Schwab turns on crypto for 40 million accounts at 0.75% a trade

Roughly 40 million brokerage accounts can now trade Bitcoin (BTC) and Ethereum (ETH) directly on Charles Schwab as of August 13, according to Forbes. 

The report, building on the firm’s Q2 call that described its crypto rollout as “going as planned,” is the newest branch of a tree that was first planted in May, when Charles Schwab formally moved to meet customer demand for crypto. 

Schwab oversees more than $12 trillion in total client assets, one of the largest pools in U.S. finance.

Which crypto products has Charles Schwab launched?

The Schwab Crypto product allows Charles Schwab clients to buy and sell Bitcoin and Ethereum on the same platforms they already use for stocks and bonds. The product went live in 48 U.S. states, with New York and Louisiana as the only ones left out.

The firm charges 0.75% on trades, according to Cryptopolitan’s April and May reporting on the launch, which is on par with the going rate in the market.

The crypto products are anchored on two firms: Charles Schwab Premier Bank and Paxos. 

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