Revolut app, an “on the go” digital banking app that guarantees instant payments is delving into stock trading service. The UK-based platform that also deals in crypto trading will be allowing stock traders to conveniently buy and own shares.
According to official communication from Revolut, the service hasn’t been rolled out to reach every potential trader across the world yet. At the moment, it can be accessed by the over 300 American stocks listed on NASDAQ and the New York Stock Exchange.
Service Ideal for those hoping to own part of Blue-Chips
The new service, what’s regarded as fractional stock trading, will allow traders to invest amounts as little as a dollar in shares of companies they envy. The most targeted companies basically include Amazon and Google, two of the few companies whose shares cost thousands of dollars.
Interestingly, Revolut will not charge Metal customers who hit as much as 100 trades a month any commission fee. A trader who will go beyond 100 trades will, however, pay £1 or an equivalent of $1.21 per trade. Additionally, the platform will charge an annual custody fee of 0.01% of the value of the entire investment.
Ideally, the service is exclusive to those holding the “Metal” card right now even as the platform hopes to launch the U.K. and European stocks. Along with the two stocks, Revolut is planning to offer Exchange-Traded Funds (ETFs) and reach more “Premium” and “Standard” cardholders soon.
Meanwhile, other apps are ‘upping their game’
Revolut is launching this new service at a time when various other crypto investing apps are upgrading in order to serve the market’s growing needs. Abra, one of the most talked-about apps in the industry, just recently rolled out a fractional stock trading service which, unlike that of Revolut app, converts BTC into stocks in large companies like Google and Facebook.