Revolut Review

 

Revolut, a fintech startup founded in 2015, is rapidly growing and is known mainly for its banking and payment services. Provided by Revolut Trading Ltd, the company initiated its commission-free stock trading in 2019.

Supervised by many top-class regulators, including the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), Revolut protects clients’ assets under SIPC insurance.

You can get local and international account details to receive payments in different currencies. However, the fintech company is only available on mobile, which means that Revolut does not offer Web trading.

Pros and cons

Revolut offers free stock trading (though conditions apply) without inactivity fees. Account opening is consistent, fully digital, and really fast. In addition, the mobile app is well designed and user-friendly.

However, only US shares and cryptocurrencies are available for trading, meaning that other asset classes like mutual funds, options or bonds are all missing. Research and educational tools are also very basic or lacking altogether, and you can get answers only to some basic questions through customer support.

  • Free stock trading
  • Quick and simple account opening
  • Outstanding mobile trading platform
  • Limited product portfolio
  • Basic research and missing educational tools
  • Mediocre customer support

Main features

Country of regulation

UK

Trading cost class

Low

Products offered

Stock, Crypto

Minimum deposit

€0

Deposit with bank card

Available

Depositing with electronic wallet

Available

Time to open an account

1 day

Number of base currencies supported

1

Demo account provided

No

Revolut Fees

We ranked Revoluts fee levels as low, average or high based on how they compare to those of all reviewed brokers.

Below you will find the most relevant fees of Revolut for each asset class. For example, in the case of stock investing commissions are the most important fees.

To have a clear overview of Revolut, please see below the trading fees.

  • Minimal trading fees
  • Low non-trading fees
  • Free stock trading
  • None
Revolut costs
Assets Cost terms
US stock Low Unlimited free stock trades for Metal accounts; 5 and 3 monthly free stock trades for Premium and Plus accounts, respectively. 1 free trade for Standard accounts
EUR/USD Not available
Mutual fund Not available
Inactivity cost Low No inactivity cost
Revolut costs
Non-trading costs
Account cost No
Inactivity cost No
Deposit cost $0
Withdrawal cost $0
Revolut costs
Revolut trading cost depending on the base currency
Currency Cost
GBP 1
EUR 1
DKK 9
NOK 11
PLN 4
RON 5
CZK 28
SEK 11
BGN 2
HUF 368
HRK 8
Revolut costs
Stock and ETF commission of a $2,000 trade
US stock $1.0

Account Opening

 

Revolut has a straightforward, fast, and fully online account opening which requires no minimum account balance.

  • Fully online
  • Easy-to-use
  • No minimum deposit
  • None

Account types

 

Revolut consists of three account types namely Standard, Premium and Metal. All three account types offer commission-free trading with the difference between them being the amount of monthly free stock trades they provide.

Standard

The Standard account allows 1 free stock trade per month

Premium

The Premium account provides 5 stock trades per month

Metal account

 The Metal account places no limit on the number of free trades.

How to access your account

Download the app and create a Revolut account

Go to ‘Dashboard’ and click ‘Trading’

Add some personal information, like your nationality and tax number

Answer some questions regarding your emplyment status, annual income, and investment objectives

Accept user and market data agreements

Revolut account opening is easy-to-use and quick. Our account was verified within one business day.

Deposit and withdrawal

Revolut allows you to have many base currencies with the Revolut app, but you can only trade from a USD-based account as you can only trade on the US stock market.

It takes only a few seconds to create a USD account, but you need to exchange the amount you wish to trade into USD before you place an order. It would be more convenient if you didn’t have to exchange the money yourself and Revolut made the currency conversion automatically.

A bank transfer can take several business days while topping up your Revolut account with a credit/debit card is instant. You can only deposit money to your trading account from your Revolut account.

You can instantly and freely move money from your Revolut trading account to your Revolut account. From there, though, similarly to Revolut’s competitors, you can only use bank transfers to withdraw money to your standard bank accounts.

To withdraw money from Revolut via bank transfer takes approximately 24 hours.  Moreover, funds are sometimes blocked after canceling an order which is not standard practice at other brokers.

Revolut charges no deposit or withdrawal fees. In addition to a bank transfer, you can top up your Revolut account by using credit/debit cards, Apple Pay, or Google Pay.

Trading platform

Web trading platform

Revolut does not offer a web trading platform, as it’s available only on mobile. This is a drawback, as web-based applications are convenient to use and accessible from all devices.

Mobile trading platform

Revolut’s mobile trading platform is easy to use and well designed.  You can familiarize yourself with the platform in just a few minutes.

You can log into Revolut’s platform by typing a four-digit passcode, or using TouchID on compatible devices.  

There is a price alert function on the Revolut mobile platform that lets you know whenever the price of an instrument surpasses or drops below a pre-set level.

Desktop trading platform

Revolut does not offer a desktop trading platform.

Markets and Products

European Markets

Currencies

Daily Exchanges

Stocks and ETFs

You can trade over 850 stocks available on the NYSE and NASDAQ exchanges. Freetrade has a similar offer, with additional access to the London Stock Exchange. Robinhood has a much wider offering.

Crypto's

Revolut offers Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar Lumens, and Litecoin cryptos. Its crypto offering is not as good as Robinhood’s, but you can still trade the most popular ones. Freetrade doesn’t offer cryptos.

Gold and 'Precious Metals'

Revolut introduced gold trading for Premium and Metal Accounts in 2020. Currently, only Gold (XAU) and Silver (XAG) are supported on the platform but expect more commodities and metal selections in the near future.

Auto Exchanges

You can create watchlists, alerts, converters, and auto exchanges with the  ‘Favourites’ Page. The ‘Converter’ allows you to check multiple currencies’ value comparisons and you can set automatic exchanges between currencies with the ‘Exchanges’ feature.

Research

Trading ideas

Not available.

Fundamental data

Not available.

Charting

Revolut has poor charting tools. There are no technical indicators, and other charting tools like a trendline editor are also missing. You can only use a basic chart and view some limited key information, such as changes in the stock price during the past week.

News feed

The News feed is available from both the overview trading page and under any product choice. If you check the latter, it’ll be filtered to show only what is relevant to the given product. They are provided by 3rd party news sites, like Zolmax, CNBC, Investing, and Yahoo.

Watchlists

Under the Favourites tab (star symbol in the top right corner) you can create Watchlists. They are grouped by asset types – just tap on ‘Add new’. 

Customer Support

Revolut’s chatbox is great for basic questions and comes with a useful FAQ.  For instance, clear answers are provided regarding available stocks or what order types are offered.

Its phone support lacks efficiency as it only offers pre-recorded answers and the live chat is slow with responses that are often sub-standard and not suitable for more specific queries.

Email support is unavailable which leaves room for improvement in Revolut’s overall customer service options.

 

Safety

Revolut is supervised by top-class US and UK regulators and has a banking license.  However, it is not available on a stock exchange and does not disclose its financial information.

Revolut transmits client orders to DriveWealth LLC, a company that provides the trading platform and services for Revolut Trading which is sometimes referred to as “Third Party Brokers.”

The company falls under US federal regulation by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). DriveWealth acts as an agent, executing orders by transferring the orders to a floor broker at the NYSE.

Revolut’s clients are protected up to $500,000 (including up to $250,000 cash) under the Securities Investment Protection Corporation’s (SIPC) insurance. In the UK and EU, funds up to GBP 85,000 are protected by the FSCS protection scheme.

Established in 2015, Revolut is considered a relatively young company. The longer the track record a broker has, the higher the possibility that it has successfully survived previous financial crises.

Its banking license, based in Lithuania makes it subject to tougher regulations than brokers though being regulated by a top-tier regulator and having a banking license are all great signs for Revolut’s safety.

 

  • Majority of customers belong to a top-class financial authority
  • Banking background
  • Not available on stock exchange
  • Financial information is not publicly available

Bottom line

Revolut’s fees are great. You can trade US stocks for free with all three types of accounts, though monthly limits may apply. Account opening is easy, fully online, and fast while the mobile trading platform is exceptional and user-friendly.

However, Revolut has some setbacks. The product portfolio only covers US stocks and some cryptocurrencies. Revolut only has a few research tools and do not offer any educational material. Customer service could also be improved.

If you want to trade US stocks for free and are seeking a user-friendly mobile platform, Revolut is a wise choice.