Schwab throws open the doors: all of its clients can now trade bitcoin and ether, and it is starting to let them move coins in from outside

One of America's biggest brokers has finished opening its crypto desk to everyone. Speaking on Schwab's third-quarter earnings call on Thursday, chief executive Rick Wurster said all clients can now use Schwab Crypto, the service that lets them buy and sell bitcoin and ether directly rather than through funds. Schwab began offering it to selected retail clients in May.

Wurster added two next steps. Schwab is rolling out the ability for clients to transfer crypto they hold elsewhere into Schwab, he said, without giving a completion date, and it plans to offer three new coins by the end of the year. In August the firm named Solana, Avalanche and Chainlink as the coins it would add, without a firm date.

The accounts are run by Charles Schwab Premier Bank, with Paxos handling sub-custody and trade execution, according to FinanceFeeds. Each trade costs 75 basis points of its value. Schwab says the service is not available in New York, Louisiana or outside the US, that not every applicant will qualify, and that crypto is not FDIC insured or SIPC protected.

The reach matters: Schwab counted more than 40 million active brokerage accounts in August. Wurster also said Schwab plans to build out prediction markets tied to clients' portfolios over the next 12 to 18 months, while staying away from sports betting.