Revolut is introducing platinum and palladium to its list of commodities available for trading on its app.

Standard, Plus, Premium, and Metal customers based in the UK, EEA, and Switzerland will now be able to trade these precious metals through the digital platform.

The FinTech, which announced it had passed over 25 million worldwide customers last month, first launched its commodity trading feature with gold in March 2020. The company later added silver to the app.

Revolut has warned customers that, unlike fiat money, platinum and palladium are not currently regulated in the UK by the Financial Conduct Authority (FCA) or protected by e-money regulations.

The company said that customers can purchase and trade based on live market performance data which it gathers through its specialised partner.

It added that like gold or silver, platinum or palladium exposure can be transferred from one Revolut customer to another via the Revolut app, or converted instantly into cryptocurrency or e-money to make purchases.

Revolut also provides an auto-exchange feature where customers can set a certain price at which to trade platinum or palladium exposure, with the app automatically completing the transaction when the market price matches the target set.

“Many people still feel closed off from obtaining access to alternative assets such as commodities," said Yaroslav Kravchenko, director of wealth & trading at Revolut. "This is why we are stripping back the complexity and fees to make sure that getting access to Platinum and Palladium exposure is as simple and low cost as possible. Our goal is to open up as many options and financial products to customers as possible, so they can save, invest and manage their money in the way that they want.”

Revolut is now processing over 330 million transactions each month and attributes its latest customer milestone to its global expansion following this year’s expanded presence in the US.

The company said it has plans to move into further markets, including Latin America, South East Asia and the Middle East.

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