0.75% per trade with no self-custody withdrawals, no staking, and no limit orders — Schwab built a roach motel for BTC/ETH. Fidelity already does 0% crypto fees and Robinhood eats the spread, so the 39M accounts sitting on $12T in AUM are doing the heavy lifting here, not the pricing. Paxos custody with zero on-chain withdrawal path means once those assets land in Schwab's walled garden, they're staying there — pure asset retention to stop client AUM from leaking to crypto-native platforms.

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