Revolut thread

Handsome Creepy Eel

Owl
Gold Member
I don't think we have a Revolut thread on the forum, but I've been using them for about half a year now (using their Metal subscription/card), and have been very happy with them.

The app and the card are really awesome and I heartily recommend it. I have never seen such incredible ease of use and freedom of using funds, and a well-designed app. It blows any classic bank out of the water, as well as my former favorite Payoneer, plus of course the evil monopoly of PayPal. I regularly send and receive money through it, use it for savings, investments, etc.

Oberrheiner has asked if your funds with them are covered by deposit insurance laws - as far as I know they are. They claim that they possess a banking license and thus they and all of customers' funds are covered by EU's deposit protection laws. How that works out in practice, I don't know - personally I don't trust that my funds would be returned in the event of any bank collapsing, whether it was Revolut or not.

Regarding questions about trading stocks, note that not all shares are available (for example, I was unable to find NOK, IHG, etc.), and that Revolut is aimed more at a buy and hold model as the number of day trades is limited to 3 even with the best subscription. Don't get it with the aim of using it like RobinHood or another high-volume or complicated option/margin trading app.

A word of warning though: I've heard horror stories about Revolut being overzealous at flagging suspicious transactions and accounts and people getting locked out for months until the matter is resolved. It's never happened to me, but has anyone had any experiences with this?

p.s. if you do decide to check out Revolut, I would appreciate it if you use my affiliate link for it:

(someone let me know if posting an affiliate link is against the rules and I'll remove it ASAP)

revolut.com


Invite a friend

 

Elipe

Pelican
A word of warning though: I've heard horror stories about Revolut being overzealous at flagging suspicious transactions and accounts and people getting locked out for months until the matter is resolved. It's never happened to me, but has anyone had any experiences with this?
That's a suspicious pink glow.
 

Handsome Creepy Eel

Owl
Gold Member
Revolut sabotaged by its American brokerage partners and forced to stop allowing purchases of GME and AMC:

Trading Update for GME & AMC​

Hi (Name),
From today, we will only be able to facilitate the selling of GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC) stocks for the time being. Unfortunately, our broker-dealer in the US, DriveWealth, can no longer offer Buys on these stocks due to increased capital requirements set by the Depository Trust Company (DTC) in the US.​

What does this mean for me?​


You can only sell out your existing holdings in these stocks. Any outstanding buy orders on these two symbols made after Monday’s (1 February) close will automatically be cancelled prior to market open on February 2 2021.
None of our other stocks are affected at this time and are available to trade as normal.
For customers with no holdings in these 2 stocks, neither GME, nor AMC will appear when searched. This is a standard practice when a position moves to sell only, as we don't want to show you stocks you’re not able to buy at that time. As soon as they become available to buy again, you’ll be able to see them in the app.​

Why is this happening?​


When a stock is traded, it takes two days for the proceeds to go from the broker to the clearing house. This is known as T+2 settlement. Within this time, the clearing house requires the broker to front cash or capital guarantees to ensure funds are available through the settlement process.
The required amount of capital is usually around 10-15% of the value of a security’s holdings on broker’s books. However, this percentage can vary based on stock volatility. In the case of GME and AMC, the DTC has enforced an increase of capital requirements by 250% upon DriveWealth’s clearing partners.
This increase means that DriveWealth is now obligated to restrict trading in GME and AMC, as each stock has its own capital requirement rather than a broker wide requirement.​

When will they be available again to buy?​


This is not a decision Revolut has made, simply one that we are obligated to carry out. We are monitoring the situation very closely and will update you when our partner, DriveWealth, re-enables Buys for GME and AMC. We apologise for any inconvenience caused.
Team Revolut​
 

Zanardi

Woodpecker
Orthodox
I don't think we have a Revolut thread on the forum, but I've been using them for about half a year now (using their Metal subscription/card), and have been very happy with them.

The app and the card are really awesome and I heartily recommend it. I have never seen such incredible ease of use and freedom of using funds, and a well-designed app.

I have the basic account and yes, I am also happy with them. I use Revolut mostly as a backup payment option (I hold here my pocket money) and because the app has two features that I always use: the vault and the spending detailing.

Very pleased with them.
 
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