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Riku Tanaka
in
Software
March 31 18:40

Revolut now allows its users to trade gold

Revolut, a fintech startup that reached the coveted unicorn status, is now offering its clients from the “Premium” and “Metal” tiers the opportunity to buy and sell gold using the startup’s mobile application.  
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Revolut users, given that they have Premium or Metal access, have been given the ability to buy, sell, or trade real gold. The users’ e-wallets in the app will be credited with the equivalent amount of fiat or crypto currency if they decide exchange the gold, and the transactions are backed by real, physical metal. The gold is attained and stored by Revolut through a partnership with another company.
Revolut’s clients can store their auric supply in their accounts, and or exchange it into money or cryptocurrency in their e-wallet whenever they choose. Users can also adjust their app’s settings to perform automatic exchanges, when the market value reaches or drops to a value of their choosing.
Despite of the fact that the gold can't be utilized to pay for services or goods directly, if Revolut’s clients pay at an establishment or website using their Revolut card and the main “currency” in their settings is set to gold, the app will exchange the necessary amount into the necessary currency in order to go through with the purchase. 
Revolut stresses that trading gold has certain risks behind it and that the services they provide are not monitored or regulated by the Financial Conduct Authority, nor is it secured through the Financial Services Compensation Scheme. 
Says Revolut's Ivan Chalov: "Indeed, exchanging gold is unsafe, yet it can likewise be a remunerating venture. Notwithstanding stocks and crypto, it's another method to possibly get more from your cash."