Revolut adds stock trading option to some customer accounts
Revolut is one of the digital banks that has led the financial revolution we’re now living in. They’ve constantly been looking for ways to innovate and change the way regular customers feel like banking. As well as one of our favourite banks for travelling, it’s also one of the best all-rounders. Now, they’ve added a new feature for some of their customers. Revolut stock trading is now live, and we’ve got all the info you need to know about it.
Trading stocks – no longer a headache
Traditionally, investing in the stock market was something
reserved for those who had time, know-how and money to get into it. Each time
you traded a stock, you’d incur a fee and information about when and where to
invest was hard to come by. Revolut is hoping to join the revolution that’s
underway with their commission-free stock trading.
In a recent
blog post, Revolut announced that they were adding stock trading for all
Revolut Metal customers. There are quite a few features that come along with
it, and it’s hoping to compete with other apps in the space.
Apps such as Freetrade and Robinhood have already been on
the market for a while. They also offer regular customers the chance to invest
and manage a portfolio from a handy mobile app.
Revolut stock trading features
There’s plenty on offer from this new addition. Metal
customers are allowed to make up to 100 trades per month, commission-free. They
have over 300 US stocks listed on the New York Stock Exchange and NASDAQ, along
with real-time stock prices and performance data. If you really get into
trading stocks, anything above the 100 per month threshold costs £1 per trade.
Other features include:
shares. Usually, customers have to purchase at least one share in a
company. However, with big companies, one share can range into the thousands.
Fraction shares allow you to purchase a fraction of a share, making it much
market orders. If you see a share or fraction of a share listed at a
particular market price, when you purchase it, you’re guaranteed to get it for
$1000 per order. For the moment, Revolut has a cap on their orders of $1000
per transaction. However, you can make multiple orders up to this value.
There are few other bits and pieces worth noting. For
example, because Revolut offers only US stocks, you can only purchase them
between 9:30am and 16:00pm EST. In the UK, this means between 2.30pm and 9pm
Although your first 100 trades per month are free, there is
a £1 charge thereafter. Revolut also charges a 0.01% annual custody fee. So, if
after a year your portfolio is worth £100,000, you’ll get charged £10.
Revolt aims to bring some free trading features to Standard
and Premium customers in the future. Standard account holders will get three
free trades per month, while Premium account holders will get eight.