Revolut is to provide Australian users with the opportunity to buy and sell fractional shares listed on the New York Stock Exchange and Nasdaq through its all-in-one finance app.
Revolut says customers will be able to invest as little as US$1 into stocks from popular listed companies such as Amazon, Tesla, Coca-Cola, and Netflix. The package includes real-time market data, intuitive stock charts, as well as price alerts, market graphs, and global market news within the app.
The in-app platform also includes Revolut’s social trading feature, which will allow traders to share their portfolios and view the investments of other Revolut customers.
Revolut rolled out stock trading in the US last month after securing a broker-dealer licence in September 2021.
Matt Baxby, CEO of Revolut Australia, says: “There are so many barriers for Aussies who want to invest in the US stock market. Traditional providers sting customers with a whole slew of hidden fees including brokerage, markups on foreign exchange into US dollars, as well as deposit and withdrawal fees. By offering commission-free trades and our market-leading FX rates, our stock trading feature sets out to simplify things and give investors more money on their trades, and less on fees.”
Revolut has more than 100,000 Australian customers since it launched in August 2020, offering users a multi-currency transaction account, automated budgeting, international remittance, a cryptocurrency and commodities exchange service, shopping rewards, a donations platform, and linked Junior accounts for children aged 6-17.