Charles Schwab Offers Spot Bitcoin, Ether Trading to Retail Clients

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Charles Schwab is offering spot cryptocurrency trading to retail clients, according to reports.

Odaily and other outlets reported on August 13 that Schwab has been gradually rolling out spot crypto trading to individual customers since mid-May. The fee is 0.75% of each transaction.

The service currently supports two cryptocurrencies: Bitcoin and Ether. It does not support deposits from or withdrawals to external wallets. Crypto infrastructure firm Paxos handles order execution and secondary custody.

During its earnings call last month, Schwab said its crypto trading business was progressing as planned. The company has also recently tested moving cryptocurrencies from its system to other addresses, the reports said.

Schwab oversees $13.1 trillion in client assets and has about 39.8 million brokerage accounts. Its clients have already invested $25 billion in crypto-related financial products through exchange-traded products, according to the reports.