Fintech startup Revolut is launching its stock trading feature today. It’s a Robinhood-like feature that lets you buy and sell shares without any commission. For now, the feature is limited to some Revolut customers with a Metal card.
While Robinhood has completely changed the stock trading retail market in the U.S., buying shares hasn’t changed much in Europe. Revolut wants to make it easier to invest on the stock market.
After topping up your Revolut account, you can buy and hold shares directly from the Revolut app. For now, the feature is limited to 300 U.S.-listed stocks on NASDAQ and NYSE. The company says that it plans to expand to U.K. and European stocks as well as Exchange Traded Funds.
There’s no minimum limit on transactions, which means that you can buy fractional shares for $1 for instance. You can see real-time prices in the Revolut app.
When it comes to fees, Revolut doesn’t charge any fee indeed, but with some caveats. The feature is currently limited to Revolut Metal customers for now. It currently costs £12.99 per month or €13.99 per month to become a Metal customer.
As long as you make less than 100 trades per month, you don’t pay anything other than your monthly subscription. Any trade above that limit costs £1 per trade and an annual custody fee of 0.01%.
Eventually, Revolut will roll out stock trading to other subscription tiers. Revolut Premium will get 8 commission-free trades per month and basic Revolut users will get 3 commission-free trades per month.
Behind the scene, Revolut has partnered with DriveWealth for this feature. This is a nice addition for existing Revolut users. You don’t have to open a separate account with another company and Metal customers in particular get a lot of free trades.
from TechCrunch https://ift.tt/2KgPqC2
via Technology
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