Revolut’s share trading review
Gain access to the US markets for less with Revolut.
Revolut is a fintech specialising in mobile banking, credit payments, foreign exchange and now share trading. Using Revolut’s share trading, you have the option of trading local and international shares for as little as US$1.
3 free trades per month and then AUD$1 applicable brokerage per trade thereafter
Standard brokerage fee
Phone, Live chat
|Type of broker||Mobile|
|Available markets||NASDAQ, NYSE|
|Standard brokerage fee||3 free trades per month and then AUD$1 applicable brokerage per trade thereafter|
|Support||Phone, Live chat|
Starting out of the UK in 2015, Revolut offers money transfer and exchanges to its customers.
In the days since, it has grown to have more than 18 million customers around the world and more than 100,000 in Australia since it expanded here in August 2020.
It offers users a multi-currency transaction account, automated budgeting, international remittance, a cryptocurrency and commodities exchange service, shopping rewards, a donations platform and linked Junior accounts for children aged 6–17.
Adding to its service, starting from February 2022, investors can buy US shares through the app.
What can I trade?
Australian investors can only access US shares through the platform. This means you will gain access to buying and selling fractional shares listed on the New York Stock Exchange (NYSE) and the NASDAQ.
However, you will be unable to trade in other markets through the broker.
One of the main attractions for investors will be Revolut's fee structure. Investors who join before 30 June 2022 will gain a year of free trading.
After that it is still one the cheapest on the market, charging custody fees of just 0.01% as well as $1 brokerage fees.
Revolut has also announced social trading through its platform.
Basically, social trading is a strategy that involves mirroring or copying other traders. As such, newer investors will be able to learn from more experienced ones who show their portfolio through Revoult's platform.
Revolut is also coming to market with many of the trading features you'd expect from a broker.
The company has announced its product includes real-time market data, intuitive stock charts, price alerts, market graphs and global market news within the app. Investors will also gain access to pre-set limit or stop orders, and access fractional shares.
Access to Revolut's budgeting services
Another key feature for those who sign up with Revolut's brokerage plan is they'll also gain access to the company's banking services.
Revolut offers a range of services including: money transfers overseas, splitting bill facilities, smart budgeting tools, discounts from retailers and single use card details for your mobile.
Support available for customers
You can access 2 forms of support:
- In app-chat: This is available 24/7, although premium and metal plans users will get priority.
- Phone: You can also call Revolut for support.
How much will share trading cost with Revolut?
You will get access to commission-free trades, but there will be a monthly limit which depends on the Revolut plan you're subscribed to. The breakdown is:
- Standard plan (free): Get 3 commission-free trades per month
- Premium plan ($10.99 per month): Get 8 commission-free trades per month
- Metal plan ($24.99 per month): Users get unlimited commission-free trades
If you're on the Standard or Premium plan and go beyond your monthly cap, you will pay a small brokerage fee of $1 per trade thereafter.
It is worth highlighting you will also gain access to Revolut's banking account features if you sign up to either plan. To see full details click here.
Investors will also pay a custody fee of 0.01% or 1bps annually regardless of what account they have.
Pros and cons of Revolut share trading
- Low-cost brokerage
- Social trading
- Cheap fees
- Part of a global fintech brand
- Limited trading options
- Active traders might need to buy the premium service
How do you open an account with Revolut?
You can join Revolut by clicking through the "Get the app" button on its website.
The app is available for download on both Apple and Android devices.
After you've downloaded the app, you'll be invited to create an account. From there investors just follow the prompts.