Bitcoin
BTC
$
00000.00
-0.00%
Ethereum
ETH
$
00000.00
-0.00%
Solana
SOL
$
00000.00
-0.00%
XRP
XRP
$
00000.00
-0.00%
Dogecoin
DOGE
$
00000.00
-0.00%
ChainLink
LINK
$
00000.00
-0.00%
Binance Coin
BNB
$
00000.00
-0.00%
Cardano
ADA
$
00000.00
-0.00%
Litecoin
LTC
$
00000.00
-0.00%
Ordinals
ORDI
$
00000.00
-0.00%
Polygon
MATIC
$
00000.00
-0.00%
Optimism
OP
$
00000.00
-0.00%
Arbitrum
ARB
$
00000.00
-0.00%
Polkadot
DOT
$
00000.00
-0.00%
Avalanche
AVAX
$
00000.00
-0.00%
Sui
SUI
$
00000.00
-0.00%
Ethereum Classic
ETC
$
00000.00
-0.00%
FileCoin
FIL
$
00000.00
-0.00%
Celestia 
TIA
$
00000.00
-0.00%
Injective
INJ
$
00000.00
-0.00%

Key Takeaway

Charles Schwab is making significant strides in integrating traditional financial services with the dynamic realm of digital currencies. Unfortunately, the platform currently only offers crypto ETFs and does not provide a direct method for purchasing and owning tokens like Bitcoin or Ethereum. Users must use a dedicated exchange to buy digital assets.

For Charles Schwab clients keen on exploring the cryptocurrency market, Kraken is the ultimate platform, with a diverse portfolio of over 200 cryptocurrencies. Known for its rigorous security protocols and transparent operational practices, Kraken has fast and efficient USD deposit options.

Kraken USA
Kraken USA

This review and rating adhere to our editorial policy and the the research methodology of StacksOnChain analysts, guaranteeing the accuracy and reliability of our reports.

Rating
9.5

Supported Assets

200+ Cryptocurrencies

Trading Fees

0.16% Maker Fees & 0.26% Taker Fees

Can I Invest in Crypto with Charles Schwab?

No, it is not possible to purchase cryptocurrency directly through Charles Schwab. American investors who are interested in this emerging asset class will need to utilize a legitimate exchange. This approach ensures that clients can explore the crypto space with confidence.

It’s important to highlight Charles Schwab does not directly provide crypto wallet services within its banking solutions. To securely store, manage, and transact digital currencies, it is recommended to use a U.S exchange that adheres to local laws and financial regulations.

How to Buy Crypto with Charles Schwab

Charles Schwab does not support cryptocurrency investing, but users can acquire tokens, such as Bitcoin, by transferring USD to accredited exchanges. Kraken, with its steadfast commitment to regulatory compliance and top-notch security measures, stands as the favored choice among Schwab clients, accepting USD deposits and offering competitive fees. 

  1. Sign up for an account on Kraken and complete the identity verification steps.
  2. In the 'Funding' area, select your preferred payment method and deposit USD to the platform.
  3. Locate the cryptocurrency you wish to buy and select the 'Trade' button.
  4. Enter the desired investment amount and complete the transaction by clicking on 'Buy.'

Will Charles Schwab Support Crypto?

Charles Schwab currently offers crypto ETFs through its platform but does not allow customers to buy, sell, trade, and hold digital assets like Arbitrum or Solana directly. The platform has not announced any future plans to support the investing and trading of individual tokens through its services. However, given the popularity of this emerging asset class, it would be safe to assume that they will eventually provide this in their offerings. 

Digital Asset Investing Fees

When engaging with exchanges, users encounter various fees that are crucial for the seamless operation and maintenance of these platforms. Understanding these fees is essential for anyone navigating the crypto space efficiently. Here are some of Kraken’s costs:

  • Deposit Fees: These are incurred when adding funds, but they are often minimal to encourage fund inflow. On Kraken, cryptocurrency and USD deposits are free, but SWIFT transfers will incur a $3 fee.
  • Withdrawal Fees: These fees are applied when transferring assets from the exchange. Kraken has fixed fees to cover blockchain transactions on crypto withdrawals, while USD withdrawals vary with ACH transfers coming at no cost and other methods such as FedWire or SWIFT ranging between $4 - $35.
  • Trading Fees: Trading fees are charged for executing trades and expressed as a percentage of the trade value. Costs differ based on trading volume, account tier, and whether the trade adds (maker) or removes (taker) market liquidity. The maker fee on Kraken starts at 0.16%, and the taker fee is 0.26%.

Fee discounts apply for high-volume trading with 0% fees for users that have a $10 million monthly trading volume. 

Closing Thoughts

Through its alignment with international financial standards and its partnership with reputable platforms like Kraken, Charles Schwab provides a solid foundation for individuals interested in the digital asset sector. While Charles Schwab does not directly partake in cryptocurrency trading, its users cam securely transfer funds to regulated exchanges, guaranteeing a smooth and safe investment process.

Author

Richard Zhang, the founder of StacksOnChain, comes with a rich history in finance and a background as a High-Frequency Trading engineer and computer science scholar. With over a decade in the industry, he fervently advocates decentralized financial systems, imparting his extensive knowledge to a global readership.

View posts

Featured Guides

Learn more with some of the featured guides recommended by our analysts.

Dive into Berachain, where DeFi meets innovation through EVM compatibility, a novel liquidity consensus, and integrated DeFi applications.
Chris Wheelan
May 18, 2024
Research

What is Berachain?

Dive into Berachain, where DeFi meets innovation through EVM compatibility, a novel liquidity consensus, and integrated DeFi applications.

Explore how EigenLayer Restaked Points measure user contributions with ETH staked, impact EIGEN token distribution, and face geo-restrictions.
Richard Zhang
Apr 30, 2024
Research

What are EigenLayer Restaked Points?

Explore how EigenLayer Restaked Points measure user contributions with ETH staked, impact EIGEN token distribution, and face geo-restrictions.