That’s what I thought initially, however in reality there appears to be differences. I imagined that access would come on a first come first serve basis in line with the waiting list. By the looks of it, it appears that those who sign up to testing will have access before those on the waiting list. So there are different types of early access.
For Android, maybe but you also have to bear in mind Android is complicated to develop for because of the hardware. So some devices lack power so you have to decide what you want to do, e.g. support that device and limit features or ditch that device etc. I think with the testing list for Android, they want greater exposure to the devices people will use.
With iOS it’s the waiting list or at least I’ve not heard anything else.
All I care about personally is iOS because that’s what I’m going to be using. So long as that front is consistent then I’m good.
Fun fact for you, the waiting list is everyone ( including Android ) developers so you might be on-boarded sooner than your position suggests.
If you have 1000 people signed up for iOS and few for Android, you would logically allow Android users access regardless of their place in the queue due to the deficit. I would have thought the same will apply to other parameters, whether it is age, gender, etc. Also, if 90% respondents invested in stocks but on 0.1% invested in Crypto, one would also assume that the latter will get the access regardless of their place in the queue.
Testing is not for comfortable use but rather for “find the bugs and report them”. You would not want to have testers that just use the app as if it is publicly available, but would rather expect some feedback and bug reporting. When it comes to wait-list being on-boarded, they should receive a perfect, intuitive product, bug-free ideally.
I’m well aware of this. It’s just an issue of the meaning of beta. Whether beta testing or beta product. For instance I joined Monzo when the product was in beta, but not as a beta tester.
So long as the waiting list is adhered to wrt to the shipped beta product then I’m saitisfied.
They are testing individual screens / interactions / experiences, not the full app if that makes sense? @JamesStorer can tell more.
Regarding testing, we are at the point where the team is testing the app. Then we’ll add our investors and work through the waitlist first in small batches - and we plan to ramp up as we go.
Very exciting times indeed, any hints as to when this process will start? Are we talking days, weeks, months?
Not seen this here, unsure how interested people are but two interesting quotes from http://www.cityam.com/287111/revolut-wants-next-robinhood-promising-commission-free
as it prepares to launch a commission-free stock trading feature and pushes back its journey across the pond.
City A.M. has learned from staff within Revolut that it is in the process of seeking a brokerage licence from the Financial Conduct Authority (FCA), which it expects to be granted in time for a product release by the end of 2018.
According to the FCA
This takes up to 6 months if complete but could take up to 12 months if your application is not complete.
Their application will be complete and optimal to achieve authorisation in the shortest time possible.
Opinion…competition is good. Keeps everyone agile.
Speculating…maybe they tried to partner and found Freetrade were onto something about owning the stack.
Can someone explain the significance of having a brokerage licence? Does it relate to the term “full stack” and what does it mean for Freetrade’s competitive advantage?
Depends on a lot of things @tommy. I think there is a general misunderstanding about authorisation timelines in the media, as if anyone could build a bank or broker if the regulator would just be more flexible or quick in their authorisation process. The real work is building the financial institution, eg systems, controls, staff, infrastructure. The authorisation process isn’t the bottleneck, they just set the minimum standards, aka threshold requirements.
If you look at the highly visible challenger bank space, there are some examples, eg Tandem.
I think Revolut are putting there hands in to many buckets at once ( what ever the saying is)
the customer service needs improving first - i like the idea of more options for free trading though
Martin Arnold in London JUNE 7, 2018
Revolut plans to launch a commission-free share trading service for its more than 2m users, positioning the start-up as one of the most aggressive digital challengers to British high street lenders.
The company, which allows people to transfer and spend money in 120 currencies with no fees using a pre-paid card and digital wallet, will on Thursday announce plans to offer a free service to trade in UK and US shares.
The move mimics the fast-growing service already offered by Robinhood to more than 4m people in the US. It underlines how fintech companies are rapidly branching out to offer a range of services beyond their initial area of specialisation as they seek to add more customers.
“To put it bluntly, we are going to cause the same disruption in investments as we have done in banking,” said Nikolay Storonsky, the Russia-born chief executive of Revolut who created the company in 2015 after working for Lehman Brothers and Credit Suisse.
“Brokers are charging people as much as £5 per trade and the user interfaces are typically clunky, slow and confusing for consumers,” he said. “The pain points are clear for us and the room for improvement is massive.”
Revolut has expanded rapidly since starting its pre-paid cards service four years ago and is applying for a European banking licence in Lithuania. It recently grew to more than 2m customers, double the level of six months ago, of which about half are based in the UK and half in the rest of Europe.
Earlier this year it launched a new service allowing its users to invest in three cryptocurrencies — bitcoin, litecoin and ether — in addition to products in travel insurance and consumer loans.
The company, which says it is signing up 6,000 to 8,000 new customers a day, has applied for a licence with the Financial Conduct Authority to act as a broker buying and selling shares itself.
How to Lead
Revolut’s Nikolay Storonsky on long hours and high staff turnover
In the meantime, it plans to launch the share trading service in the next four to six months in partnership with an established brokerage, shouldering the cost of commissions it pays on behalf of its users. It plans to expand the service to European shares after it is launched.
In April, Revolut announced a $250m fundraising— led by Russian venture capitalist Yuri Milner’s DST Global — which valued the company at $1.7bn, more than five times the level of its last round of investment in 2017.
Earlier this year it said it had broken even on a monthly basis. The company plans to launch its pre-paid cards service in the US in August or September.
Robinhood, which has some investors in common with Revolut, including Index Ventures and Ribbit, was recently valued at $5.6bn in its latest fundraising and has diversified into trading options and cryptocurrencies.
“In the meantime, it plans to launch the share trading service in the next four to six months in partnership with an established brokerage, shouldering the cost of commissions it pays on behalf of its users.”
@rob_h just for interest sake, the only broker that can do this at scale, efficiency, low fix commissions and cross-border reach are SAXO through their Institutional White Label API product? We did some research awhile back and they seem to be the only ones that have a plug and play API. Unless you use Tradier as the middle office and a few brokages connected to it?
Yeah, looked at Saxo many years ago in a previous role. Good offering but we at that time in that role fell down on price so never used their service. Tradier is a good shout. The API is pretty easy - as you’ll know. Other outside bets would be InteractiveBrokers or (if willing to wear the cost for a while) just provide a wrapper around Winterfloods Business Services.
They could save on “Shouldering the cost of commission” if they partnered with freetrade
I’m guessing other folks here got the same email.
Looks like they are still quite early stage, trying to figure out market demand for UK, EU or US stocks and how they should dedicate resources towards the development.