Schwab expands crypto platform to five assets with solana, avalanche and chainlink
Charles Schwab has added three more cryptocurrencies to its trading platform, bringing the total number of supported digital assets to five. Eligible retail clients can now buy and sell Solana (SOL), Avalanche (AVAX) and Chainlink (LINK) against the US dollar starting November 9, alongside the Bitcoin and Ether trading that became available to all eligible retail clients in October.
The brokerage first announced plans to add these three assets back in August, following a broader rollout of Schwab Crypto that began with early access for small groups of customers in May. The service is now available in all US states except New York and Louisiana, and it remains unavailable in US territories and international jurisdictions.
How the accounts work
Trading happens through a separate Schwab Crypto account, offered by Charles Schwab Premier Bank, SSB, which links to an eligible Schwab brokerage account. Clients fund the crypto account by moving available cash over from their linked brokerage account.
Schwab charges a trading fee of 0.75% of the value of each purchase or sale, with a minimum charge of $0.01. Clients can view and manage their crypto holdings next to their traditional investments through Schwab.com, the Schwab Mobile app and thinkorswim. The company's account terms also include round-the-clock customer support.
On the custody side, Charles Schwab Premier Bank is responsible for safeguarding clients' digital assets and maintaining ownership records, while Paxos handles sub-custody and trade execution. It is worth noting that cryptocurrency holdings through this service are not covered by FDIC insurance or SIPC protection, unlike many traditional brokerage assets.
Building on existing crypto exposure
Before spot trading launched, Schwab customers already had several indirect ways to gain exposure to digital assets, including crypto exchange-traded products (ETPs) and futures, options on spot crypto ETPs, and funds that invest in the broader digital asset sector. In its April launch announcement, Schwab estimated that its clients held approximately 20% of spot crypto ETPs industry-wide, though that figure referred only to exchange-traded product holdings, not direct cryptocurrency ownership.
The new spot trading service adds direct crypto ownership to these existing options. Schwab has described the move as a way to let customers handle more of their financial activity in one place, with an eventual goal of letting clients bring crypto they already hold elsewhere onto the Schwab platform.
That transfer capability is being rolled out gradually. According to Schwab's current FAQ, clients will be able to send and receive supported cryptocurrencies once their accounts are enabled and they have enrolled in transfers.
Who this affects
This expansion is relevant to Schwab clients who already hold brokerage accounts and are considering adding direct cryptocurrency exposure, particularly those interested in Solana, Avalanche or Chainlink rather than just Bitcoin and Ether. It also matters to residents outside New York and Louisiana, since those states remain excluded from the service, as do US territories and international jurisdictions. Anyone weighing whether to use a traditional brokerage for crypto trading, rather than a dedicated exchange, may want to understand the fee structure and the custody arrangements described above, especially the lack of FDIC or SIPC coverage on crypto holdings.
As with any financial product involving digital assets, the rules, fees and available cryptocurrencies can change, and individual circumstances vary widely. A personal finance writer who focuses on breaking down money, insurance and benefits news for everyday households would likely point out that expansions like this one are worth understanding in detail, including how fees are calculated and what protections do or do not apply, before deciding whether they fit into a household's broader financial picture. Readers considering whether to use this kind of service, or how it might fit alongside other investments, may want to review the specific terms Schwab has published and speak with a licensed financial professional about their own situation.
Schwab’s move reflects growing mainstream interest in blockchain technology, as more traditional brokerages look to offer digital assets to their retail clients.
Unlike bitcoin, which some investors view as a digital store of value similar to gold reserves, these newer assets are typically pursued for their utility and growth potential.
Source: Investing.com
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