Revolut, a UK-based financial services company, launched a new online investing platform earlier this month. The company’s app, which already offered support for payments and access to savings accounts, cryptocurrency trading and budgeting resources, now offers a commission-free stock trading platform with access 1,100 stocks and more than 200 ETFs listed on the NYSE and Nasdaq. Revolut has also announced that it will allow US customers to transfer money to bank accounts in Mexico at no cost and in as little as 30 minutes.
Part ofwhich operate primarily online and without physical branches, Revolut and its top competitors, including Chime, Current and Varo, typically offer their customers a range of financial services through an app and website.
With its expansion into equity trading, Revolut’s offering now also positions it to compete with upstarts such as Robinhood and Webull, as well as stalwarts such as Fidelity, Charles Schwab and TD Ameritrade. Revolut, which operates in more than 35 countries, launched its operations in the United States in 2020 and obtained its broker license in June last year.
Revolut’s stock trading platform offers more or less what you’d expect: access to real-time stock charts, price alerts, charts, performance data and global market news. Clients can trade full and fractional stocks directly on the app and queue orders after hours. However, you will not be able to exchange to margin — a more risky maneuver, which involves borrowing money to buy and trade securities.
Robinhood, which hasfor a body of new, inexperienced investors, has . In 2020, a student committed suicide after seeing a negative balance of over $700,000 in his account, although some of his transactions were incomplete. It should be noted that many other players in the field, including Webull, Fidelity and Schwab, support margin trading – although some require brokerage clients to request access.
Revolut offers a range of service plans for individuals (as well as services for businesses). The free personal service tier grants access to a basic set of features, including a checking account with ATM access and a savings account – with a lagging APY of 0.05% – as well as support for charging for some more unusual perks: access to a Revolut junior account for kids, currency exchange services, and commission-free crypto trading.
The Premium tier ($10 per month) and Metal tier ($17 per month) each add benefits that will primarily appeal to international travelers: overseas medical insurance, delayed baggage and flight insurance, and access to select airport lounges. exclusive.