Morgan Stanley has begun piloting direct cryptocurrency trading on its E*Trade platform, charging around 50 basis points per transaction, according to a Bloomberg report.

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Charles Schwab has begun rolling out plans for spot cryptocurrency trading for retail clients. SoFi Technologies resumed crypto trading after regulatory changes. Several firms, including Morgan Stanley and PNC Financial Services, have also been exploring or developing crypto offerings. The moves reflect wider expansion in retail access to digital assets.

Retail Crypto Fees Under Competitive Pressure

At Morgan Stanley, the service is currently available to a limited group of users. A broader rollout is expected later in 2026. It is planned to reach about 8.6 million E*Trade clients.

The pricing places Morgan Stanley below several competitors in retail crypto trading. Coinbase charges can exceed 0.5%, depending on user tier and payment method. Robinhood offers commission-free trading but generates revenue through spreads, typically between 35 and 95 basis points. Charles Schwab charges around 75 basis points for Bitcoin and Ether transactions.

LATEST: 🏦 Morgan Stanley has begun piloting crypto trading via E*Trade with lower fees than than Coinbase, Robinhood, and Schwab, according to Bloomberg. pic.twitter.com/rVXopGkBw2

— CoinMarketCap (@CoinMarketCap) May 6, 2026

E*Trade Gives Access to Retail Crypto

The pilot follows earlier plans disclosed in 2025 to bring crypto trading to E*Trade. It indicates the bank has moved from planning into execution.

The service also gives Morgan Stanley access to its existing retail client base through E*Trade. This provides a distribution channel that crypto-native exchanges do not have. Competition in retail crypto trading is increasing, with pricing emerging as a key factor as traditional brokers expand further into the market.