Fintech startup Revolut has announced its launching a “commission-free” stock trading service across Europe, starting with a gradual rollout to a select number of its Metal card customers.
The fintech, which has more than six million customers in the UK and Europe, says the service will be available to Revolut Metal card customers. Users will be able to make up to 100 instant free trades in over 300 US listed stocks on the New York Stock Exchange and NASDAQ, supported by real-time price updates and market performance data. This is a growing list of companies, and Revolut intends to add more stocks on a continuous basis.
It’s also been announced that in the coming weeks, Revolut will also roll this service out to their Standard and Premium customers. Standard customers will be limited to three free trades per month, while Premium customers will be limited to eight free trades per month. Trades made outside of any monthly allowance will be charged at just £1 per trade, and an annual custody fee of only 0.01%.
CEO Nik Storonsky commented: “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.”
“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.”