Revolut HeadlinesAccountsTrading PlatformInstrumentsFeesHow Can I Sign Up For A Revolut Account?PaymentsRegulation & SecurityAdditional FeaturesCustomer SupportPros & ConsRevolut VerdictAccepted CountriesAlternatives to RevolutFAQ
Revolut is best known for its innovative approach to digital mobile banking. However in recent years, the company has also turned its hand to stock, commodity and cryptocurrency trading. With the offer of low-cost, easy-access investing, our review breaks down the mobile platform and trading fees. We also give details on the customer support available and account options.
Revolut Headlines
Revolut came onto the financial scene in 2015. Alongside the likes of Monzo and Starling Bank, it has revolutionised the traditional banking and investment sectors. The proposition was simple – digital banking made easy. And the user-friendly approach has proved popular, with clients keen to take advantage of competitive exchange rates, travel insurance and the convenience of secure mobile banking.
In 2019, the company launched its first commission-free stock trading service, provided by Revolut Trading Ltd. Initially available only to premium clients, the service is now available to all retail traders.
Today, over 15 million customers are using Revolut services globally. A recent valuation pegged the company at 33 billion US Dollars, making it the most valuable British tech start-up.
The company’s services are available in more than 35 countries including the UK, USA, Australia, Singapore, and Japan, with the firm planning to make its products available in Brazil, Canada, Hong Kong and the UAE too.
Revolut’s headquarters (HQ) office is located in London. The founder and current owner is British-Russian entrepreneur, Nikolay Storonsky.
Accounts
Customers can choose between the free Standard account, the Premium account for £6.99 per month, or the Metal account for £12.99 per month. Each account comes with a free prepaid Mastercard which can be used abroad and access to the bank’s mobile application.
The key difference between the account types is the cost. Premium account holders also benefit from more free trades than the basic accounts, but more on that further below.
All options are considered general investment accounts. However to use the online trading platform, you need a Revolut bank account.
Note, Junior ISAs, Lifetime ISAs, Stocks and Shares ISAs, and Joint Accounts are not currently supported, though the company has indicated that they are likely to be made available in the future.
Trading Platform
The Revolut trading platform is an extension of its existing mobile banking app, though a web version is also available. The platform is fairly basic but it is easy to navigate and key functionalities such as price alerts and limit orders can be viewed quickly and easily. One-click trading is also available.
Key features of the investing platform include:
Access to over 800 US stocks & shares
Unlimited trades on the Metal Account
Free trading within your monthly investing allowance
One-stop-shop for retail trading and personal banking
Fractional shares, commodities and cryptocurrencies
On the downside, veteran traders that conduct detailed technical analysis will be disappointed by the lack of advanced charting capabilities. Still, for longer-term stocks and shares investing the platform is suitable.
Note, the free mobile app is available from the Google Play Store and Apple App Store.
Instruments
Revolut offers a limited range of investment products:
30+ cryptocurrencies – Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) plus emerging tokens
800+ US stocks – famous brands such as Nike, PepsiCo and Netflix
2 precious metals – speculate on the price of gold (XAU) and silver (XAG)
Fractional shares are also offered. As the name suggests, fractional shares offer partial ownership. The key benefit is lower barriers to entry, meaning beginner investors or those with limited capital can start trading. Dividend payments are also paid out to users.
Non-American stocks, ETFs, CFDs and options are not provided. Forex trading is also not supported.
Fees
Commission-Free Stock Trading
Account holders receive a monthly allowance of free trades:
3 free trades with the Plus Plan
1 free trade with the Standard Plan
5 free trades with the Premium Plan
Unlimited free trades with the Metal Plan
Revolut does not charge any fees for depositing or withdrawing funds. There is also no requirement to trade regularly as the platform does not charge inactivity fees.
It is worth pointing out, however, that all clients must pay an annual custody fee of 0.12%. So if your portfolio holds 1,000 USD worth of assets, the annual custody fee will be 0.12 USD.
Cryptocurrency Trading
The crypto trading commission rate varies according to the account type:
Standard Account – 2.5% commission
Premium & Metal Account – 1.5% commission
Commodity Trading
Similar to crypto trading, clients must pay a variable commission charge when investing in commodities:
Standard Account – 1.5% (weekdays), 2.25% (weekends)
Premium & Metal Customers – 0.25% (weekdays), 1.5% (weekends)
Note, an additional cost is also applied to trades made outside of standard hours.
How Can I Sign Up For A Revolut Account?
Opening a trading account is quick and easy, though first you need to register for a Revolut bank account. Accounts are available to anyone over 18.
Once signed up for a bank account, simply download the free mobile app, submit your details and wait for the information to clear. When your account is live, you will have complete access to the firm’s payment and investment services.
There are no charges associated with registration and there is no minimum deposit to open a Revolut account.
Payments
Funding your investment account can only be done from your Revolut bank account. You can load funds using a bank transfer, direct debit or with a credit or debit card. Clients cannot make deposits to their accounts with cash or cheque.
Daily withdrawal limits are £3,000 or currency equivalent on all plans. If you are in the UK or EU, transfers of British Pounds (GBP) to UK beneficiaries are limited to £250k per transaction, £500k per day, and £1m per week. Clients cannot make more than 50 transfers in 24 hours or more than 200 transfers in 7 days.
Regulation & Security
Revolut is regulated and licensed by several top-tier bodies, including the US Financial Industry Regulatory Authority (FINRA), the US Securities and Exchange Commission (SEC), plus the UK Financial Authority (FCA).
The company is not considered a bank in the traditional sense and it doesn’t currently hold a UK banking license. As a result, any money held by Revolut is not protected by the Financial Services Compensation Scheme (FSCS). Funds are, however, held in segregated accounts which means that even if the company were to go bust, traders should get their money back.
The mobile investing platform uses 2 factor authorisation (2FA) via SMS. The firm has also recently introduced 3D secure (3DS) payments and more KYC protocols to counteract fraud and online crime.
Additional Features
When it comes to trading education and resources, Revolut falls short. The app offers almost nothing in the way of guides, tips, tutorials or videos, though the trading platform has conveniently integrated a news stream. Overall, only basic market research and technical analysis can be conducted.
Customer Support
If you encounter issues or need help with account questions, you can get in contact with the team through the in-app live chat service, available 24 hours a day Monday to Sunday.
Email: feedback@revolut.com
Telephone Number: +44 2033 228 352
London Office Address: Revolut Limited, 4th Floor, 7 Westferry Circus, London, E14 4HD
The company is also active on Twitter, LinkedIn and has a YouTube channel.
Pros & Cons
Pros
There are several benefits to trading with Revolut:
Secure login
Free monthly trades
No inactivity charges
No minimum deposit
Refer a friend rewards
Secure online banking
Free revenue withdrawals
Low trading commissions
User-friendly desktop & mobile platform
No hidden international transfer and exchange fees
Cons
There are also limitations to investing on Revolut:
No leverage
US stocks only
No cash deposits
No demo account
No managed portfolios
Maximum transfer limits
Basic platform & analysis tools
Annual custody fee of 0.12$
Limited product portfolio
Revolut Verdict
The Revolut trading platform, an addition to the firm’s personal and business banking solutions, offers a convenient one-stop-shop for all things finance. As well as commission-free stock trading, investors can speculate on precious metals and popular cryptos. Our review also rated the integrated insights feature, flexible trading plans and user-friendly interface.
We would recommend Revolut to longer-term investors and those interested in trading US stocks or digital currencies. For more experienced traders looking for a wider product range and more advanced trading tools, we’d recommend alternative brokers.
Accepted Countries
Revolut accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg and most other countries.
Traders can not use Revolut from Qatar, Korea, Zimbabwe.
Alternatives to Revolut
If you are looking for alternatives to Revolut we have compiled a list of the top 5 brokers that are similar to Revolut below. This list of brokers like Revolut is in order of similarity and only includes companies that accept traders from your location.
Uphold – Trading in the Uphold environment offers a one-stop-shop for all your crypto requirements.
ZacksTrade – ZacksTrade: Built for the active trader. Stock & ETF trades from $3, 75¢ options contracts and 3.56% margin rate (lower on occasion)
Binance – Binance is one of the leading online crypto exchanges offering Bitcoin.
Kraken – Kraken is a top crypto trading exchange offering the largest altcoins by market cap.
Gemini – Gemini is a leading crypto trading exchange with low fees and a long list of altcoins.
FAQ
How Does Revolut Work?
Revolut is a digital bank offering equity, commodity and cryptocurrency investing. The company has established itself as a top-rated commission-free stock trading app rivalling the likes of Robinhood.
Can I Have 2 Revolut Accounts?
Yes, you can open multiple Revolut accounts. To open a second account, visit the ‘Add Money’ section on the ‘Home’ tab of the mobile app. Then select ‘Change’ and hit ‘Connect new bank account’. Note, you cannot open multiple trading accounts to use the free monthly trades.
Is There An Overdraft Available With A Revolut Account?
It is not currently possible to add an overdraft to your Revolut account. The company does, however, offer personal loans. For more information, get in touch with the customer service team.
What Should I Do If My Revolut Account Is Not Working?
If you have issues with your Revolut trading account, get in touch with the customer support team via live chat, the telephone helpline or email. Customer service agents can also help with bank account queries.
Does Revolut Offer Referral bonuses?
Revolut offers a popular referral scheme for its bank accounts with a £50 bonus for each new client that signs up. Visit the company website or contact the support team for more information and the referral link.