Revolut customers are in for a treat as the London-based financial technology firm (fintech) launches an inclusive and commission-free stock trading service.
It will gradually roll out to Metal card users, who will be able to make 100 free trades a month. Premier customers will be capped at eight free trades and Standard customers at three.
Transactions will be made via the multi-currency wallet, where users can transfer money from their home currency account into US dollars using Revolut’s exchange rates and automatic conversion process.
Users who make trades outside any monthly allowance will be charged £1 per trade in conjunction with an annual custody fee of 0.01 per cent.
Customers can invest in 300 US listed companies on the New York Exchange and NASDAQ.
Nik Storonsky, Revolut co-founder and CEO 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.”
Revolut was launched in 2015 as a digital alternative to big banks by former Credit Suisse and Deutsche Bank investment bankers, Nik Storonsky and Vlad Yatsenko.
Amassing over 6 million customers in the UK and Europe it has raised about $340 million in funding from high-profile venture capital firms, including DTS Global, Index Ventures and Ribbit Capital.
The innovative company plans to expand on a global scale, including providing investment access to UK and European stocks, which will allow users outside Europe to benefit.
Customers can also look forward to investing via a Stocks and Shares ISA as well as Exchange Traded Funds.