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Schwab Crypto

How to Open a Schwab Crypto Account (Step-by-Step)

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Lead author, TheWalletDesk

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Key takeaways

  • You need an eligible Schwab brokerage account first: an individual or joint account. New clients open one, then apply for Schwab Crypto.
  • You must live in a supported state: Schwab Crypto isn't available in New York, Louisiana, or U.S. territories.
  • Most applications are approved immediately, but review can take up to two business days. Some accounts also need an automatic upgrade before they can trade, which can take up to two more business days.
  • Fund it by moving cash from the linked brokerage account (Transfer & Pay, then Transfer Funds). There's no account fee.
  • Crypto transfers are a separate step: Schwab emails you when your account can send and receive crypto, and you enroll with a passkey.

Schwab Crypto at a glance

Type
Brokerage crypto account held at a bank (custodial)
US availability
All states except New York and Louisiana; not available in U.S. territories
Supported networks
Bitcoin (BTC) on the Bitcoin network and ether (ETH) on the Ethereum network
Fees
0.75% of each buy or sell (minimum $0.01) with no spread markup. No account fee. Schwab charges nothing to send or receive crypto; blockchain network fees apply.

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On this page
  1. Before you start: are you eligible?
  2. Step 1: Open a Schwab brokerage account (new clients only)
  3. Step 2: Apply for Schwab Crypto
  4. Step 3: Wait for approval and any upgrade
  5. Step 4: Move cash into Schwab Crypto
  6. Step 5: Place your first trade
  7. Optional: turn on crypto transfers
  8. If you get stuck
  9. Good to know before you open one
  10. Related Schwab Crypto guides
  11. Frequently asked questions
  12. Sources and references

To open a Schwab Crypto account, you need an eligible Schwab brokerage account first, then you apply for the crypto account from inside it. Schwab says eligible accounts “include individual and joint brokerage accounts,” and you must live in a supported state, which is every state except New York and Louisiana. Most applications are approved immediately, though review can take up to two business days. Then you move cash in from the linked brokerage account and you’re ready to trade.

Here’s every step, what to expect while you wait, and what to do if something stalls, based on Schwab’s own instructions as of October 22, 2026.

Before you start: are you eligible?

Requirement What Schwab says
A Schwab brokerage account “Eligible accounts include individual and joint brokerage accounts.”
Where you live All U.S. states except New York and Louisiana; not U.S. territories or outside the U.S.
Approval “Applications are subject to review and approval. Not all clients will qualify.”
Cost No monthly account fee; 0.75% when you buy or sell

If you live in New York or Louisiana, see Schwab Crypto in New York and Louisiana for what you can do instead.

Step 1: Open a Schwab brokerage account (new clients only)

If you’re not a Schwab client yet, Schwab says “you’ll need a Schwab brokerage account first.” Open an individual or joint brokerage account through Schwab’s website or the Schwab Mobile app. Once it’s open, continue to step 2.

If you already have an individual or joint Schwab brokerage account, skip ahead.

Step 2: Apply for Schwab Crypto

  1. Go to Schwab’s cryptocurrency page, schwab.com/cryptocurrency, and select Apply for a Schwab Crypto account, or log in to Schwab.com first.
  2. Log in with your Schwab brokerage account credentials. Schwab says: “Use your brokerage account to apply for a Schwab Crypto account.”
  3. Choose the eligible brokerage account you want to link. If you have more than one, Schwab shows a drop-down menu of eligible accounts.
  4. Read the Schwab Crypto account agreement and disclosures, including the cryptocurrency risk disclosure, and complete the application.
  5. Submit the application.

Only type your login details on schwab.com or in the official Schwab Mobile app. Schwab’s crypto pages are under schwab.com/cryptocurrency.

Step 3: Wait for approval and any upgrade

Schwab’s FAQ describes two possible waits:

  • Approval. “Most crypto accounts are opened immediately upon approval, but it can take up to two business days to review and approve an application.”
  • Account upgrade. After approval, “most clients will be able to trade immediately after they fund their newly opened Schwab Crypto account. If you are unable to trade, your account may be pending an upgrade.” Schwab says the upgrade is automatic, “can take up to two business days and is required to trade crypto,” and that Schwab will email you when your account is ready.

So in the worst case, expect up to about four business days between applying and placing your first trade. You don’t need to do anything during the upgrade.

Step 4: Move cash into Schwab Crypto

Schwab Crypto only accepts cash from its linked brokerage account: “You can only transfer cash into your Schwab Crypto account from its linked brokerage account.” There’s no direct funding from an outside bank or a debit card.

  1. Make sure the linked brokerage account has cash. If needed, transfer money into it from your bank or another Schwab account.
  2. On Schwab.com, select Transfer & Pay, then Transfer Funds. In the Schwab Mobile app, select More, then Transfer Funds.
  3. Move cash from the linked brokerage account to your Schwab Crypto account.

Schwab says transfers into the crypto account “made during normal business hours will be available immediately,” and online transfers between the two accounts are free. Cash in the crypto account earns no interest, so move only what you plan to use.

Step 5: Place your first trade

You can now buy bitcoin or ether on Schwab.com, Schwab Mobile, or thinkorswim, starting at $1 per order. Our guide to buying bitcoin on Schwab Crypto walks through the order ticket, and the fee guide shows what each trade costs.

Optional: turn on crypto transfers

Sending and receiving crypto is a separate feature. Schwab is “rolling out in phases” crypto transfers to Schwab Crypto clients and emails you when your account is enabled. Then you enroll on Schwab.com or in Schwab Mobile under More, Transfer & Pay, Transfer Crypto, by verifying your identity and setting up a passkey. See how to transfer bitcoin into Schwab Crypto.

If you get stuck

Problem What to do
You can’t find the application Log in with an individual or joint brokerage account; other account types may not be eligible.
The application won’t complete Schwab says to contact it through chat or phone if you’re “having trouble completing the crypto account application.” Use Schwab.com or the Schwab Mobile app to reach it.
It’s been a day and you’re not approved Review can take up to two business days.
Approved, but you can’t trade Check that you’ve moved cash in, then allow up to two business days for the automatic upgrade.
You moved to New York or Louisiana Schwab says accounts “may be restricted or closed if you move to an unsupported jurisdiction.” Contact Schwab before you move.
You see no crypto in paperMoney Bitcoin and ether trading “are not available on paperMoney at this time.”

If your crypto account doesn’t appear at all after approval, see Schwab Crypto not showing in your account.

Good to know before you open one

  • Several accounts are allowed, “each one must be linked to a unique, eligible Schwab brokerage account.”
  • No beneficiary yet. “At this time, you can’t add a beneficiary to your Schwab Crypto account.”
  • Closing it: contact Schwab; “before Schwab can close your account, it must have a zero balance.”
  • It’s not insured like a bank deposit. The crypto isn’t FDIC-insured or SIPC-protected, though cash in the account is FDIC-insured up to $250,000 on a pass-through basis. See is Schwab Crypto safe?

Frequently asked questions

How do I open a Schwab Crypto account?

Log in to your Schwab brokerage account and apply for a Schwab Crypto account from Schwab's cryptocurrency page. If you don't have a Schwab brokerage account, open one first. The crypto account links to an individual or joint brokerage account, and Schwab reviews each application.

How long does it take to open a Schwab Crypto account?

Schwab says most crypto accounts are opened immediately upon approval, but review can take up to two business days. If your account also needs an upgrade before it can trade, that can take up to two more business days.

Why can't I trade after my Schwab Crypto account was approved?

Your account may be pending an upgrade. Schwab says the upgrade happens automatically when needed, takes up to two business days, and that it will email you when your account is ready. You also need to move cash into the crypto account first.

Who is eligible for Schwab Crypto?

Clients with an eligible individual or joint Schwab brokerage account who live in a supported U.S. jurisdiction. It isn't available in New York, Louisiana, U.S. territories, or outside the U.S., and Schwab says not all clients will qualify.

Can I open more than one Schwab Crypto account?

Yes. Each Schwab Crypto account must be linked to a different eligible Schwab brokerage account. Choose another eligible brokerage account from the drop-down when you apply.

Does it cost anything to open or keep a Schwab Crypto account?

No. Schwab's pricing guide lists no monthly service fee regardless of balance, and online transfers between the crypto account and its linked brokerage account are free. You pay 0.75% when you buy or sell crypto.

Can I open a Schwab Crypto account in an IRA?

Schwab names individual and joint brokerage accounts as eligible to link with Schwab Crypto. Ask Schwab about other account types; for crypto exposure in other accounts, Schwab offers exchange-traded products.

Sources and references

  1. Schwab Crypto FAQs (opens in a new tab) · Charles Schwab Premier Bank, SSB · Official documentation · accessed October 22, 2026
  2. Trade Crypto (opens in a new tab) · Charles Schwab Premier Bank, SSB · Official documentation · accessed October 22, 2026
  3. Cryptocurrency (Schwab Crypto) (opens in a new tab) · Charles Schwab · Official documentation · accessed October 22, 2026
  4. Charles Schwab Premier Bank Cryptocurrency Account Pricing Guide (October 2026) (opens in a new tab) · Charles Schwab Premier Bank, SSB · Official documentation · accessed October 22, 2026
  5. Charles Schwab Premier Bank Cryptocurrency Account Risk Disclosure (opens in a new tab) · Charles Schwab Premier Bank, SSB · Official documentation · accessed October 22, 2026

How we choose sources: fact-checking policy. Spotted an error? Report a correction.

About the author

Written by

Lead author, TheWalletDesk

Matt Fisher is the lead author at TheWalletDesk, writing plain-English guides to US crypto exchanges: withdrawals, deposits, account restrictions, and verification.

How we work: editorial policy · how we research