BUX will launch its new service, named STOCKS, in 2019 as the market for 'free' share trading continues to expand.
Mobile brokerage BUX is launching Stocks, a new mobile app that will enable investors in Europe to buy and sell shares for free following in the footsteps of the likes of Freetrade.
The zero-commision, or ‘free trading’ movement of listed equities is fast becoming a popular area for fintech launches as well as a feature the likes of banking challenger Revolut are hoping will be an extra draw for customer acquisition.
Stocks will enable users to trade European and US shares for free, the firm says, but users wanting access to “more advanced functionalities” will pay a small fee for the execution of their transactions.
Millennials, in particular, think investing is only for wealthy investors due to the notoriously high associated costs, says Nick Bortot, CEO and founder of BUX.
“The stock markets have traditionally been inaccessible for the majority of Europeans, but we’re changing that with the launch of STOCKS. With some investors paying up to £11 per trade, their total return over time is limited, so we’re excited about enabling users to save money as well as help their investments compound at a faster rate,” he said.
This is BUX’s second product after it launched its first app in 2014 offering users CFD trading. It has attracted nearly 2 million users across Europe since launching.
“Ultimately, by 2020, BUX aims to be the single destination for those who would like to do more with their money. Whether it’s long-term investing or short-term trading - for every investment need, there will be a BUX solution,” Bortot added.
The app is currently in development and will be released in early 2019.