Revolut announced today that all Standard, Premium and Metal users will now be able to purchase silver directly from the app.
This launch represents a step forward for Revolut towards enabling its customers to diversify their portfolio, seeing as the addition of gold was also announced in March.
In both cases, buying gold and silver is carried out using physical metals stored by a trusted custody service, which has not been revealed.
To buy silver and gold it is necessary to log into the Revolut app and go to the ‘Products’ tab in the Trading section.
Users can buy and trade exposure to silver and gold based on real-time prices. As with gold, silver exposure can be transferred from one Revolut user to another via the app or converted into crypto or fiat currencies.
Revolut has also integrated an exchange function where users can set a price at which to trade silver and gold. The app will complete the transaction automatically when the market price reaches the set target.
Ivan Chalov, Product Owner for Precious Metals at Revolut, commented on this new integration:
“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”.
The decision to introduce precious metals was in fact pursued by Revolut with the idea of removing the barriers typically associated with this type of financial product.
Silver and gold are not regulated in the UK by the Financial Conduct Authority or protected by e-money legislation.