Issue link: https://maltatoday.uberflip.com/i/1153076
08.08.19 15 FINTECH REVOLUT has launched a commis- sion-free stock trading service, initially available to customers subscribed to its Metal membership tier. e tool will enable the UK challenger bank's six million Europe-wide users - including more than 100,000 in Malta - to invest in up to 300 different stocks listed on the New York Exchange and NASDAQ. Initially available to its Metal mem- bers, who pay a €13.95 monthly sub- scription fee, Revolut plans to roll out the service to all other European cus- tomers over the coming weeks. CEO Nikolay Storonsky said: "is is another huge step in our mission to make financial services more inclusive, innovative and affordable. "Investing in the stock market has been closed off to ordinary people for far too long, which has led to real prob- lems for people as they search for effec- tive ways to make the most out of their savings. "We've made sure that investing through Revolut is low cost, easy to use and available to everyone, even if they only want to try with very small amounts. "is is only the beginning for our commission-free trading offering, as we'll be rolling out access to different markets and investment products in the near future." Revolut's trading tool will 'demystify' stock market for a new audience Revolut operates a tiered member- ship structure — Standard, Premium and Metal — and will begin phasing in the stock trading features to its high- est-paying users first. Metal card holders will be able to make up to 100 instant free trades, while Pre- mium users will get eight and Standard users three. Trades made outside of the monthly allowance will be charged at €1 each, along with an annual custody fee of 0.01%. Revolut does not require a minimum account balance to access the services and its multi-currency wallet feature means customers can exchange cur- rency into US dollars in order to invest, should they choose to. e fintech says it wants to "demystify the notoriously closed-off, pricey and complex stock market to an entirely new audience", and will make real-time price updates and market performance data available to support investment de- cisions. e service is currently limited to a selection of stocks on the New York Exchange and NASDAQ, but Revo- lut plans to expand the proposition to include access to UK and European stocks, exchange traded funds (ETFs) and the ability to invest via a stocks and shares ISA. Stock trading tool the latest move by Revolut to accelerate growth is is the latest in a number of recent initiatives introduced by Revolut as it seeks to accelerate its growth through diversification and international expan- sion. Last month, it announced the first phase of its global ambitions with a move into the Australian market, where it has acquired 20,000 new customers. CEO Nikolay Storonsky recently spoke about his firm's future ambitions, which include following the likes of Monzo and N26 into the US market along with a fresh round of venture funding ex- pected later in the year. Revolut says the stock trading service will be made available to customers in these new markets in due course. Revolut launches commission-free stock trading tool for European customers UK challenger bank Revolut will introduce stock trading tools for its Metal-tier members, before rolling out the feature to other customers Revolut's Metal customers are getting first access to the new commission-free stock trading feature