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Schwab says every eligible retail client can now open a Schwab Crypto account, a day after its earnings release cited plans to expand digital assets; New York and Louisiana residents remain excluded.
Charles Schwab said on Oct. 16 that "Schwab Crypto™ accounts are now available to all eligible retail clients," in a post on its official X account (source 4). That opens direct bitcoin and ether trading to the eligible clients among Schwab's 40.3 million active brokerage accounts (source 1), putting the brokerage in head-on competition with crypto exchanges for mainstream investors.
Clients can "directly buy and sell popular cryptocurrencies, including Bitcoin and Ethereum, alongside their brokerage account investments," Schwab said (source 4). The day before, Schwab's third-quarter release listed "plans to expand digital assets available in Schwab Crypto" among its highlights (source 1), and in August it said clients would be able to trade Solana (SOL), Avalanche (AVAX) and Chainlink (LINK) "in the coming months" (source 3). Schwab Crypto began rolling out to clients in May 2026 with bitcoin and ether (source 3).
Eligibility has limits. Schwab Crypto accounts are available "in all U.S. states except for New York and Louisiana," not in U.S. territories or abroad, and Schwab says "not all clients will qualify" (source 2). The 40.3 million figure counts accounts, not people, and many account holders will not qualify for crypto.
Schwab Crypto is offered by Charles Schwab Premier Bank, SSB, which acts as custodian, meaning it holds the coins and keeps the records. Paxos provides sub-custody and trade execution (source 2). Schwab charges 75 basis points, or 0.75%, of the dollar value of each trade (source 2). In April, Schwab said it planned to add transfers "for both deposits and withdrawals" over time, so clients could bring existing coins to Schwab (source 2).
The rollout has moved in steps since spring, as the timeline below shows.
| Date | Step |
|---|---|
| Apr. 16, 2026 | Schwab details spot bitcoin and ether trading; transfers planned "over time" (source 2) |
| May 2026 | Schwab Crypto begins rolling out to clients (source 3) |
| Aug. 27, 2026 | Schwab plans to add SOL, AVAX and LINK "in the coming months" (source 3) |
| Oct. 15, 2026 | Earnings release cites plans to expand digital assets in Schwab Crypto (source 1) |
| Oct. 16, 2026 | Schwab says accounts are "now available to all eligible retail clients" (source 4) |
Each step has widened either who can trade or what they can hold, though Schwab's published documents give no date for the next one.
In Le Coin's view, transfers are the step to watch. Trading at 75 basis points brings in new buyers, but transfers would let Schwab draw in coins already held at exchanges, which is where Coinbase and Robinhood earn custody and trading revenue.
In Le Coin's view, the bank-custody setup is the other point. Holding client crypto at a Schwab bank, with Paxos behind it, offers cautious investors a familiar name and tests whether brand trust can win assets from crypto-native firms.
Holding the Corner.
Not financial advice.