By Aisling Finn on Tuesday 30 June 2020
From today, customers will be able to trade the precious metal based on live market performance.
Revolut has today announced that it has made Silver available for all customers across the European Economic Area (EEA).
Users of the digital banking service can purchase and trade silver, based on live market performance data which Revolut obtains through its trusted precious metals services partner and any silver traded will be backed up by real physical silver.
The news comes just a few months after Revolut first dipped its toe into the precious metal market, introducing gold trading for its Metal and Premium customers, although the commodity is now available to all customers.
Just as they could with gold, customers can transfer their silver exposure to other Revolut users within the app or convert it into cryptocurrency or e-money.
To access gold trading customers, have to update their apps to reveal a new ‘Commodities’ widget in the app.
Within the app, users can use Revolut’s auto-exchange option whereby users can set a certain price at which to trade silver exposure, with Revolut automatically completing the transaction when the market price matches the target set.
Ivan Chalov, product owner for precious metals at Revolut said: “Rolling out the Commodities feature to include silver is a further step we’re taking towards allowing our customers to further diversify their portfolio.”
Many people have felt closed off from obtaining access to precious metals, but we’re stripping back the complexity and fees to make sure that obtaining access to silver and gold exposure is as simple and low cost as possible.”
The number of users buying cryptocurrencies rose 68 per cent from 20 April to 4 May 2020, with the average amount purchased increasing by 57 per cent and the amount bought per trade increased 63 per cent.
Revolut’s UK customers also trade at “considerably higher volumes” than their European neighbours—in two months, from 16 March to 18 May 2020, users in the UK bought an average of £399 per week of cryptocurrency, whereas their European counterparts bought 30 per cent less, £280 per week.