Revolut Free Trading Tweet? 🦅


(Aris David) #175

Yep I got the email and I unsubscribed immediately. I also cancelled my revolut premium before. Gotta support FreeTrade only and my stakes at FreeTrade only. :slight_smile:


(Dave Smith) #176

Free trade needs to go Live ASAP and get first mover advantage!


#177

I think it has been timed for today’s #RevRally which will discuss this, amongst other things


(Gareth) #178

I’m interested to know how Revolut are going to approach it, and even as an investor in Freetrade, I think healthy competition will be better for us as users. After all, Freetrade was set up to compete with the ‘big boys’ who have failed to keep up with the times!


(Alex Sherwood) #179

Agreed, there’s nothing better than a contrasting approach to help you highlight the ways that you’re different! :smile:


#180

Well I’ve got £9.18 burning a hole waiting to test out the new Freetrade app :grin:


(Rob N) #181

Revolut were asked about how they plan to differentiate in the UK vs Freetrade and the US vs Robinhood. They said it’s a big market and there’s such an opportunity for improvement compared to traditional brokers and so they’re less concerned about differentiation. Intimated it was more about getting a product out there.

Everyone providing better experience & pricing will take market share from the incumbents. It’s basically an opportunity for them to grow…

They won’t provide ISA’s (for some time) and will provide access to a limited number of blue chips/ US stocks initially (guessing this includes funds as well).


#182

It sounds highly unlikely they will launch this year…


(Chris) #183

Surely the headline should be:

Are you ready to disrupt the stock market? We aren’t.


#184

Interesting article about Revolut and its onboarding process:


#185

New FT info spotted by @rod suggests maybe they are:


#186

Why is the FT of all places referring to Revolut as a bank? Have I missed the news of their banking licence being granted?


(Emma) #187

Good call. They should know better about such important inaccuracies


#188

Presumably because they are in the process of becoming a bank… or because they may meet the criteria of a “challenger bank”?

Mr Storonsky, who created the company in 2015 after working for Lehman Brothers and Credit Suisse, said he expected Lithuania to grant its banking licence next month.

But he added that it could still be many months before the company secured the necessary authorisations in each EU country to “passport” from Lithuania across the rest of the bloc.


#189

In the UK “bank” is a sensitive term and Revolut have always been very specific with their wording, currently their homepage says “A Radically Better Account” and the page title is “Your Digital Banking Alternative”.

So a bit confusing why FT have referred to them as a Challenger Bank.


#190

Where’s that quote from, out of interest? Same article?

The PRA defines a bank as:

(1) a firm with a Part 4A Permission to carry on the regulated activity of accepting deposits and is a credit institution, but is not a credit union, friendly society or a building society; or
(2) an EEA bank.

I don’t think Revolut meets either criteria yet (although if Lithuania is about to grant them a banking licence it would meet criteria 2). But, like the quote says, it might be a while to ‘passport’ that licence across the EU. Thankfully, there’s nothing big coming up over the next six months that could potentially disrupt that process!

I know this is the FT’s error and not Revolut’s, but they do need to be careful they stay on the right side of the Regulator.


#191

Yes, it’s this article.

We’re in the territory of veering off topic now so, although interesting, I’m not going to share my thoughts on this as I’d rather we stick to talking about Revolut’s trading proposition in this thread. :slightly_smiling_face:


(Emma) #192

Why are they applying for an e money licence in Luxembourg (which will take 6 months) if the Lithuanian banking license is coming next month? Wouldn’t they just passport that license rather than use the lesser one?
Need more details on what they’ll be offering. Will it be with premium or the metal subscription?


#193

But he added that it could still be many months before the company secured the necessary authorisations in each EU country to “passport” from Lithuania across the rest of the bloc.


#194

More tweets…