Revolut launching a stock trading service, which will allow customers to make commission-free trades within the app.

The service will initially be available to its Metal card customers, who will be able to make 100 free trades of a basket of 300 US listed stocks on the New York Exchange and NASDAQ.

The roll-out will then extend in the coming weeks to Premium customers, who will be able to make eight free trades per month, and then Standard customers, who will be entitled to three per month.

Trades made outside of any monthly allowance will be charged at £1 per trade, plus an annual custody fee of only 0.01 per cent.

The London-based challenger bank, said the trades could be carried out within the app, supported by real-time price updates and market performance data.

It intends to add more stocks to the feature on a continuous basis, with planned features including access to UK and European stocks, Exchange Traded Funds (ETFs) and the ability to invest via a Stocks and Shares ISA.

The move comes as Revolut looks to fend off competition from rivals such as Monzo and Starling by diversifying its range of financial services offerings.

There is no account minimum required to invest and Revolut is providing customers with the opportunity to buy fractional shares for as little as $1 in an effort to “demystify” the stock market for a new audience.

All currency transactions will be made within Revolut’s multi-currency wallet, meaning anyone wishing to invest can transfer money from their home currency account into US Dollars using Revolut’s exchange rates and automatic conversion process.

Nik Storonsky, founder and chief executive of Revolut, said: “Investing in the stock market has been closed off to ordinary people for far too long, which has led to real problems for people as they search for effective ways to make the most out of their savings.

“We’ve made sure that investing through Revolut is low cost, easy to use and available to everyone, even if they only want to try with very small amounts – this is only the beginning for our commission-free trading offering, as we’ll be rolling out access to different markets and investment products in the near future.”

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