(Boursier.com) — Revolut, the global digital bank with more than 25 million customers worldwide, today announces that Standard, Plus, Premium and Metal customers in the EEA, Switzerland and UK Uni can now trade platinum and palladium via the Revolut app!
Revolut has been offering access to commodities since March 2020, when gold (Au) arrived on the app. Three months later, silver (Ag) landed on the app, giving clients the opportunity to diversify their portfolio, making these two metals widely held assets on the super-app. Based on the popularity of these two commodities, Revolut decided to add two more precious metals to this feature: platinum (XPT) and palladium (XPD).
All precious metals are available through the Revolut app under the ‘Commodities’ tab in the ‘Finances’ section. Clients can buy and trade gold, silver, platinum and palladium there, based on market performance data that Revolut obtains live through its specialist partner.
Any platinum or palladium purchase by Revolut customers is backed by physical XPT (Platinum) or XPD (Palladium) securities held securely by Revolut’s trusted precious metals partner. As with gold or silver, platinum and palladium can be transferred from one Revolut customer to another via the Revolut app, or instantly traded into cryptocurrency or e-money to make purchases.
Automatic exchange
Revolut also offers an auto-trade feature where customers can set a certain price at which to trade Platinum and Palladium, with the app automatically completing the trade when the market price matches the set target.
By adding platinum and palladium to widely available commodities, Revolut continues a strategy to break down barriers associated with financial products traditionally inaccessible to the general public, and follows the addition of 30 fiat currencies and nearly 100 cryptocurrencies that customers can buy, hold and sell in the app.
Yaroslav Kravchenko, Head of Wealth & Trading at Revolut, said: “We are delighted to expand the Commodities feature and include two additional precious metals with platinum and palladium. We are taking this step to enable our customers to “EEA, Switzerland and the UK to further diversify their portfolios. We are also walking the talk on our mission to democratize the financial sector.”
“Many people still feel excluded from access to alternative assets such as commodities. That’s why we’re removing complexity and fees to ensure access to platinum and palladium exposure is as simple and inexpensive as possible. Our goal is to provide customers with as many financial options and products as possible, so they can save, invest and manage their money the way they want.”
Revolut customers can get access to platinum and palladium today by updating their Revolut app to the latest version and selecting the Commodities tab in the Wealth section of the app.