London-based fintech Revolut has launched a commission-free stock trading service in Europe for its Metal card customers.
The service allows Metal card users to invest in 300 US listed stocks on the New York Exchange and NASDAQ. Following the Metal customers, it will be rolled out to all customers. In addition, Revolut aims to add more stocks on a continuous basis.
However, while Metal customers will be allowed 100 free trades a month, Standard customers will be allowed three per month and Premium customers 8 per month. If a trade is made outside the monthly allowance, there is a fee of £1 per trade and an annual custody fee of 0.01%.
There is no account minimum required to invest and fractional shares can be bought with as little as $1.
All currency transactions will be made within Revolut’s multi-currency wallet. Therefore, anyone wanting to invest can transfer money from their home country to US Dollars.
“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,” said Nik Storonsky, founder & CEO of Revolut.
“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,” added Storonsky.
Revolut hopes to continually develop the stock trading service. Planned features include access to UK and Eropean stocks, Exchange Traded Funds, and investments via a Stocks & Shares ISA. In addition, the fintech wants to expand the service to users outside of the EEA.