Revolut is able to live up to all of our expectations. Revolut has many advantages over traditional accounts today, especially in modernity and security. Revolut allows you to both manage your own money and your portfolio of equity, currency, and crypto investments. Revolut allows you to manage your financial assets easily and quickly, regardless of whether you are an experienced or novice user. Revolut is easy to set up an online account for investors and savers of all kinds.
- Limitation of negotiable share options
- It is impossible to transfer or receive cryptocurrencies.
- No phone customer service.
- ATM withdrawals have a limit
- Many financial products and services available.
- A mobile app with user-friendly features
- Low prices
- Trading platform designed for beginners
Reviews and Opinions: Trading and checking accounts with Revolut
It is well known that the future for the banking sector lies online. Today, you can conduct financial transactions via your smartphone or tablet without physically visiting a bank. The popularity of online banks has increased in recent years.
Revolut is one of many online institutions that is innovative and functional.
Revolut LTD. was founded in 2015 as a UK-based finance company. It boasts more 14 million customers private and more than 500,000 customers business.
There are numerous advantages to traditional accounts. These include the ability to manage and/or reduce administrative costs.
Revolut offers many functions and services.
- A currency exchange is a tool that lets you convert GBP to over 150 other currencies
- Buy shares with commissions starting at 1 GBP
- The trading and holding of cryptocurrency
- The Vaults
- Insurance products
Overall rating: 4.5/5
Online banking security and privacy are two areas that must be closely aligned. In the last few years, many accounts were breached via phishing or ransomware attacks. This happened due to weaknesses in the security systems of banks and/or incorrect actions taken by account holders.
Revolut, which employs more than 2000 people, has a team solely dedicated to security. This team works every day in order to improve the efficiency and effectiveness of protection services such:
- Fingerprint identification is necessary to access the account, and to confirm operations
- Sherlock anti-fraud security systems to send real time alerts on fraudulent activity thanks to localization system. If Revolut perceives suspicious activities (e.g. If the location of your smartphone points to London, but a payment is made from Bristol, it blocks it and immediately informs the customer
- It is possible to create disposable virtual credit cards with customized features that allow for spending limits, withdrawals and online payments.
Products and markets
Revolut permits trading on over 150 fiat currency and many shares listed on NASDAQ or NYSE. Revolut even allows investors to make fractional purchase of shares.
Shares can be bought starting from $1.00
Revolut’s initial offer is for 1,000 shares. However, Revolut will continue to add new securities that can be traded on their app. Revolut is promising to allow trading on European equities, and ETFs.
How are orders placed on stock markets?
Revolut has not been designated as a DMA brokerage (i.e. It doesn’t have a license that allows direct access to the markets. Instead, third party brokers are used to enable clients to place orders on stock exchanges. Revolut allows trading real shares and non-CFDs.
Revolut, unlike many online brokers, offers free quotes for negotiable stocks.
Revolut offers 55 cryptocurrency trading options, including:
- Bitcoin (BTC);
- Ethereum (ETH);
- Bitcoin Cash (BCH);
- Litecoin LTC
It is possible for friends to send crypto to each other (i.e. other Revolut users) through the appropriate “Payments tab. It is not possible to send crypto outside of Revolut, but the wallet functionality might be available in the future.
Fees & Costs
Revolut, as mentioned, is a strong company that does not charge commissions for services such as wire transfers, international credit card payments, withdrawals (upto some limit depending on the plan chosen), or money sending to friends and/or associates who are Revolut customer.
For Premium and Metal accounts, the currency exchange function is always free. For Standard accounts, however only the first PS1,000 are converted each month. A 0.5% commission will apply for every transaction if this limit has been exceeded.
Fixed commissions of 1.5% and 2.5% are applied to convert fiat currencies in cryptocurrencies for Premium or Metal users. Standard users pay 2.5%.
The VAULT functions can be used to store fiat currencies, cryptocurrencies, and are completely free.
Stock trading (Revolut also acts online as a broker) requires that you pay PS1.00 for each operation. Additionally, 0.01% per annum will be paid on the assets within the portfolio.
You will need to note that the maximum amount per transaction is $1,000. This means that you must place 5 separate orders to buy shares at $5,000.
Revolut may offer a limited number of operations free of charge depending on the type and account you have. This topic can be found in the ACCOUNT TYPES subsection.
Revolut has no current promotions available for opening new accounts.
Revolut is simple and user-friendly. Transacting is easy for both payments and transfers and trading and/or currencies exchanges.
The menu is divided into five different categories from the main page. Let’s examine them in detail.
You can find the following information in the Accounts section:
- The latest operations are reported in this report
- Credit cards – Add funds
- Convert your currency into any other currencies (for all clients) or crypto for Premium and/or Metal users
- View the details for accounts such as nominees and BIC/SWIFT.
- Get customized account statements (daily, weekly, monthly, yearly etc.
Trading stock, forex and cryptocurrencies
Revolut is very easy to use for trading. The Revolut app is designed for non-professional private clients. There are not many advanced features. However, users can save considerable time and money by being able perform all operations through one application.
Revolut blog, an informative portal, has been created to offer learning opportunities. It contains articles and information about the worlds of finance. Revolut Academy also exists, which is a dedicated section to education of Revolut members and others. It covers various topics including IT security, finance, and cryptocurrencies.
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