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.
Fractional 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 more affordable.
Instant 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 that price.
Up to $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 BST.
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.