Revolut, a London-based fintech company, backed by some of Europe’s most well-known investors have launched commission-free stock trading. Revolut Metal customers can now make up to 100 commission-free trades per month in over 300 U.S. listed stocks on the New York Stock Exchange and NASDAQ.
Revolut’s commission-free stock trading is supported by real-time price and performance data. Trading will only be available during the hours of 9:30am – 16:00pm EST, as Revolut are currently only offering U.S stocks.
Revolut’s commision-free stock trading will include up to 100 commission-free trades per month, instant market orders, a $1000USD (R15000ZAR) maximum order and fractional shares (With fractional shares, you can buy a fraction of a share for as little as R15ZAR).
The new commission-free stock trading feature will only be available for Revolut’s metal card customers at this initial stage and will eventually reach all of its customers (Standard and Premium customers) in a roll-out process over the next few weeks.
Revolut’s fee structure will be as follows:
- Premium customers will be able to make eight free trades per month. Any trades thereafter will be charged at £1 (R16ZAR) per trade.
- Standard customers will be able to make three free trades per month. Any trades thereafter will be charged at £1 (R16ZAR) per trade.
- Both of Revolut’s plans will be subject to the same 0.01 percent annual custody fee that applies to Metal customers.
Trading is fast and convenient thanks to the ability to fund your trading account in multiple currencies, directly from the app.
Revolut’s fully metal contactless card give its customers 1% cashback on any currency, including cryptocurrencies. Revolut metal cusomers also receive 24/7 exclusive concierge.
In order to begin trading on Revolut you must have a verified email address and, depending on what kind of photo ID you signed up to Revolut with, you may need to provide further identification documents.
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Leigh Williams is the founder at IXA Media (Pty) Ltd., a digital marketing solutions provider and the publisher of CryptoLive.co.za