Some Charles Schwab users on social media have reported that the $13 trillion banking giant has officially started offering direct spot trading for bitcoin. This is an important move because Schwab is one of the largest financial companies in the United States and serves millions of investors.

The company’s new service, called Schwab Crypto, lets customers buy and sell bitcoin directly. Before this launch, Schwab clients could mostly invest in digital assets through products like ETFs and futures instead of owning the digital assets themselves.

This launch did not happen all at once. Schwab first opened a waitlist and tested the service internally with employees. After that, the company slowly expanded access to selected customers before beginning a wider rollout.

Earlier announcements introduced the service with the message: “Schwab Crypto is coming soon.” That showed the company wanted to enter the bitcoin market carefully and build the service step by step.

At launch, Schwab is offering access to bitcoin, which is the largest digital asset by market value. Customers can trade the asset using the same tools they already use for stocks, bonds, ETFs, and other investments.

One of the main goals of this launch is to make bitcoin easier to use.

In the past, many people had to create accounts on separate exchanges and learn new systems to buy digital assets. Now, Schwab clients can manage traditional investments and digital assets in one place.

Schwab Crypto works through a separate account from the company’s regular brokerage accounts. Charles Schwab Premier Bank acts as the main custodian for digital assets, while outside partners help process trades and support the system.

Some users have reported getting access to bitcoin spot purchases through Thinkorswim, which is now Charles Schwab's flagship trading platform.

The company said it plans to charge a trading fee of 0.75% of each transaction and will not add an extra spread fee.

Schwab also warned customers that bitcoin still carries risk. The company said digital asset prices can change quickly and that they are speculative investments. It also noted that “crypto accounts” are not bank deposits and do not have the same protections that investors may expect from traditional financial products.

For now, the service is only available to eligible customers in the United States and seems to be rolling out at a steady pace for others, too. Some locations, including New York, Louisiana, U.S. territories, and international markets, are not included. Schwab said availability will expand gradually.

Many analysts see this launch as part of a bigger trend across Wall Street.
Large financial companies have been increasing their involvement in digital assets as customer interest continues to grow. More firms now offer bitcoin investment products and direct trading services.