Abstract:It will operate with the controversial Payment for Order Flow model.
It will offer fractional trading of stocks too.
Revolut has expanded its offerings in the United States by enabling commission-free stock trading services for its American customer base. With this, the company is aiming to become a ‘financial supperapp’.
Announced on Wednesday, the app will allow the buying and selling of around 1100 listed securities and 200 exchange-traded funds (ETFs). Additionally, it will allow customers to trade full or fractional shares.
Revolut, which has 18 million customers, is already offering share trading services to its United Kingdom customers. The company entered the US market as a banking app in March 2020 and obtained a broker-dealer license in September 2021 for launching share trading services.
“Over the last 18 months, Revoluts core focus in the U.S. has been to design an app that meets the financial needs of the modern U.S. consumer, and launching stock trading is the natural next step in this effort,” said Nik Storonsky, the Co-Founder and CEO of Revolut.
“Understanding stocks are serious financial investments, weve built an inclusive, user-friendly product that equips consumers with everything they need to trade with confidence.”
Zero-Fee Boom
With the new services, Revolut will challenge the likes of Robinhood, Charles Swab, and a few other big American brands that are already offering zero-fee stock trading services in the country.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Wednesday's major data releases and macroeconomic events are expected to cause volatility to increase after another day of erratic trading in the financial markets. The Spring Budget for the UK will be released, and January Retail Sales figures for January will be made available by Eurostat. ADP Employment Change for February and January JOLTS Job Openings will be discussed later in the session on the US economic docket.
Major currency pairings are still trading in familiar ranges early on Tuesday after the erratic trading on Monday. The US economic docket for the American session will include the factory orders data for January and the ISM Services PMI survey for February. Final updates to the February PMI for the US, Germany, the UK, and the EU will also be released by S&P.
Weekend trading has gained great popularity in recent years due to the rise of online and mobile trading platforms that provide retail investors easy access to markets outside of regular working hours. For traders with Monday-Friday, 9-to-5 jobs, trading on weekends allows them to be active in markets at convenient times.
West Texas Intermediate (WTI) oil price pauses its two-day winning streak but is anticipated to conclude the week on a positive note, trading near $77.00 per barrel during the Asian session on Friday.