Revolut has launched a commission-free stock trading service, initially available to customers subscribed to its Metal membership tier.
The tool will enable the UK challenger bank’s six million Europe-wide users to invest in up to 300 different stocks listed on the New York Exchange and NASDAQ.
Initially available to its Metal members, who pay a $15.75 (£12.99) monthly subscription fee, Revolut plans to roll out the service to all other European customers over the coming weeks.
CEO Nikolay Storonsky said: “This is another huge step in our mission to make financial services more inclusive, innovative and affordable.
“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.
“This is only the beginning for our commission-free trading offering, as we’ll be rolling out access to different markets and investment products in the near future.”
Revolut’s trading tool will ‘demystify’ stock market for a new audience
Revolut operates a tiered membership structure — Standard, Premium and Metal — and will begin phasing in the stock trading features to its highest-paying users first.
Metal card holders will be able to make up to 100 instant free trades, while Premium users will get eight and Standard users three.
Trades made outside of the monthly allowance will be charged at £1 each, along with an annual custody fee of 0.01%.
Revolut does not require a minimum account balance to access the services and its multi-currency wallet feature means customers can exchange currency into US dollars in order to invest, should they choose to.
The fintech says it wants to “demystify the notoriously closed-off, pricey and complex stock market to an entirely new audience”, and will make real-time price updates and market performance data available to support investment decisions.
The service is currently limited to a selection of stocks on the New York Exchange and NASDAQ, but Revolut plans to expand the proposition to include access to UK and European stocks, exchange traded funds (ETFs) and the ability to invest via a stocks and shares ISA.
Stock trading tool the latest move by Revolut to accelerate growth
This is the latest in a number of recent initiatives introduced by Revolut as it seeks to accelerate its growth through diversification and international expansion.
Last month, it announced the first phase of its global ambitions with a move into the Australian market, where it has acquired 20,000 new customers.
CEO Nikolay Storonsky recently spoke about his firm’s future ambitions, which include following the likes of Monzo and N26 into the US market along with a fresh round of venture funding expected later in the year.
Revolut says the stock trading service will be made available to customers in these new markets in due course.
