Revolut allows purchasing gold

Starting from today, as communicated by the FinTech company Revolut, Premium and Metal users can purchase gold directly from the app.

The purchase consists of physical gold held by a trusted Revolut service partner, whose name – as often occurs in such cases – has not been revealed.

Premium and Metal users can obtain access to gold immediately by updating their app and selecting the ‘Products’ section in the Dashboard.

Gold is not a regulated asset in the UK under the Financial Conduct Authority or protected by e-money regulations. However, it should always be borne in mind that every investment is a risk.

Gold can be transferred from one Revolut user to another via the Revolut app or instantly converted into cryptocurrencies or e-money to make purchases. 

Revolut also offers an exchange function allowing users to set a price at which to trade their gold exposure. The app will complete the transaction automatically when the market price reaches the set target. 

The introduction of gold is the last step taken by Revolut in removing the barriers normally associated with inaccessible financial products and follows the launch of the crypto platform in December 2017 as well as the commission-free trading platform in July 2019. 

Ivan Chalov, Product Owner for Precious Metals at Revolut, explained: 

“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”.