Fintech startup Revolut is rolling out stock trading in its app in the U.S. The company already lets you buy and sell shares if you’re a British user. And now, Revolut has received approval to become a licensed U.S. broker-dealer in the U.S.
Revolut users will be able to trade 1,100 securities, such as shares on the New York Stock Exchange and NASDAQ. The company will also offer access to 200 ETFs. When it comes to features, Revolut offers fractional shares and several order types, such as limit and stop-limit orders.
In the app, you’ll find market graphs, a selection of news headlines and information about the top ten holdings of each ETF. Users can set up price alerts as well. When you buy and sell an asset, you don’t pay any commission. Like on all trading platforms, there’s some spread between the buy and sell price though.
With this new feature, Revolut competes more directly with Robinhood and Cash App. Over the past few years, Revolut has positioned itself as a financial super app.
In the U.S., users can use it as an alternative to a traditional checking account. You can order a debit card, create a virtual card, send and receive money, and put some money aside in a savings vault.
More recently, Revolut has started to expand beyond payments. In the U.S., it has partnered with Paxos to launch the ability to trade cryptocurrencies in the app. And now, there’s stock trading.
Of course, Revolut users in the U.K. still have access to more features. But it’s interesting to see that Revolut is still releasing new features in the U.S. in order to build a financial super app that works across multiple markets.
Many consumer fintech companies that started in Europe have ditched plans to enter the U.S. For instance, N26 recently announced that it’ll stop its operations in the U.S. Revolut currently has 18 million customers.