Revolut expands its US offering to include stock trading
Seven months after securing its broker-dealer licence in the States.
Last June, Revolut was approved to become a licenced US broker-dealer, helping it to start work on building out its commission-free stockbroking platform.
This week, it launches with over 1,100 securities, including over 200 exchange-traded funds (ETFs), on the NYSE and NASDAQ.
“Over the last 18 months, Revolut’s core focus in the US has been to design an app that meets the financial needs of the modern US consumer, and launching stock trading is the natural next step in this effort,” said Nik Storonsky, Revolut Co-founder and CEO.
As well as full and fractional trading, limit and stop-limit orders, Revolut also includes insights on the top ten holdings of each ETF, price alerts, performance data and market news all within its app.
“Understanding stocks are serious financial investments, we’ve built an inclusive, user-friendly product that equips consumers with everything they need to trade with confidence,“ added Storonsky.
As it does in Europe, Revolut will still use the services of DriveWealth to clear the trades, with its licence helping it to act as an “introducing broker”.
The US trading market is far more competitive than in Europe, where apps like Robinhood and the Cash App process billions of dollars worth of trades.
These apps also offer advanced trading features and financial products like options trading, which Revolut doesn’t yet allow.