Schwab charges 0.75% on bitcoin and ether trades across a $13.33 trillion platform

Wurster described crypto trading as a source of transaction-based revenue, according to news.bitcoin.com's account of the Oct. 15 Fall Business Update ^[4][2]. The account does not include a revenue or volume figure, a fee split with Paxos or any rival's pricing. The effect on competing brokers and exchanges cannot be measured from it. The fee schedule is what there is to work with. At 0.75% ^[5], every $1 billion traded yields $7.5 million ^[13]. If clients put 0.01% of the $13.33 trillion platform ^[1] through one round of orders, that is $1.33 billion of volume and roughly $10 million in fees ^[18]. In our view the line grows with turnover, and a client who buys and holds adds little after the first order.

Wurster said: "All clients can now access Schwab Crypto. We are rolling out the ability for clients to transfer their crypto holdings to Schwab, and we are launching access to three new coins by the end of the year." ^[3] The transfer terms show how freely Schwab intends balances to leave. Deposits can reach $50 million a month ^[9]. Withdrawals are limited to three in 24 hours at $5,000 each ^[8], or $15,000 a day ^[14]. Thirty days of full-size withdrawals move $450,000, and the deposit ceiling is about 111 times that ^[17]. A client who places the maximum $2 million order ^[5] pays $15,000 in fees at 0.75% ^[15]. That matches a full day of withdrawals. Taking the position out as crypto would need just over 133 days of full-size withdrawals ^[16].

We think the caps slow exits. news.bitcoin.com describes the transfer rules as a banking-style compliance and security framework ^[12]. That may be the whole motive, or rather the stated one; the effect on balances is the same either way. Two other outcomes are plausible: the limits are launch settings that loosen as transfers widen beyond selected clients ^[7], or trading volume turns out large enough that retention matters little. We would be wrong about the caps if the $5,000 per-transaction limit rises during the staged rollout.

Paxos handles trade execution and sub-custody ^[6]. Schwab supplies distribution: positions sit next to stocks, bonds and ETFs on Schwab.com, the mobile app and thinkorswim ^[11], and the solana, avalanche and chainlink additions due before the end of 2026 ^[10] would add to the coins clients can hold there.