Revolut Review
Revolut trading and checking account reviews
It is well-known that online banking is the future of the bank sector. It is now possible to conduct financial transactions online from your smartphone or computer, and without ever having to visit a bank. Online banks have gained popularity in recent years.
One of the many online institutions is Revolut.
There are many advantages to traditional accounts, particularly in terms of administration and/or management costs. Commissions that "normal banks" can't compete with.
The Revolut app is a great choice for functions and services. It offers:
Currency exchange: This tool allows you to convert GBP in over 150 currencies
You have the option to purchase shares with commissions starting at 1 GBP
Holding and trading cryptocurrencies
The Vaults
Insurance products
Overview
Revolut LTD., a UK-based financial company, was founded in 2015. Its product, the Revolut App, has more than 14,000,000 private customers and more than 500,000 business customers.
Pros
A wide range of financial products, services and options
Mobile app that is user-friendly
Low prices
A trading platform that is suitable for beginners
Cons
There are a limited number of shares that can be converted to negotiable
It is impossible to receive and transfer cryptocurrencies
There is no telephone customer support
ATM withdrawals are subject to limits
Rating of the company overall
Reliability ⭐⭐⭐⭐⭐
Platform ⭐⭐⭐⭐⭐
Commissions ⭐⭐⭐⭐
Support ⭐⭐⭐⭐⭐
Financial instruments ⭐⭐⭐⭐⭐
RATING: 4.7
Safety
Security and online banking are two subjects that should be closely linked. Many accounts have been compromised by ransomware and phishing attacks in recent years. This was due to both vulnerabilities in banks' protection systems and incorrect account holder actions.
Revolut has over 2000 employees and a security team that works daily to improve the effectiveness of protection services like:
Fingerprint identification is required to access the account or confirm operations.
Sherlock Anti-fraud Security System to Send Real-Time Alerts on Fraudulent Activities Thanks to Localization Systems If Revolut perceives suspicious activities (e.g. If your smartphone is located in London, but the payment was made in Bristol, Revolut blocks the transaction and immediately notifies you.
You can create virtual cards that you can use to store money and have the ability to withdraw funds online (read about Revolut Card).
Types of accounts
Revolut offers four types or checking accounts with different features.
Standard Account
The Standard Account is the base version of the Revolut Account. It's free and allows you to make bank transfer at zero commissions. You can also exchange pounds to foreign currencies at the best rate and without paying any commissions (upto a maximum of PS1,000 per monthly, above this threshold, a commission of 0.500% will be applied).
You can also choose a prepaid digital card for the Standard Account. This allows you to make online payments and withdraw up to PS200 per monthly from any ATM. A 2% commission will be applied to all transactions beyond this amount.
The Standard Account allows you to trade stocks, the first three monthly operations are completely free, and cryptocurrencies.
Plus Account
The Plus Account is the first upgrade from the Standard account. You pay a monthly fee, PS2.99, and get additional services than the Standard.
You can get a priority service 24/7, refunds up to PS1,000 on tickets purchased for events, and refunds up to PS1,000 on items purchased up to PS1,000 in case of theft or damaged products. If you buy products that the retailer refuses to accept, you will be refunded (coverage range between PS50 to PS300).
It is possible to trade stocks or cryptocurrencies with debit cards. The Standard rate is 2.5% and conversions from fiat currencies to crypto currencies are subject to commission.
Premium Account
Premium accounts have a monthly fee at PS6.99. They also offer the option to request two debit cards.
These cards allow you to make in-store and online purchases as well as withdraw as much as PS400 per month free of charge (beyond that amount, a commission of 2% is charged).
You can also create disposable cards for use one-time or multiple times when you shop online with the Premium Account. The Premium account also allows you to trade cryptocurrency, which is a rare feature.
Additional services include priority customer service, international medical coverage, international insurance, and insurance coverage for baggage and flight delays. Stock trading includes 8 free trades per calendar month.
Metal Account
The Metal Account is the highest upgrade to the Revolut account. You can request up to three debit cards from it, with a monthly cost of PS12.99.
Online and in-store shopping.
You can withdraw up to PS800 per monthly for free (above this amount, a commission of 2% is charged).
Book with a concierge for better management of your bookings for flights, hotels, and events.
Get the Metal Cashback, which will allow you to get a refund up to 0.1% on purchases made in Europe.
Products and Markets
Revolut currently allows trading in over 150 fiat currencies as well as various shares that are listed on the NYSE or NASDAQ. Revolut allows investors to purchase fractional shares.
You can buy shares starting at $1.00
Revolut offers 1,000 shares as a starting offer, but they are committed to adding new securities daily to the app. Revolut promises to allow trading in European equities or ETFs.
CMC does not require customers to deposit a minimum amount to open a live trading account. However, logic dictates that this amount must be within the margin requirements for the smallest trade the customer wants to place. High account balance clients are eligible to receive premium services such as higher trading leverage and a personal account manager. They also get perks (rebates or rewards), priority access and segregated accounts.
What are the orders that are placed on stock exchanges?
Revolut is not DMA broker (i.e. It does not hold a license to access the markets directly. It uses third-party brokers to permit its clients to order on the stock exchange. Revolut permits trading in real shares, not CFDs.
Revolut also offers free quotes on negotiable security, unlike most other online brokers that require a monthly fee.
Revolut also allows you to trade 55 cryptocurrencies, including:
Bitcoin (BTC);
Ethereum (ETH);
XRP;
Bitcoin Cash (BCH);
Litecoin (LTC).
You can send cryptocurrency to friends (i.e. other Revolut users) by accessing Revolut's payment tab. It is currently not possible to transfer cryptocurrency outside of the Revolut platform. However, the wallet functionality will soon be available.
Fees and costs
Revolut is known for its ability to avoid commissions on functions such as wire transfers and credit card payments (both within the UK and overseas), withdrawals (upto a limit which varies depending upon the plan chosen), and sending money to friends or acquaintances who are Revolut clients.
The currency exchange function allows you to convert funds in over 150 currencies. It is free for Premium and Steel accounts. Standard accounts have a limit of PS1,000 per month. For each transaction, 0.5% commission will be charged if the limit is exceeded.
A fixed commission of 1.5% applies to Premium and Metal users for conversions of fiat currencies to cryptocurrencies and 2.5% for Standard users.
You can store fiat currencies and cryptocurrencies using the VAULT functions.
Stock trading is possible through Revolut, which also acts as an online brokerage. The commissions for stock trading are at PS1.00 per operation. 0.01% per year is paid on assets in the portfolio to cover management costs.
The maximum transaction amount is $1,000. You will need to place 5 separate orders if you wish to purchase shares worth $5,000
Revolut offers certain free operations depending on which type of account you have. This topic is covered in detail in the ACCOUNT TYPES Section.
Promotions
Revolut currently does not offer any promotions for new accounts.
Platform
Revolut is user-friendly and intuitive. It is easy to execute transactions for both payments and transfers as well as trading and/or currency conversions.
The menu can be accessed from the main page. It is divided into five categories.
Let's take a look at each one.
Accounts
You can access the Accounts section to:
Check out the latest operations report
Credit cards: Add funds
Convert your currency to other currencies (for all customers), or crypto (only Premium and Metal users)
See the details of accounts like nominee, Iban and BIC/ SWIFT
You can create customized account statements (daily or weekly, monthly, annual, etc.)
Analytics
The Analytics section allows you to see all expenses broken down by categories.
Payments
You can request or send money to friends or acquaintances from the Payments section. You can also make bank transfers and schedule future payments.
You can also use the "Around me” feature to send money to your friends and family via GPS tracking.
Cards
You can access the cards section to view your Revolut debito card details and modify your security and limit settings.
Dashboard
The Dashboard allows you to view the status of your crypto and fiat accounts as well as your equity portfolio. You can also view your personal watchlist and select stocks from your personal watchlist.
Trading stocks, Forex and Cryptocurrencies
The Revolut app makes trading easy. There are no advanced features on the platform as it is only for private non-professional clients. The convenience of being capable of performing all operations in one application is significant. This allows users to save time and money.
It is easy to convert your GBP into fiat currencies and cryptocurrencies. Simply go to the Accounts section and click the Exchange button to select the currency to be converted and the currency to receive.
Trade shares by going to the Dashboard section, and selecting Stocks.
Revolut will open a trading account that is exclusively for the trading of shares after you have accepted the terms and conditions.
Once you have funded your account, it will allow you to purchase shares using a variety of products.
Once you have selected the company that shares your interest, click on the Buy button to make the first transaction.
Customer Support
Revolut customer support is available via live chat 24/7. Click on the Chat button in the top right corner of the dashboard to contact customer service.
The interactive system is automatically connected, and it meets the majority of users' requirements.
The wait times for an answer are usually less than 2 minutes. Call +442033228352 if you need to freeze your credit cards.
Education
The Revolut blog is an educational portal that provides information about finance. Revolut Academy is a separate section that focuses on education for both Revolut users and those not using the site. It covers a variety of topics, such as IT security, finance, and cryptocurrencies.
Verdict
We can conclude from this review that Revolut lives up to our expectations. Revolut is a viable alternative to traditional accounts and it excels in many aspects, including modernity and security.
Revolut makes it easy to manage your money as well as your crypto, currency, and equity investment portfolio.
Revolut is easy to use for novice and experienced users. Revolut makes it easy to open an online account.