Revolut has launched a commission-free stock trading service across Europe, starting with a gradual rollout to a select number of its Metal card customers.
Once available, Revolut Metal card customers 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.
Rolling out to non-VIP customers in the coming weeks, standard users will be limited to three free trades per month, while Premium customers will be able to make eight free trades per month. Trades made outside of any monthly allowance will be charged at £1 per trade, and an annual custody fee of 0.01%.
Fractional share trading is also part of the package, opening up access to the stock market for an entirely new audience of illiquid investors.
“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,” says Nik Storonsky, founder & CEO of Revolut. “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>”
Planned features include access to UK and European stocks, Exchange Traded Funds (ETFs) and the ability to invest via a Stocks and Shares ISA, he says.