United Kingdom challenger bank Revolut has introduced a new feature allowing Australian users to access United States stocks.
In a blog post, Revolut stated that users would be able to trade fractional stocks of their favourite companies listed on the New York Stock Exchange (NYSE) and NASDAQ through the Revolut app.
Customers can buy the stocks from as low as $1, with the platform waiving all commission fees for the rest of the year.
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According to the fintech platform, users will also access real-time market data, intuitive stock charts, and price alerts. Furthermore, the new stock trading feature comes with social trading capabilities.
Revolut Australia CEO Matt Baxby noted that the new feature aims to eliminate the historical barriers faced by local investors intending to access U.S. stocks.
“There are so many barriers for Aussies who want to invest in the U.S. stock market. Traditional providers sting customers with a whole slew of hidden fees including brokerage, markups on the foreign exchange into U.S. dollars, as well as deposit and withdrawal fees,” said Baxby.
The launch of the trading platform comes after the Australian Securities & Investments Commission granted Revolut an Australian Credit Licence, allowing it to launch lending services. Revolut launched in Australia in 2020 and currently hosts over 100,000 customers.
Revolut has been on an expansion path launching various products in different countries as the platform moves towards becoming a super app.
Revolut continues to expand globally
Following the growth of the fintech sector amid the coronavirus pandemic, Revolut has capitalized on the demand by offering several products.
For instance, the London-based firm expanded to the United States, and as reported by Finbold, Revolut began offering stock trading for customers in the region.
Under the feature, U.S. customers can also trade over 1,100 securities, including stocks, and access 200 exchange-traded funds on the New York Stock Exchange and Nasdaq. Additionally, Revolut also enables U.S. users to access fractional shares.
With Revolut expanding to other products like cryptocurrency trading, it now enjoys a global user base of over 18 million retail investors, with Revolut Business users accounting for at least 500,000.
