Revolut users will now be able to use its newly released brokerage platform. CNBC reports that the British company’s new service allows clients to trade stocks without paying commission. Stocks available for trading on the platform include US stocks such as Apple and Beyond Meat.
Aims to ‘Lure in Millennials’
Several studies show that Millennials are averting from investing in the stock market. Revolut seeks to encourage these individuals to look into the prospect of stock investments by making it easier and more affordable for them. The fintech company expects to do this by releasing a mobile application dedicated to its services.
Users are also given the ability to purchase smaller portions of the stocks. In fact, Millennials and other interested investors can own a minimum of $1 share. According to Revolut, this is the first time a brokerage firm offers American stocks to Europe in fractions.
According to Andre Mohamed, an executive at Revolut, this is an inclusive move to bring in individuals who have been “excluded from developing their personal wealth.”
Mohamed said that individuals who prefer bank savings fail to save because of low interests. With Revolut’s new offering, investors have an option to accumulate personal wealth earlier, especially as it is convenient and affordable.
Revolut’s trading service is reminiscent of a move taken by financial service company Robinhood. However, Robinhood’s attempt to launch a free trading service failed due to issues with regulatory laws.
To solve this issue, the British firm collaborated with US-based firm DriveWealth. DriveWealth will work behind-the-scenes to allow trading and build investing service.
Currently, individuals who want to avail this service needs to have a Revolut metal card, which cost $16 per month. The firm said that the service will be available to more consumers in the near future.