Revolut launched a stock trading service on Thursday as an incentive to make investing more inclusive among the public.
The British fintech company announced last August that it would launch a commission-free process of being able to invest in the stock market.
“Just as we set out to fix banking, the time as come to fix trading for the better too,” Revolut said on their blog when it first announced the service.
One year later and trading is now live for Revolut Metal customers, with the service being rolled out to its Standard and Premium customers too in the next few weeks.
“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,” the fintech company said, explaining how the process currently works.
The service also includes the ability to purchase fractional shares. Since shares can be very expensive in many popular companies such as Amazon and Google, Revolut is offering a service that allows users to purchase a certain fraction of the single share for a much smaller price.
In the UK, Freetrade said in July that it had been granted new permissions by the FCA, bringing it one step closer to offering fractional shares.
Revolut added that because it is currently only offering U.S stocks, trading is only available between 9.30-16.00 EST.
Many have been shut off from investing in the stock market due to costs, high share prices and complicated processes, but the fintech company said that it wants to make investing more inclusive.
Financial technology, or fintech for short, is the new technology that competes with the traditional financial services.
Mobile banking and cryptocurrency are a few examples of technologies that increase the accessibility of financial services to the general public.
With fintech on the rise, will the traditional financial services be able to compete with the new fintech generation?