Fintech company Revolut has announced the launch of its own trading platform without brokerage commissions, FT has reported. Clients will be able to buy and sell shares of companies such as Apple or Amazon in just one click.
“Brokers are charging people as much as £5 per trade and the user interfaces are typically clunky, slow and confusing for consumers. The pain points are clear for us and the room for improvement is massive.” Nikolay Storonsky, Chief of Revolt has said.
Revolt plans to profit from marginal trading, lending against securities and from interest on transactions conducted in cash. Also the company is set to offer customers a premium subscription worth £6.99 (€7.99) per month, which will involve access to new features and bonuses.
Revolut's website will be available to all customers in Europe. In the upcoming months company also plans to start operations in the US, Canada, Singapore, Hong Kong, Australia and New Zealand.
In May Revolut added support for XRP (XRP/USD) and Bitcoin Cash (EXANTE: Bitcoin.Cash) to its mobile application. The currencies "were most popular among our community", the company explained in its blog. Revolut users can acquire XRP and BCH in exchange for any of the 25 fiat currencies offered on the platform. Previously, the company only supported transactions with Bitcoin (Bitcoin), Litecoin (LTC/USD) and Ethereum (ETH/USD) .
By Nadya Astam