Revolut Australia goes for gold and introduces commodities exchange

Revolut Australia goes for gold and introduces commodities exchange

Today the global financial platform, Revolut, has released its popular commodities feature to its Australian customers. Users can now purchase or sell precious metals instantly via the Revolut app anywhere in Australia, for as little as a dollar.

With the new precious metals exchange service, Australian Revolut customers will be able to access gold and silver at prices based on live market performance data.

The introduction of the commodities exchange feature is the latest step Revolut has taken to make it simpler for Australians to take control of their financial lives, and closely follows the launch of its cryptocurrency platform in Australia.

Matt Baxby, CEO of Revolut Australia said, “We’re very excited to be adding a commodities exchange service to our suite of wealth products here in Australia. Since the feature was introduced to Europe earlier this year, our global customers have set up over half a million commodities accounts — so we know it’s a feature that our customers love.

“Because of the unique circumstances of 2020, precious metals such as gold and silver have had increased interest from investors, but it can be a difficult asset to access without large amounts to invest. We’re happy we can simplify that process for people as we build our Financial SuperApp,” he said.

The service also allows users to set up price alerts, or enable auto-exchange, whereby Revolut will automatically complete a transaction when the market price matches a target price set by the user.

The exchange service is supported by auxiliary features including the ability to convert precious metals into cryptocurrency and vice versa, or the ability to exchange commodities into fiat currencies to make purchases. Revolut customers are also able to transfer gold or silver exposure between users, and set precious metals aside in a separate ‘vault’.

Ivan Chalov, Product Owner for Precious Metals at Revolut said, “Access to precious metals like 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 or silver, finding it difficult to know where to begin. We’ve made sure that obtaining access to precious metals 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 investment avenues 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 precious metals exchange service is now available to Australian customers of Revolut’s Metal plan, with the feature scheduled to be made widely available for Standard and Premium customers soon.