Commission-free stock trading is now live for Metal customers

10/08/2019 | Bursa & Investitii | 1,019 views

Investing in the stock market has notoriously been expensive, complicated and inaccessible for a lot of people. So, about a year ago, we transparently announced our plans to bring commission-free stock trading to the UK and Europe.

Starting today, we’re thrilled to announce that trading is now live for Revolut Metal customers, who will be able to make up to 100 commission-free stock trades per month, supported by real-time price and performance data.

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In the coming weeks, we’ll begin to roll this service out to our Standard and Premium customers too, and we’ll be sure to let you know when we’re ready to do this. Until then, here’s an overview of what to expect from our new trading service.

How trading works ?

Revolut Metal customers can make up to 100 commission-free trades per month in over 300 U.S. listed stocks on the New York Stock Exchange and NASDAQ with real-time prices and stock performance data. Any trades thereafter will be charged at £1 per trade. Trades with Revolut are instant, with a 0.01 percent annual custody fee and no account minimums.

Important note: The above commission and annual custody fees will be waived during the beta period. These will come into effect later, and we will communicate with you in advance about when that will be. Until then, trades for eligible customers will be free.

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.

Instant market orders

In a nutshell, market orders allow you to buy a share, or a fraction of a share, at its current market price. For example, if the asking price for a single share in General Mills is $1.50 (hypothetically) when your order arrives at the market, you’ll pay $1.50 for that share.

$1,000 maximum per order

To begin with, we’ll be placing a limit on orders of $1,000 worth of shares. This means, for example, that you could place two orders for the same shares of $1,000 each, but you could not place a single order worth $2,000.

Trading hours

As we are only offering U.S stocks right now, please note that trading will only be available during the hours of 9:30am – 16:00pm EST.

What does commission-free mean? ?

It isn’t just the price of shares which makes investing difficult for many people, it’s fees, too. Commissions for individual trades can be considerable, quickly adding up to make investing a costly endeavour.

Revolut Metal customers will be able to make up to 100 trades each month, without paying any commissions for those individual trades. Any trades in excess of this would incur our standard £1 commission fee per trade. We also charge a 0.01 percent annual custody fee. For example, if your investment portfolio is worth £100,000, your annual custody fee would be £10. Other pass through fees may apply.

Although trading is not available to Premium and Standard users yet, so that we’re completely transparent, here’s the lowdown on fees for you. Premium customers will be able to make eight free trades per month. Any trades thereafter will be charged at £1 per trade.

Standard customers will be able to make three free trades per month. Any trades thereafter will be charged at £1 per trade. Both of these plans will be subject to the same 0.01 percent annual custody fee as applies to Metal customers.

Making trading inclusive ?

Over the last four years, we have worked passionately to build an inclusive product that is currently used by over six million people. Investing in the stock market has been closed off to many people for far too long, due to fees, high share prices, and complicated platforms. This has led to real problems for people as they search for effective ways to get the most out of their money.

That is why we are proud to say that customers will be able to buy and sell fractional shares through Revolut, with as little as $1 (subject to being accepted as a Revolut customer, via our usual sign-up process).

This means that if you don’t have enough money to buy an entire share from a company like Apple or Tesla, you’ll be able to buy as little as $1 worth of shares instead.

Trading eligibility ?

It’s important to note that in order to trade with Revolut, you must have a verified email address and, depending on what kind of photo ID you signed up to Revolut with, we may need to ask you for further photo ID in order to use our trading product.

Do it all from the Revolut app ?

Another advantage of trading with Revolut is the ability to fund your trading account in multiple currencies, directly from the app. Not only does this make trading fast and convenient, you’ll also benefit from the real interbank exchange rate — a feature we’ve been proud to offer Revolut customers from day one.

Open a free Revolut account!

Trading is now open to more people ?

We believe in fairness and transparency, and that more people should have the opportunity to invest in stocks. As we develop our trading feature, we plan to open it up to more people outside of Europe, to bring in products such as ETFs, and introduce UK and European stocks.

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