Schwab Crypto Explained: Fees, Coins, States & How It Works

Schwab Crypto is Charles Schwab’s account for owning cryptocurrency directly. It’s a separate crypto account, offered by Charles Schwab Premier Bank, SSB, and linked to your Schwab brokerage account. You can buy, sell, and hold bitcoin and ether on Schwab.com, Schwab Mobile, or thinkorswim for 0.75% of each trade. It’s available in every state except New York and Louisiana.

Schwab announced the account on April 16, 2026, and says it “began rolling out to clients in May 2026.” This guide explains how it works, who can open one, what it costs, and what it can’t do yet, all from Schwab’s own pages as of October 21, 2026.

Schwab Crypto at a glance

How Schwab Crypto works

Schwab Crypto isn’t a feature inside your brokerage account. It’s its own account at a Schwab bank, sitting next to your brokerage account:

• Charles Schwab Premier Bank, SSB offers the account and is the custodian of your crypto. Schwab’s pricing guide says the crypto account is linked to a Schwab One brokerage account at Charles Schwab & Co., Inc., Schwab’s broker-dealer.
• Paxos Trust Company LLC provides sub-custody and trade execution. Schwab’s launch announcement calls Paxos “a leading OCC-regulated blockchain infrastructure provider.”
• You own the coins. Schwab’s FAQ says: “Yes, you legally own the cryptocurrency held in your Schwab Crypto account.”

Because the two accounts are linked, you see crypto alongside your stocks and funds, and you move cash between them with a free online transfer. Only cryptocurrencies can sit in the Schwab Crypto account. Crypto funds, options, and futures are traded in your other Schwab accounts.

What you can buy

Today you can trade two pairs:

• Bitcoin (BTC/USD)
• Ether (ETH/USD)

On August 27, 2026, Schwab announced that “in the coming months” clients will also be able to buy and sell solana (SOL), avalanche (AVAX), and chainlink (LINK). As of October 22, 2026, Schwab’s FAQ still lists only bitcoin and ether, so check the order ticket before you plan around the new coins. See what coins you can buy on Schwab Crypto.

Schwab doesn’t issue a coin of its own: “Schwab did not create and does not issue its own cryptocurrency or token.”

What it costs

Schwab says it “does not add a markup to crypto quotes or trades,” and its product page describes the price as “0.75% of your trade value with zero spread.” Schwab shows the estimated fee before you submit an order. A round trip, buying and later selling, costs about 1.5% in fees in total. Our Schwab Crypto fee guide works through real examples, including how the fee is applied to dollar orders and coin orders.

Who can open a Schwab Crypto account

You need an eligible Schwab brokerage account to link it to. Schwab says eligible accounts “include individual and joint brokerage accounts,” and you must live in a supported U.S. jurisdiction. Applications are reviewed, and “not all clients will qualify.”

• New to Schwab? Open a brokerage account first, then apply for Schwab Crypto.
• Already a client? Log in to your brokerage account and apply from there. Our step-by-step guide to opening a Schwab Crypto account covers each screen Schwab documents.
• How long it takes: “Most crypto accounts are opened immediately upon approval,” but review can take up to two business days. Some accounts also need an upgrade before they can trade, which Schwab says can take up to two more business days and happens automatically.
• More than one account: allowed, but each Schwab Crypto account must be linked to a different eligible brokerage account.
• Beneficiaries: Schwab says you can’t add one to a Schwab Crypto account “at this time.”

Where it’s available

Schwab Crypto accounts “are available in all U.S. states except for New York and Louisiana” and “are not available in any U.S. territories or in any international jurisdictions.” Schwab adds that accounts “may be restricted or closed if you move to an unsupported jurisdiction.” It doesn’t say why New York and Louisiana are excluded. Our guide to Schwab Crypto in New York and Louisiana covers what each state requires of crypto companies and your options if you live there.

How money gets in and out

Cash in. You can only move U.S. dollars into Schwab Crypto from its linked brokerage account. There’s no direct funding from an outside bank or debit card. Fund the brokerage account first, then transfer:

• On Schwab.com: Transfer & Pay, then Transfer Funds.
• In Schwab Mobile: More, then Transfer Funds.

Transfers made during normal business hours are available to trade immediately.

Cash out. Crypto trades “typically settle immediately.” After you sell, the cash lands in your Schwab Crypto account, and you transfer it back to the linked brokerage account the same way. From there you can withdraw to your bank as usual.

Can you move crypto in or out?

Yes, if your account has crypto transfers turned on. Schwab is “rolling out in phases” the ability to send and receive crypto and emails you when your account is enabled. Once you enroll, by verifying your identity and setting up a passkey, you can:

• Receive bitcoin on the Bitcoin network and ether on the Ethereum network from another wallet or exchange.
• Send them to an outside wallet you’ve added to your allowlist. A new address must wait at least 24 hours before you can use it.

Withdrawals are limited to 3 per 24 hours and $5,000 per transfer, and Schwab says those limits “cannot be manually increased at this time.” Deposits can total up to $50 million a month. See how to transfer bitcoin into Schwab Crypto for the steps, minimums, and confirmation times.

Trading on Schwab Crypto

• Platforms: Schwab.com, the Schwab Mobile app, and thinkorswim desktop, web, and mobile.
• Order types: market, limit, stop, and stop limit everywhere. thinkorswim adds trailing stop, trailing stop limit, and other advanced orders.
• Dollars or coins: you can enter an order as a dollar amount or a coin quantity, including fractions of a coin.
• Size limits: minimum $1 and maximum $2 million per order. Orders over $1 million must be limit orders. Each coin has a $10 million limit on your total cost basis, not on market value.
• Hours: “nearly 24/7.” Schwab reserves a monthly maintenance window of up to two hours, “usually on Saturday evenings,” when orders may not be placed or filled.
• No margin: you can’t buy crypto on margin, and crypto doesn’t count as collateral.
• No practice mode: bitcoin and ether trading isn’t available in Schwab’s paperMoney simulator.

Is Schwab Crypto safe and insured?

Schwab’s disclosures are clear about what is and isn’t protected:

• Crypto: not insured. Cryptocurrencies offered by Charles Schwab Premier Bank “are not securities; are not protected by SIPC; are not insured by the FDIC; are not deposits; and may lose value.”
• Cash: FDIC-insured. U.S. dollar balances in the crypto account are held in omnibus deposit accounts at Charles Schwab Premier Bank and insured “on a ‘pass-through’ basis” up to $250,000. That limit is shared with any money you hold at the same bank through Schwab’s Cash Features Program.
• Storage: “The majority of cryptocurrency is held in cold storage, though some is held in hot wallets to support day-to-day operations.”
• Unauthorized activity: Schwab’s product page says your cryptocurrencies are covered by the Schwab Security Guarantee, under which “Schwab will cover losses in any of your Schwab accounts due to unauthorized activity.”

Crypto prices can still fall sharply, and no guarantee covers market losses. For the full picture, see is Schwab Crypto safe? Schwab’s own disclosure says investors “should view digital currencies as a purely speculative instrument.”

Schwab Crypto vs other ways to get crypto at Schwab

Schwab Crypto is the only way to own coins directly at Schwab. Schwab lists five ways to invest in crypto: “direct ownership, stocks, exchange-traded products, options, and futures.” The other four happen in a brokerage or futures account, and you own shares or contracts, not coins.

Which costs less over time depends on how long you hold and how often you trade, because Schwab Crypto charges per trade while a fund charges an annual expense ratio. We run the numbers in Schwab Crypto vs a bitcoin ETF.

Statements, taxes, and closing the account

• Statements: you get a monthly statement “regardless of balance or activity.”
• Tax form: Schwab sends a tax form for the crypto account “only if you have at least one cryptocurrency sale in a given tax year.” For how crypto sales are taxed, talk to a tax professional.
• Closing: contact Schwab. The account must have a zero balance before it can be closed.

How to get help safely

Contact Schwab only through Schwab.com, the Schwab Mobile app, or the chat, email, and phone options listed on Schwab’s own Schwab Crypto pages. Don’t call numbers from search ads or social media posts.

Related Schwab Crypto guides

• Schwab Crypto fees: what the 0.75% charge really costs
• Is Schwab Crypto available in New York or Louisiana?
• Can you transfer bitcoin into Schwab Crypto?
• Can you withdraw crypto from Schwab to a wallet?
• How to buy bitcoin on Schwab Crypto
• How to sell crypto on Schwab and move cash to your account
• Schwab Crypto vs Coinbase
• Schwab Crypto vs E*Trade crypto
• Schwab Crypto not showing in your account? Fixes to try
• All Schwab Crypto guides