Revolut has launched its Commodities exchange service to customers in Singapore on 3 March 2022. Purchase or sell gold or silver instantly via the Revolut app from as little as S$1 in any of Revolut’s 28+ in-app currencies like USD, SGD, GBP, JPY and HKD.
There is no need for large capital requirements for access to alternative assets. Prices are based on live market performance and customers can buy gold and silver with as little as S$1. The investment is backed by real, physical assets stored in the vault of a member of the London Bullion Market Association. Revolut will not send you physical gold or silver. Fees for trading gold and silver on the Revolut app are 1.5% for Standard users and 0.5% for Premium and Metal users.
This 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. The customer’s capital is at risk, as with all investment products.
Set up price alerts or enable auto-exchange so that the Revolut app automatically buys and sells gold or silver when the market price matches your target price.
Transfer gold and silver exposure to other Revolut customers and save spare change as gold and silver. Revolut’s Metal Plan customers can also choose to receive their 1% card spend cashback in gold or silver.
Customers can find Commodities in the app by tapping the Hub Button located at the bottom of the home screen. Tap on the Commodities button in the Hub under ‘Wealth’ section. Pin Commodities to the app’s home screen by tapping don’t he pin-icon at the top right corner of the screen.
To purchase gold/silver exposure, top up your Revolut e-wallet with your credit/debit card, bank transfer, Google Pay or Apple Pay. Tap the commodities tab and select Invest to start buying gold/silver exposure.
There are several ways to build up your precious metals portfolio. Use cash stored in your e-wallet. You can build up your portfolio bit by bit by choosing to round up your card payments and save spare change as gold or silver.
“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.”Deepak Khanna, Head of Wealth & Trading at Revolut Singapore