Brokerage and banking stalwart Charles Schwab is modernizing its offerings, beginning a rollout of its planned crypto trading platform and giving retail clients access to bitcoin and ethereum for the first time.

The new offering, simply called Schwab Crypto, will be introduced in phases over the coming weeks, confirming a previously stated timeline for a second-quarter launch following a waitlist phase earlier this month.

At launch, clients will be able to trade bitcoin (BTC) and ethereum (ETH) through dedicated crypto accounts linked to their traditional Schwab brokerage accounts. Access to spot trading is a big step up from Schwab's previous offerings of indirect crypto exposure via exchange-traded funds and derivatives.

Schwab said it will charge 75 basis points per transaction. The crypto accounts will be offered through Charles Schwab Premier Bank, with the firm taking the role as custodian, while blockchain infrastructure provider Paxos will handle trade execution.

The rollout comes with a few early constraints. Depositing and withdrawing digital assets will be disabled on launch. Clients will have to purchase any BTC or ETH that they want to trade directly through Schwab. The service will also be unavailable for New York and Louisiana residents.

Schwab said it plans to expand the platform over time, including adding more cryptocurrencies and enabling transfers, but no specific timeline was offered.

The new platform puts Schwab more directly in competition with crypto-native platforms such as Coinbase and retail trading apps like Robinhood, as well as other traditional firms exploring similar offerings.

Schwab reported $12.22 trillion in client assets and nearly 39 million active brokerage accounts as of early 2026, giving the rollout added weight as large financial institutions push deeper into digital assets.

The announcement came alongside Schwab’s first-quarter earnings, where the firm reported record profit of $1.43 per share on $6.48 billion in revenue, falling just short of expectations.