Revolut launches commission-free stock trading service

1 Aug 20195.1k Views

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestShare on RedditEmail this to someone

Image: Revolut

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestShare on RedditEmail this to someone

Revolut will start with a soft launch of its commission-free stock trading service to its metal card customers, before launching to all customers in the coming weeks.

Revolut has announced the launch of its commission-free stock trading service in Europe. The launch will initially be isolated to a select number of metal card customers, but will be made available to all customers “in the coming weeks”.

Once fully rolled out, customers will be able to invest in 300 US-listed stocks on the New York Stock Exchange and Nasdaq. The service interface will include real-time price updates and market performance data, and the company has said that it intends to add more stocks on a continued basis.

Revolut Metal customers will be allowed to make up to 100 free trades per month. Premium customers will be capped at eight trades and standard customers at three. Trades made outside of the monthly allowance will be charged £1 per trade and an annual custody of 0.01pc.

There is no account balance minimum required to invest and customers can buy fractional shares starting from $1 in value.

“This is another huge step in our mission to make financial services more inclusive, innovative and affordable,” said Nik Storonsky, founder and CEO of Revolut. “Investing in the stock market has been closed off to ordinary people for far too long, which has led to real problems for people as they search for effective ways to make the most out of their savings.

“We’ve made sure that investing through Revolut is low-cost, easy to use and available to everyone, even if they only want to try with very small amounts.”

The company said that it plans to develop its investment service in the future by rolling out access to different markets and products, with planned features including access to UK and European stocks, exchange traded funds (ETFs), and the ability to invest via a stocks-and-shares initial savings account (ISA). The company also hopes to eventually expand outside of the European Economic Area.

Eva Short is a Journalist at Siliconrepublic.com

editorial@siliconrepublic.com