Published By : 07 Jun 2018 | Published By : QYRESEARCH
London-based fintech startup Revolut has been making waves with new product launches ever since its coming into being about two years back. The app-based banking alternative is has now announced its intention to rollout a trading platform for conventional shares that would not charge any commission.
The app would contain stocks from public companies in the U.S. and the U.K. alongside exchange traded funds (ETFs) and options. In this manner, Revolut is set to parallel Robinhood –the online stock trading platform widely used in America.
New Platform will do Away with Commissions
The new platform which Revolut is working on will do away with the following tedious processes – open an account on a website working slowly and fork out additional euros for each transaction. It would enable investors to avoid the tedious process of sending a letter to companies. Besides, it would save them the steep price of buying a stock via bank account.
Revolut has promised to prospective users that they won’t need to shell out any commission while buying shares. But how will the startup make money then? It plans to do so by securities lending, margin trading, and interest on cash.
The company however hasn’t yet provided a tentative date for the launch of the new product.
As per its statement, premium subscribers would be allowed to first test the feature. Such subscribers would also get extra perks. Users of Revolut in Europe would be allowed to trade on its to-be-launched platform.
Apart from Europe, the app would also be rolled out in Canada, the U.S., Hong Kong, Singapore, New Zealand, and Australia in the next couple of months.