Gold now available through Revolut
Global financial platform, Revolut, has today announced that customers with a Metal or Premium account can now access gold through the Revolut app.
Gold will be available via the Revolut app through a new ‘Commodities’ widget on the dashboard. Customers can purchase and trade exposure to gold, based on live market performance data which Revolut obtains through its trusted gold services partner.
Any gold exposure held by users is backed up by real, physical gold, securely held by Revolut’s trusted gold services partner.
Gold exposure can be transferred from one Revolut user to another via the Revolut app, or converted instantly into cryptocurrency, or into e-money to make purchases.
Revolut also offers an auto-exchange feature whereby users can set a certain price at which to trade gold exposure, with Revolut automatically completing the transaction when the market price matches the target set.
The introduction of gold as a feature is the latest step Revolut has taken to remove the barriers normally associated with inaccessible financial products, such as gold exposure, and follows the launch of its cryptocurrency platform in December 2017 and commission-free stock trading in July 2019.
Ivan Chalov, Product Owner for Precious Metals at Revolut said: “Access to gold is the latest step we’ve taken towards allowing our customers to further diversify their portfolio. Much like investing in the stock market, many have felt closed off from obtaining access to gold, finding it difficult to know where to begin. We’ve made sure that obtaining access to gold exposure is as simple and low cost as possible, with users being able to trade at amounts that suit them. Our goal is to open up new financial products for our users and give them as many options as possible so they can save, invest and manage their money in the way that they want.”
Metal and Premium Revolut members will be able to obtain access to gold immediately by updating their Revolut app and selecting the ‘Commodities’ tab on their Dashboard. Unlike e-money, gold is not regulated in the UK by the Financial Conduct Authority or safeguarded under e-money regulations. As with all investments, capital is at risk.
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