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Revolut trading review
Find out about Revolut's free share trading service, how it works and some pros and cons.
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Popular digital banking brand Revolut lets you invest in more than 800 stocks as well as fractional shares. Revolut has four tiers, each priced differently, which get you a certain number of trades each month. We’ve compiled the key features of Revolut’s trading platform, set out how to use it and put together some pros and cons of investing with Revolut.
Is Revolut trading legit?
Yep! You can buy more than 800 US stocks, gold, silver and some currencies with Revolut. Revolut’s trading platform is an extension of its existing mobile banking app – so you need to already have a Revolut bank account open in order to start trading. It takes less than five minutes to open a Revolut account and start trading (we know, because we actually tried it ourselves!).
There aren’t any ISAs or pensions available with Revolut, but we understand that the company is working on it.
Features of the Revolut trading account
Some of the key features of Revolut’s trading account are:
- Open an account from your app. You can start trading directly from the Revolut app. You’ll need to be at least 18 and already have a Revolut account.
- Buy shares from more than 800 companies. The list includes well-known brands like Alphabet, Amazon, Facebook and Uber. They’re all listed in the US. For now, Revolut doesn’t let you buy shares in any company listed on the London Stock Exchange (LSE).
- Fractional shares. Some companies’ shares are very expensive (in the order of thousands of US dollars) but Revolut allows you to buy fractional shares, so you can start with as little as £1.
- Dividends are credited directly to your Revolut account. If you own shares in a company that pays them of course, though keep in mind that many don’t.
- Set a watchlist and set price alerts. You can keep track of stocks that you’re interested in.
Can Revolut tell me what to invest in?
Revolut can’t tell you what to invest in and doesn’t offer ideas on what to trade but it does have “collections” of stocks, such as the most popular stocks or groups of stocks by sector. It does offer news and financials for the stock you are looking at.
How to open a trading account with Revolut
To open a Revolut Trading account, you need:
- To already have a Revolut account
- Be at least 18 years old
- Be a legal resident of the United Kingdom
Setting up a Revolut trading account is easy:
- Download the Revolut app. You can get it on the App Store or Google Play Store.
- Provide your phone number. You’ll need to verify it with a code.
- Provide some personal details. These include your name, email address, home address and date of birth.
- Verify your identity. You can do this through the app with a passport or ID.
- Wait for verification. This took less than five minutes for us.
- Click on the “Wealth” tab. It looks like a little graph with an arrow.
- Provide a few extra details. You might need to give your National Insurance number and information on your knowledge about investing.
- Start investing. It’s as simple as that!
How to fund your Revolut account
To fund your account you need to transfer funds from your existing Revolut account. You can fund your Revolut account with a bank transfer or with a credit or debit card.
You can only hold funds in USD in your trading account. There is no minimum deposit required.
What can you invest in with a Revolut trading account?
| Investment type | Available with Revolut? |
|---|---|
| US stocks | |
| UK stocks | |
| ETFs | |
| Forex | |
| Funds | |
| Bonds | |
| Options | |
| Futures | |
| CFDs | |
| Crypto | |
| Commodities |
What are Revolut trading’s fees?
Revolut has three tiers that determine the fees and number of trades you can make each month.
| Account type | Cost | Trades per month |
|---|---|---|
| Standard | Free | 1 stock trade per month |
| Plus | £2.99 per month | 3 stock trades per month |
| Premium | £6.99 per month | 5 stock trades per month |
| Metal | £12.99 per month | Unlimited stock trades |
Additional fees
- There’s a 0.01% annual custody fee. So if you hold £10,000 worth of shares in your account, you’ll be charged £1 a year.
- If you go over your monthly limit. Trades will be charged £1 each.
Is Revolut trading safe?
We’ve answered some questions below about Revolut’s safety.
Is Revolut FCA regulated?
Yes, Revolut is licensed by the Financial Conduct Authority (FCA) both to deal in electronic money and to act as an investment firm.
Is my money protected by the FSCS with Revolut?
Revolut isn’t covered by the Financial Services Compensation Scheme (FSCS), but client money has to be kept separated from the company’s finances, so even if Revolut were to go bust, you’d get your deposits back.
Of course, this does not mean that you’re not at risk of losing your money. Investments can go down as well as up and you may get back less than you invested.
Revolut trading customer reviews
Most online customer reviews are for Revolut as a company, rather than its share trading function in particular. That said, the reviews tend to be glowing ones.
As well as coming third in our independent 2019 customer satisfaction awards, with 87% of users saying they would recommend its service, Revolut also has 4.6 out of 5 stars and a rating of Excellent on Trustpilot, based on more than 60,000 reviews.
Some reviews for Revolut trading specifically can be found on Reddit. Answering the question, “Is trading on Revolut the best option?”, Revolut customers replied with a mixture of positive and negative opinions on Revolut’s trading service. Some praised the company as “great value for money”, with one saying “I’m also using it. It’s great to buy and sell without commission. Never seen this before”.
Those who were less impressed with the service complained about the app’s limited trading capabilities and occasional technical glitches (updated 23 April 2020).
Pros and cons of buying shares with Revolut
Pros
- Buying and holding shares through Revolut is cheaper than with most investing platforms.
- It has a decent choice of companies you can buy shares in, including some very high-profile ones.
- Opening an investment account is really easy and quick through the Revolut app.
- Fractional shares allow you to own shares with highly valued companies even if you don’t have a massive budget.
Cons
- You can only open a general investment account – no ISA or pension options available.
- You don’t get any help or advice in setting up your investing strategy, which can be risky for beginners.
- You can only buy shares in US companies.
Our verdict: Is Revolut trading any good?
Investing with Revolut is not for beginners. If you’re just starting out and don’t know much about how it works, you’ll be better off with an investing platform or app that offers more support. Many, like Moneybox, let you choose your risk profile and then match you to a ready-made investing strategy, which can be a good way to familiarise yourself with the investment world.
The fact that you can only open a general investment account may be a drawback for you if you haven’t made use of your ISA allowance yet.
If you’re experienced, and want to pick and manage your shares yourself, Revolut is great. It’s really cheap and the app is streamlined and easy to use.
Get started by visiting Revolut and opening an account. Still not sure? Compare other share trading platforms below.
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All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.
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