Home Business News Silver added to Revolut’s Commodities feature

Silver added to Revolut’s Commodities feature

by Peter Smyth Tech Journalist
30th Jun 20 9:05 am

Global financial platform, Revolut, has today announced that standard, Premium and Metal customers can now access Silver through the Revolut app.

Silver and Gold are now available via the Revolut app in the Commodities tab in the Wealth section of the app. Customers can purchase and trade exposure to silver and gold, based on live market performance data which Revolut obtains through its trusted precious metals services partner.

Any silver exposure held by users is backed up by real, physical silver, securely held by Revolut’s trusted precious metals services partner. Like Gold, Silver 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 silver exposure, with Revolut automatically completing the transaction when the market price matches the target set.

The addition of Silver to the Commodities feature is the latest step Revolut has taken to remove the barriers normally associated with traditionally inaccessible financial products, and follows the launch of its cryptocurrency platform in December 2017 and trading platform in July 2019.

Ivan Chalov, Product Owner for Precious Metals at Revolut said, “Rolling out the Commodities feature to include silver is a further step we’re taking towards allowing our customers to further diversify their portfolio.

“Many people have felt closed off from obtaining access to precious metals, but we’re stripping back the complexity and fees to make sure that obtaining access to silver and gold exposure is as simple and low cost as possible. 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.”

Revolut customers can get access to silver and gold immediately by updating their Revolut app and selecting the Commodities tab in the Wealth section of the app.

Unlike e-money, silver and gold are 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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