Revolut lets users buy gold

Revolut lets users buy gold

Fintech unicorn Revolut is offering its Premium and Metal customers the chance to buy and sell gold from within its app.

Users can access gold exposure, with their accounts credited with the corresponding value, backed by real, physical gold that Revolut buys and holds with a partner.

Customers can then hold it and change it back into e-money or cryptocurrency. Users can also set up an auto-exchange to make moves when the market price hits their targets.

Although the gold cannot be used to make direct payments, if users make a payment with their Revolut card and the only funds in their account are in gold, the firm will convert it into fiat.

Revolut stresses that trading gold is risky and that it is not regulated by the Financial Conduct Authority and not protected through the Financial Services Compensation Scheme.

Says Revolut's Ivan Chalov: "Yes, trading gold is risky, but it can also be a rewarding investment. In addition to stocks and crypto, it’s another way to potentially get more from your money."

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