Revolut Review

People use digital banking services to manage their funds in this digital age. One popular company is Revolut. But it’s important to know if Revolut is legit and safe, especially since it has had some negative news recently. In this review, we will explore what Revolut is, how it works, its pros and cons, and whether it is a reliable and secure option for your banking needs. We’ll look at the company’s background, regulations, education, customer support, security measures to protect your funds, and more.

🏢 Headquarters	London, England, UK
📅 Year founded	2015
🗺️ Regulation	FCA
💻 Trading platform:	Mobile Revolut App
💰 Account currency:	USD
📊 Accounts:	Standard, Plus, Premium, Metal
💵 Withdrawal options:	Bank transfer
💵 Deposit options:	Bank Transfer, Debit or credit card, Apple or Google Pay, Mobile check deposits, Direct deposit, Cash deposit, From another Revolut customer
🚀 Minimum deposit:	$1
⚖️ Leverage:	1:1
☪️ Islamic account (swap free)	No
🎮 Demo Account	No
💱 Spread:	£2.99 —£12.99
🔧 Instruments:	Shares, fractional shares, crypto, XAU, XAG, XPT
📋 Orders execution:	No
☎ Customer Support:	24/7 (via our in-app chat)
📚 Education	Yes, Provided

What is Revolut?

Revolut is a British fintech company that started in 2015. It helps investors trade precious metals, cryptocurrencies, and stocks listed on U.S. exchanges. It also allows its clients to invest in stocks and ETFs on European stock exchanges. For both businesses and individuals, Revolut provides a multi-currency account where they can exchange currencies at the current interbank rate. The Financial Services Authority (FSA) oversees Revolut.

Fees

When we’re choosing a broker, how much it costs to trade is super important because it affects how much money we make. Revolut lets you invest without paying commissions, but the amount you pay depends on your plan. If traders do more transactions than their plan allows in a month, they have to pay a commission. It’s either £/€ 1.00 or 0.25% of the transaction value, whichever is higher. This makes investing with Revolut more than twice as expensive as with other brokers.

There’s also an annual fee of 0.12% on the assets you have with Revolut’s partner brokers. Revolut takes this fee out of your account every month. They also mention an SEC fee of $22.900 for every $1,000,000 in assets sold, and a FINRA trading fee (TAF) of $0.000145 for each share, with a minimum of $0.01 and a maximum of $7.27.

Another cost to think about is the currency conversion fee, which can be up to 1.00%. You only pay this fee on weekends or if you go over your monthly allowance, depending on your plan.

Revolut Regulation & Security

The Financial Conduct Authority (FCA, 780586), a respected UK supervisory body, regulates Revolut. One of its rules is that Revolut must keep client funds in separate accounts. Also, Revolut has a banking license.

Pros and Cons

Pros	Cons
You can buy stocks, cryptocurrencies, and precious metals.	Only UK residents can trade stocks.
Trading plans don’t charge commissions.	Trading in cryptocurrencies and precious metals isn’t regulated.
You can buy a tiny fraction of a share.	The company doesn’t manage your investments for you.
No need for a minimum deposit.
Newcomers can copy successful traders’ moves.
You can chat with customer support anytime in the app.
No fees for opening or keeping a trading account.

Deposits and Withdrawals

Revolut gives you many ways to deposit money to your account, and they won’t charge you for any of them. But there are some things to watch out for. You can only trade if you have a US dollar account, and sometimes orders get canceled unexpectedly.

In the Revolut app, you can choose from different currencies for your main account. However, when you trade, it has to be from a US dollar account because the trading is only for the US stock market. Creating a US dollar account is quick, but before you can make a trade, you’ll need to change the money you want to use into US dollars. It would be easier if Revolut did this for you automatically.

When you add money to your Revolut account, there are no fees. You can do this through a bank transfer, or by using a credit/debit card or electronic wallets.

Bank transfers can take a few days to show up in your account, but paying with a credit/debit card is instant. You can only deposit money from accounts that have your name on them.

Revolut offers lots of ways to deposit money, including electronic wallets like Apple Pay and Google Pay.

Revolut won’t charge you for withdrawing from your trading account. You can move it to your main Revolut account instantly and without any fees. But if you want to move it to another bank account, you’ll have to use a bank transfer, just like with other similar services.

We’ve checked that withdrawal takes 1 business day.

Account Types

Revolut offers five different account types. They are well-organized. The monthly fees are reasonable, especially considering the benefits, products, and services you get.

Here are the five types:

• Standard
• Plus
• Premium
• Metal
• Ultra

Trading Platforms

Revolut only has its mobile app. The app is basic and doesn’t focus solely on investing. It tries to cater to everyone, which means it has some limitations. This might be why Revolut doesn’t showcase its investment features well. It’s most useful for investors who already know what they want to buy, either from doing their own research or through social trading. Doing technical analysis on it is very hard, but it does have a news feed.

Research & Education

Revolut doesn’t offer any research tools to its customers, which is surprising for a financial app that wants to do it all in a competitive market. This puts it behind other brokers, especially considering its customer base, who could really use this service. However, since there’s plenty of research available online for free or through paid services, we don’t see it as a big issue for Revolut.

While Revolut has some basic educational content in its app, it’s not enough for beginners to really learn how to trade or invest. So, we recommend beginners to learn elsewhere using free online resources. They should start by understanding trading psychology and how leverage affects risk management, without spending money on courses or mentors.

Is Revolut Safe and Legit?

Revolut started in 2015 as a financial technology (FinTech) company based in the UK. Some of its services are watched over by the FCA. It also has a banking license from Lithuania’s central bank, which is part of the European Union’s banking system. Revolut tried to get a banking license in the UK, but the UK said no.

Overall, Revolut is known for being a reliable way to process payments between people, provide banking services, offer investment options, run reward programs, provide insurance, and give other related services. Revolut operates as an e-money institution and can’t give out loans. That’s why it keeps its clients’ money in secure accounts at well-regulated banks.

Customer Support

Revolut’s customer support faces challenges, like many other app-focused companies. It mostly relies on its FAQ section. However, it offers phone support for customers who lost their debit cards. Ultra plan members can ask for a callback, and live chat is accessible within the app. Many complaints about the quality and speed of support were found in my review.

Although email support is an option, Revolut suggests using live chat. While Revolut explains its products and services well, it hasn’t fully figured out how to provide top-notch customer support given its wide reach across different sectors.

Conclusion

Topforx suggests choosing Revolut because it’s a trusted broker with over 40 million customers worldwide, managing over $15 billion in deposits. Opening an account is quick and done entirely online. The mobile app is easy to use and nicely designed. However, it lacks certain popular investment options like mutual funds, bonds, and options. Despite this, Revolut offers the best lifestyle app with investment services among those we’ve reviewed. We recommend customers go for the Metal or Ultra plan. Overall, it’s a great option for investors.

FAQs

Is Revolut safe?

Yes, Revolut is trusted by over 40 million customers and manages over $15 billion in deposits.

Does Revolut have fees?

Yes, fees depend on the plan and services. There is one free plan, and four others cost between £2.99 and £45.00 monthly. Additional fees may apply.

Where is Revolut not available?

Revolut is expanding globally but is currently fully available in 38 countries and offers a Lite app in 10 more.

Revolut Licenses