Investing in the stock market has always been complicated, expensive and inaccessible for many people. It is not the cost of shares but the fees involved in the process that makes it expensive. Many fintech companies across the world are working towards bringing commission-free stock trading to the UK and Europe.
We live in a hyper-connected world that deserves progressive financial services that provide complete control over spending and access to transfers without ridiculous exchange rates. This is possible with fintech firms such as Revolut.
New trading feature!
Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko in London, Revolut has launched a commission-free stock trading for Metal customers letting them make up to 100 commission-free stock trades a month. This will be supported by performance data and real-time price.
Commission-free trades
Revolut Metal customers will be able to make up to 100 commission-free trades per month in more than 300 U.S. listed stocks on NASDAQ and New York Stock Exchange. Additional trades will be charged at £1 per trade. Revolut provides a 0.01 percent annual custody fee and requires no account minimums.
The commission and annual custody fees will be waived off by London fintech company during the beta period. It will come into effect later. Until then, eligible customers can trade for free.
Ability to buy fractional shares
The new commission-free trading feature lets Revolut customers buy fractional shares. The idea is to make trading and investing accessible to more people. Usually, investors are required to buy at least one share in a company. This will not be an issue if the cost of the share is low but shares in big companies such as Google, Amazon, Microsoft, etc. are expensive. With fractional shares, you can purchase even a single share for as low as $1.
Breakdown of fees
Initially, this commission-free stock trading is available only for Metal customers but will be rolled out to Standard and Premium customers in the coming weeks. The Premium customers of Revolut can make eight free trades per month while the Standard customers can make three free trades per month. Furthermore, the additional trades will cost £1 per trade while the annual custody fee is the same as that of the Metal customers.
Trade directly from the app!
The advantage of opting for Revolut is that it will let you trade in multiple currencies directly via the Revolut app. It is fast, convenient and beneficial as it lets you trade at the real interbank exchange rate. To trade with Revolut, you should provide a verified email address. You might have to provide the same photo ID you used to sign up to Revolut to use the trading product.
Stay tuned to Silicon Canals for more updates in the tech startup world.
Also read,
EIT Digital Conference 2019: These 5 innovative tech startups are coming to Brussels in September
