The crypto and financial service provider Revolut just rolled out a new free service for trading U.S. stock from the New York Stock Exchange and Nasdaq.
All Revolut customers will be able to use the service for free.
The new app will enable users to trade stocks, buy and sell shares, without paying any commission fees. only customers that have Revolut’s metal card will be able to access this app at first and in the next few weeks, the app will be rolled out to all of the six million customers of the service.
The app will feature up to 300 stocks currently listed on the New York Stock Exchange and the Nasdaq Stock Market. users that have under a hundred trades a month can trade without having any fees, except the firm’s monthly subscription fee. If a user should surpass a 100 trades, then a charge of £1 and a custody fee of 0.01% are incurred.
Revolut Premium customers are allowed to trade up to 8 times a month for free, and standard users have only 3 free trades per month.
Customers will also be able to purchase fractional shares:
“One of the things we’re most proud of with our new trading feature, is the ability for customers to buy fractional shares. This is central to the idea of making trading and investing accessible to more people.
Often, investors are required to buy a minimum of one share in a company. That’s not a problem if the cost of a single share is low (pence/cents each, for example), but shares in many popular companies such as Amazon, Google, or Microsoft, can cost a thousand dollars each, or more. With fractional shares, you can buy a fraction of a single share for as little as $1USD, which means you’ll still own a piece of the company, albeit a much smaller one.”
Revolut Founder & CEO, Nik Storonsky, has stated that the new platform is aimed at getting more people involved in finance:
“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.”
Revolut also revealed that they have plans of adding U.K. and European stocks and Exchange Traded Funds (ETFs) to the app as well.
Featured Image: The Irish Times