Revolut, the highly popular fintech application which has taken Malta by storm, has launched a new stock-trading feature allowing users in Europe to buy and share stocks in public companies.
The service offering is being touted by supporters as opening up the practice of stock-trading to ordinary people. Traditionally, investing in stocks has been associated with relatively expensive fees and is also a time-consuming process.
Revolut is offering customers the ability to make up to 100 commission-free trades per month in over 300 U.S. listed stocks on the New York Sock Exchange and NASDAQ with real-time price updates and stock performance data. The service is currently available to Revolut’s premium ‘Metal’ customers and will reportedly be made available to all customers in the coming weeks.
The company has said that over time it will be adding more stocks, including U.K. and European stock exchanges, exchange-traded funds (EFTs), and the ability to invest via stocks and shares individual savings account (ISA).
In comments to Forbes, founder and CEO of Revolut Nik Storonsky stressed how stock trading has been closed off to regular people for far too long. He believes that with the launch of Revolut Trading, far more people will have access to stock trading.
He said that it is another step in Revolut’s mission to create a one-stop financial shop.
In an interview with local business portal Business Today, the company’s CEO revealed that there are 100,000 users of the app in Malta, with no signs of slowing.