charge of 75 basis points, or 0.75%, on each trade’s dollar value, with a $0.01 minimum fee. That equals $7.50 on a $1,000 trade. Accounts are unavailable to residents of New York, Louisiana, and U.S. territories, as well as clients in international jurisdictions. Applications require approval, and moving to an unsupported location may lead to restrictions or closure.

Clients fund Schwab Crypto accounts by moving available cash from their linked brokerage accounts through Schwab.com or Schwab Mobile. Both platforms support orders entered in dollar amounts or coin quantities, with market, limit, stop, and stop-limit options. Mobile users can also set cryptocurrency price alerts to monitor market movements.

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