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Morgan Stanley’s E*TRADE has launched direct spot trading in Bitcoin, Ethereum and Solana for eligible U.S. clients, bringing crypto assets into the same web and mobile interface used for stocks, funds and other investments.
The service is powered by Zero Hash, which provides the linked crypto account, liquidity, execution and custody. The rollout moves E*TRADE from crypto exposure products into direct token ownership for retail brokerage clients.
BTC, ETH and SOL Trade 24/7 at 50 bps
Eligible clients can buy, sell and hold Bitcoin, Ethereum and Solana through ETRADE web and the ETRADE mobile app. Trading is available 24 hours a day, seven days a week, while crypto trading on Power E*TRADE is still listed as coming soon.
ETRADE charges a 0.50% commission, or 50 basis points, on the notional value of each crypto trade. The platform says there is no additional spread fee and no markup, with Zero Hash charging the commission and ETRADE receiving a portion.
That pricing makes cost a central part of the rollout. ETRADE’s own comparison page says a $1,000 crypto trade carries a $5 commission under its model, though it also warns that rates can change and that the comparison does not guarantee ETRADE will be the lowest-cost option for every trade.
Zero Hash Keeps Crypto Outside Brokerage Custody
Customers must open a separate, non-brokerage Zero Hash crypto account linked to an eligible individual ETRADE brokerage account. Existing ETRADE clients can add and link the Zero Hash account through an expedited process, while new clients can open both accounts through a single flow.
The custody structure is central to the product. Morgan Stanley says it does not transact in or custody digital assets, and that all digital asset transactions and custody occur between the customer and Zero Hash through a separate account outside Morgan Stanley. Digital assets held through Zero Hash are not FDIC insured or SIPC protected.
That model lets Morgan Stanley add spot crypto trading without immediately making the ETRADE brokerage account itself a crypto custody account. Zero Hash handles the crypto infrastructure, while ETRADE provides the interface, market data, charts, order-entry tools and integrated account experience.
Shared Buying Power Links Cash to Crypto Trades
The linked accounts are designed to share buying power. E*TRADE says customers do not need to separately fund the crypto account before trading because cash in the linked brokerage account is used as the source of purchasing power.
When a client buys or sells crypto, funds automatically sweep in or out of the linked brokerage account to settle the crypto trade. That keeps the funding flow inside the familiar E*TRADE account structure, even though the crypto assets themselves sit in a separate Zero Hash account.
The setup is meant to make crypto trading feel closer to the existing brokerage experience. Clients can view supported digital assets alongside traditional investments, while still holding those tokens under Zero Hash’s crypto account and custody framework.
Direct Ownership Expands Beyond ETFs and Futures
E*TRADE clients already had several ways to gain crypto-linked exposure before the spot launch. The platform points to exchange-traded products, stocks, coin trusts and futures as other routes for investors who want exposure to digital assets without directly holding tokens.
The new service changes the type of access available. ETFs, trusts, stocks and futures offer indirect exposure through securities or derivatives, while the Zero Hash model allows eligible clients to directly buy and hold BTC, ETH and SOL in a linked crypto account.
That distinction matters for investors and regulators. Direct token ownership comes with different custody, operational, tax and risk considerations than holding a listed fund or a crypto-related stock. E*TRADE’s disclosures stress that digital assets involve significant risk, including the risk of complete loss, and do not carry the same protections as brokerage securities or bank deposits.
2025 Zero Hash Deal Set First-Half 2026 Target
Morgan Stanley announced its partnership with Zero Hash in September 2025, with plans for E*TRADE to launch crypto trading in the first half of 2026. At the time, Morgan Stanley said the initial supported assets would be Bitcoin, Ether and Solana.
The July 2026 rollout keeps that original asset list intact and places E*TRADE among large U.S. brokerage platforms offering direct crypto access. It also extends Morgan Stanley’s broader digital asset strategy by putting spot crypto trading inside a mainstream retail investing platform.
Morgan Stanley said transfer functionality is expected later this year, while ETRADE says supported crypto transfers into linked Zero Hash accounts are still coming soon. Power ETRADE support is also not yet live, leaving external transfers and advanced-platform access as the next visible product steps.
Transfers and Power E*TRADE Access Still Pending
Morgan Stanley framed the launch as part of a wider ETRADE platform expansion that also includes fractional-share trading, an updated IPO Center, retirement-planning tools and Power ETRADE Pro enhancements. The crypto rollout is therefore being positioned as one part of a broader retail investing upgrade, not as a standalone exchange launch.
The company also pointed to a Morgan Stanley Wealth Management Pulse Survey conducted in April 2026, which found that the top factor investors ranked when choosing a crypto trading platform was an established company they could trust. The ability to see digital assets alongside traditional investments ranked second.
For crypto markets, the launch adds another major Wall Street brokerage channel for direct spot-token ownership. For Morgan Stanley, the test is whether E*TRADE clients treat BTC, ETH and SOL as a practical extension of their brokerage accounts, while accepting that the assets are held through a separate Zero Hash structure with different protections and risks.
