Buying silver through revolute

[Bigmarc]

Hi 

I have had a revolute account for a number of years and until now I have only used it as a general card account. Within the app there is the ability to buy silver and gold, the terms state they have a account and the metals are vaulted in their name. This is all fine but I am wondering about the vat with silver. Has any had any experience with this? Up to now I have only been interested in physical for long term, but am starting to think that if there was a bull market coming and I wanted fast exposure, is this a viable option?

 

[Alex944]

Hi Marc,

I have used Revoluts' services for Crypto investments and it works in a similar way where the assests are held by another company in Revoluts name. Though you have the ability to buy and sell 24/7 which is nice.

I'm not sure how their commodity feature works, but I would expect it to work in a similar fashion, perhaps not having the ability of buy and sell 24/7, but rather trading hours during the week. I don't think any VAT can be applicable considering this would be paper silver. Unless it states somewhere in the T&C that you can request your stake in Silver physically, chances are that it's just a paper purchase backed by whatever revolut has vaulted.

I will say that though the platform and services are great in my experience, they do charge quite high commissions, atleast for the Crypto section. 

All in all, I do think it's a viable option for a short-medium term gain. I would just confirm the buy/sell abilities and check the % of commission they charge on buying and selling commodities via their app and make a decision based on that.

 

All the best,

[Bigmarc]

Yes I have had a revolut for years, but only used it for currency really. I've had a quick look at the stock and it seems good for covering the big companies. I may do a small trade just incase there is any setting up to do. I think there is a 1.5% charge per transaction when the market is open and 2.25% when the market is closed. 

I would only use it if I wanted fast exposure to the spot price. Otherwise I will keep stacking. 

Thanks for your reply. Much appreciated.

[Alex944]

You're most welcome!

I'm not sure what you refer to as ''the stock'', silver & gold purchases via revolut are in the ''commodity'' section if you open the app and click the ''wealth'' icon. Best of luck, I think it has potential over the short/medium term.

[Bigmarc]

Stock as in shares, Tesla, BP, that kind of thing.