ritish fintech company Revolut has just launched its commission-free stock trading platform. The moves comes almost precisely a year after announcing
that they would release their trading platform, trying to once again disrupt the market.
Until today, most trading platforms were quite difficult to grasp and many ordinary people were reluctant to invest in stocks. Things may drastically change today, with Revolut Trading.
The new system will be rolled out in multiple phases. At first, the trading platform is already available to the Metal members – members paying £12.99 a month for additional services such as 1% cashback, free ATM withdrawals and more. In the coming weeks, Premium and Standard members will also benefit from the services.
The differences between accounts will be as followed:
- Metal members will be able to perform 100 commission-free trades per month.
- Premium members: 8 commission-free trades per month.
- Standard members: 3.
For all account types, additional trades will be charged £1 each.
Revolut is offering trading for over 300 US listed stocks from the New York Stock Exchange and NASDAQ.
Not only that, but Revolut is offering the ability to purchase fractional shares, in a similar way members can buy fractional currencies and cryptocurrencies. Since you can buy as an example 0.5 euros, why shouldn't you be able to purchase 0.5 share of AT&T, as an example? This means that investors with low cash will still be able to invest in their favorite stocks.
Initially, the maximum of each trade will be $1,000.
Trades with Revolut are instant, with a 0.01 percent annual custody fee across all account types (Standard, Premium and Metal). This means that a portfolio of $1,000,000 would only represent a yearly custody fee of $100.
At a later stage, Revolut will bring additional equities, such as ETFs and British and European stocks.
For more information about their new service, check out their blog post here
as well as their Trading FAQ
With over six million subscribed users, the potential for both customers and Revolut itself is quite big.