Charles Schwab is expanding its crypto platform beyond Bitcoin and Ethereum, adding support for Solana, Avalanche, and Chainlink exposure, according to Val…
Frequently Asked Questions
Here is a list of FAQs regarding Charles Schwabs expansion of its cryptocurrency platform beyond Bitcoin and Ethereum
Beginner Questions
1 I heard Schwab is adding more crypto What exactly is changing
Previously Schwab only allowed you to trade Bitcoin and Ethereum Now they are expanding the platform to include other major cryptocurrencies such as Solana Chainlink and others so you can diversify your crypto holdings in one place
2 Is this the same as buying crypto on Coinbase
Its similar in that you are buying the actual digital asset but its different because you are doing it through your existing Schwab brokerage account You get Schwabs interface customer service and the ability to see your crypto next to your stocks and ETFs
3 Do I need a special crypto wallet to use this
No Schwab will hold the cryptocurrency securely for you in their custody You dont need to worry about managing private keys or external wallets you just log into your Schwab account to buy and sell
4 How do I access this new feature
You will see a Crypto section within your main Schwab dashboard or mobile app You may need to agree to new terms and conditions or answer a few questions to optin before you can start trading
5 Can I buy fractions of these new coins or do I have to buy a whole one
You can buy fractions For example if a coin costs 2000 you can buy 100 worth of it This allows you to spread your money across many different coins without needing a huge budget
Trading Mechanics
6 When will these new coins be available to trade
Charles Schwab is rolling these out in phases You should see them become available in your app over the coming weeks If you dont see them yet check your app store for an update or check the Schwab website for the official launch date
7 Are there trading fees or commissions on these new cryptos
Yes Unlike stock trades crypto trades have a spread and a fee Schwab charges a flat fee per trade plus a small percentage markup on the price The exact amount will be shown to you before you confirm your order