Revolut launches free share trading on US stocks

Posted: 2 August 2019 7:21 pm
News

Revolut

It's the latest player to jump on the micro-investing bandwagon with a new fee-free brokerage offering.

British fintech Revolut has announced zero commission share trading – with a few caveats. The app's newest addition, which launched Thursday, allows users to make up to 100 free trades per month on US-listed stocks with as little as $1 per trade.

It's an impressive selling point but there are limitations that won't appeal to experienced investors. Although you can make any number of trades in a month, there's an investment limit of $1,000 per trade. That means you can place several orders for the same set of shares, but no single order can exceed $1,000.

Unfortunately for Australian users of the app, Revolut's share trading option is not yet available here. However, the company says that it is in the works. This offer is currently available to UK and EU residents signed up to Revolut's Metal account (which costs AU$22.99 per month), however, Revolut says it would be available for standard account holders in the coming weeks.

Resolut is one of a growing number of investment apps promising low or no brokerage fees and minimal initial investments. Last week the Commonwealth Bank of Australia launched its own micro-investing app called CommSec Pocket with $2 brokerage fees on trades as small as $50, joining others such as Sydney start-up Stake, which offers zero brokerage fees on US-listed stocks.

What does Revolut offer in Australia?

The app launched in Australia in June this year as an everyday multi-currency account app offering low exchange fees and free overseas ATM withdrawals. It's one of the latest so-called neo-banks that have appeared in Australia in recent years, trying its hand at disrupting the banking landscape. Here's what's on offer in Australia so far:

Revolut account options

Standard: $0 per month Premium: $13.99 per month Metal: $22.99 per month
Spend in 110+ currencies at the real exchange rate. Spend in 110+ currencies at the real exchange rate. Spend in 110+ currencies at the real exchange rate.
Transfer up to $9,000 a month between 15 fiat currencies with no exchange fees. Unlimited money transfers between 15 fiat currencies. Unlimited money transfers between 15 fiat currencies.
Withdraw up to $350 a month with no ATM fees (after this a 2% fee applies per withdrawal). Withdraw up to $700 a month with no ATM fees (after this a 2% fee applies per withdrawal). Withdraw up to $1,050 a month with no ATM fees (after this a 2% fee applies per withdrawal).
Global express delivery of your Revolut card. Global express delivery of your Revolut card.
Exclusive Revolut premium Metal card.
Earn up to 0.1% cashback when using your card in Australia, and up to 1% cashback when using your card overseas.

To find out more about what features Revolut offers in Australia, check out our comprehensive review.

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