Revolut has been around for a while now and has proved itself to be a very handy app. Originally its purpose was allowing users to transfer and spend money in 120 currencies around the world. Users could spend the cash from their digital wallets or by using a pre-paid card connected to their account. It has since grown to offer so much more. Users can insure their phones, buy and sell cryptocurrencies, and even take out travel insurance that automatically kicks in when you move from one country to another.
The growth in services offered by Revolut has been matched by a growth in users. Revolut now has around 2 million users, and they’re all about to gain access to a brand new service that Revolut will provide commission free. Revolut has announced today that users will soon be able to trade stocks and shares through the app for free.
Speaking to the Financial Times, Revolut Chief Executive, Nikolay Storonsky, said:
“Brokers are charging people as much as £5 per trade and the user interfaces are typically clunky, slow and confusing for consumers… The pain points are clear for us and the room for improvement is massive.”
“To put it bluntly, we are going to cause the same disruption in investments as we have done in banking,”
Although Revolut is currently only available in the EU, the company has plans for a global expansion in the coming months. The U.S., Canada, Singapore, Hong Kong, Australia and New Zealand could all see Revolut coming their way around the same time as this new share-trading option rolls out to current users. As of now, there is no exact date for when the new feature will start will become available.
Revolut’s basic features are very useful to anybody doing a spot of traveling or just going on holiday. If you haven’t tried it already, it is definitely worth a look, for what it offers now. If you think you’d like to try your hand trading shares then soon, it’ll be the easiest, and cheapest, way to do so.
Would you like to try share trading with Revolut?