FinTech firm Revolut launches 'no fee' stock trading
UK FinTech firm Revolut has launched a new feature in its app which will allow for comminssion-free stock trading.
The new service will allow users buy and sell fractional shares of 300 300 U.S.-listed stocks on NASDAQ and NYSE, with a worth of at least $1.
The firm said it plans an expansion into UK and European stocks in future.
Founded in 2015, the London app-based bank now has 6 million users, was last valued by investors at $1.7 billion.
The firm said it has partnered with US broker DriveWealth to build the service, which initially be available only to those with a ‘Metal’ account, its most premium account, costing £13 per month and allowing 100 free trades.
Revolut’s standard users will be limited to three free trades per month, it said, while premium customers can make up to eight free trades.
The firm hopes to create revenue from additional trades, which will be charged at £1 each, and from its standard users opting for a premium account to make trades more affordable.
“This is another huge step in our mission to make financial services more inclusive, innovative and affordable,” said Nik Storonsky, Founder & 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.
“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.”