Charles Schwab begins offering spot crypto trading services to US retail clients

Odaily Planet Daily News: U.S. financial services giant Charles Schwab has begun rolling out its "Schwab Crypto" service in phases to eligible U.S. retail clients, allowing users to directly trade Bitcoin and Ethereum.

According to official information, users can view and manage their crypto assets directly through their existing Schwab accounts. Custody is handled by Charles Schwab Premier Bank, while Paxos provides underlying custody and trade execution services.

The platform charges a transaction fee of 0.75% per trade. Currently, it does not support deposits or withdrawals to and from external wallets. Additionally, the service is not yet available to residents of New York State and Louisiana.

Charles Schwab currently manages approximately $12 trillion in client assets, and its clients already hold about 20% of the asset share in U.S. spot crypto ETFs. (FinanceFeeds)