Offers And New Customer Experience - What is Revolut?
The first thing that grabbed us during our Revolut review was the simplicity of opening an account. You can enter your mobile number to be sent a link to the Revolut app and to begin the registration process. The opening process is entirely digital and there is no minimum account balance to begin. The verification process is much like any other operator, and our account was verified within a single business day during our Revolut review.
New customers will also be able to access Revolut rewards upon sign up. Revolut rewards can vary during the year and are typically offers such as cashback at selected retailers. Revolut also regularly runs a refer a friend bonus that sees traders earn rewards for getting their friends and colleagues to sign up and use Revolut.
Usability - How to trade at Revolut
The only trading platform seen during our Revolut review is the mobile trading app. With a very basic setup and little in the way of trading tools, this platform is totally intuitive and novice traders will pick it up instantly. Traders can access their account by either entering their 4-digit pin or via their device’s Touch ID, if your phone supports it.
Selecting an asset takes a single click and a window will open with every piece of information you’ll need to conduct a trade. If an investor wants to seek out a specific asset in particular, they’ll find the search function to be very simple to use. Relevant assets appear when you type in an asset name or ticker. However, we unfortunately found very little categorisation, during our Revolut review, such as searching by price level or industry.
Placing an order is easy and you’ll be able to access different order types like stop-losses, limit orders, and out of hours orders too. The benefit of using a mobile app is that Revolut also provides price alerts via notifications to your mobile device.
Accounts - Multiple levels of trader
Our detailed Revolut review uncovered 4 account types:
Standard,
Plus,
Premium, and
Metal. Commission-free trading is available on all the platforms and the differences between the accounts can mostly be found in their cost and the free trades available. The standard account is only allowed 1 free trade per month, while the plus account gains 2 more free stock trades. Premium account holders get 5 free stock trades per month, but the metal account has unlimited free stock trades. All these accounts are investment accounts, so you won’t find any IRA or ISA accounts at Revolut.
Our Revolut review uncovered the prices of these accounts too. The standard account is free while the plus account will cost investors $2.99 per month. Moving up to the Premium account costs $6.99 per month and the top-tiered Metal account costs $12.99 per month.
The investment arm of the Revolut platform is entirely mobile. That means no third-party trading application like MetaTrader 4, such as observed in our
Forex.com review, and no WebTrader like
in our WeBull review. Web Traders are incredibly convenient, so it is disappointing to see a lack of any other trading platform at Revolut. The only trading platform on offer at Revolut is found on the Revolut App. The App is the home of all of Revolut’s services and can be downloaded via the Google Play Store or Apple Store. During our Revolut review, we easily located the apps on either store.
The app supports 24 languages with no real analysis tools to speak of. In fact, the trading platform doesn’t offer a lot for typical trading and is very much catered to the lowest level of retail investors. You wouldn’t be day trading on this platform, rather Revolut is more suited to holding an asset for an extended period before selling.
Trading Payments - Is Revolut reliable?
