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Revolut Singapore launches new feature to let customers trade precious metals on its app

Revolut Singapore launches new feature to let customers trade precious metals on its app

Revolut, the global FinTech with over 18 million customers worldwide, has released its Commodities exchange service to customers in Singapore. Starting today, those given access to this feature can purchase or sell gold or silver exposure instantly via the Revolut app from as little as $1 — in any of Revolut’s 28+ in-app currencies like USD, SGD, GBP, JPY, and HKD.

For customers who are looking to invest in safe haven assets such as precious metals, the Revolut app simplifies the process and allows them access alternative assets without large capital requirements.

Low entry-barrier and innovative features

Investing in gold and silver is easy with the Revolut app. Prices are based on live market performance and customers can buy gold or silver with as little as SG$1. Investment is backed by real, physical assets stored in the vault of a member of the London Bullion Market Association.

Customers may also set up price alerts and enable auto-exchange so that the Revolut app automatically buys or sells gold/silver when the market price matches their target price.

Customers are able to transfer gold and silver exposure to other Revolut customers and save their spare change as gold and silver. Customers of Revolut’s Metal plan can also choose to receive their 1% card-spend cashback in gold or silver.

Deepak Khanna, Head of Wealth & Trading at Revolut Singapore, says: “During uncertain times, people turn to precious metals as a store of value or as a hedge against inflation. But many may feel closed off from the precious metals market, finding it difficult to know where to begin. Revolut has made sure that this can now be done as simply and as affordably as possible.”

Fees for trading gold and silver on the Revolut app are 1.5% for Standard users and 0.5% for Premium and Metal users.

Revolut’s precious metal product is not regulated under the Payment Services Act 2019 and is therefore not safeguarded in accordance with the relevant safeguarding provisions of the Act. As with all investment products, the customer’s capital is at risk.

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