Revolut cuts free trades for Metal customers
The digital banking challenger has been on a cost cutting mission for the past few years in order to move toward profitability.
Revolut, one of the UK’s most valuable fintech companies, is axing its free trading for its most premium monthly subscription plan.
Users of its Metal subscription package pay £12.99 per month for a number of benefits including unlimited trading at zero commission but, according to the company, this will end next month.
Instead, Metal users will receive an allocation of 10 free trades per month. After this users are charged either £1 or a variable fee of 0.25 per cent of the order amount if it is greater.
It’s not the first timeRevolut has made fees more expensive in the past few years for trading, a period where the company has been increasingly focused on moving towards profitability. Although this is the first time it has been done for Metal customers.
The new changes take effect on 18 July 2022.