Transferwise level is 0.4%, so things wonât change much.
Donât quite see the logic here. Itâs 0.01% Vs 0% annual fee for FTâs equivalent product (the GIA). Or 0.4% Vs 0.45% for the fx fee (which is due to come down percentage wise with the new platform anyway). Youâre comparing two separate charges.
Edit: TransferWise site actually states between 0.35 and 2%
I agree these fx and custody fee donât compare. The real kicker would be if revolut ISAs are free. As if my maths is correct, a portfolio of <ÂŁ360000 would be cheaper on RV
Interesting to see that Robinhood have now been given the green light by the FCA also: Robinhood given green light by UK regulator - AltFi
So we will see another player in the market. I understand it could take up to a year or so before Robinhood start operating but itâs very interesting and a spark of competition.
No FSCS protection means personally I would not even consider using the service.
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If youâre a Premium or Metal customer, stock trading would probably serve as another reason to remain a paying customer. You get extra cards, higher withdrawal limit and even a medical travel insurance. So, perhaps, stock trading to Revolut is what Prime Video, Prime Now and Music is to Amazon Prime. Also, Revolut allows to hold accounts in various currencies, so this should theoretically help with US$, GBP and EUR trades. I havenât had a chance to test their platform.
Revolut is a different value proposition - itâs an all-in-one (soon to be) wealth management platform. Storonsky, the CEO, has mentioned I think that he likes what Bezos and Amazon have done (an all-in-one stop-shop).
And we know Netflix and Amazon Prime can co-exist, as can Spotify and Apple Music. This drives innovation forward.
Spotify beats Amazon Music and YouTube Music. Netflix is fantastic. And these are businesses that focus exclusively on one or very few things, and do it really well. Thatâs what freetrade can offer in the long run.
Full disclosure: investor in both Revolut and freetrade
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Are investments FSCS protected?
Money held with Revolut is not protected by the Financial Services Compensation Scheme (FSCS). Instead, your money is subject to Revolutâs safeguarding terms.
According to those terms any money that you hold with Revolut, will either be:
- Placed into a ring-fenced account which is separate from the companyâs own money
- Invested in low-risk assets held in a separate account
This means that should Revolut go bust, they have to repay you from the ring-fenced funds before they pay out to others that they owe money.
At this point I stopped reading.
Me: âIs my money safe with you?â
Revolut: âDonât worry Stephen, your money is safe. You have our word on that.â
Me: âBut is my money protected by the FSCS?â
Revolut: âOoh look, pretty metal card, just keep looking at the card, so pretty âŠâ
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Yeah, not a chance.
Look how well ringfenced accounts worked for Beaufort Securities clients
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Itâs not that I have anything against Revolut, however I could not do something with my money that would lose me sleep at night, life is too short.
When I first considered using Freetrade for my ISA it was the FSCS Protection that sealed the deal.
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I never signed an NDA or asked not to discuss externally, but I wonât go into too much detail⊠I discussed this point in general with AndrĂ© (am I allowed to use his name on freetrade forum 
) when I was interviewing for the CF10a position at Revolut.
Iâd be careful with regards to e-money, there isnât a guarantee via FSCS for the type of firm. So if your dividends are received by the investment firm, they may be able to apportion to your e-money account at the related entity (thus discharging fiduciary duty from the investment firm). There may be other requirements to provide protection, but I havenât looked too deeply into that. You can check the FCA register to see what permissions the specific entities have, Iâm not sure if the structure of the revolut trading product is widely known.
The Revolut team are probably watching this thread⊠If so, then can someone ask Revolut HR to provide some feedback on the final stage interview please!
Some types of firm may be authorised and appear on the financial services register, but if they are not a bank, building society or credit union, FSCS canât protect money you hold with them if they fail. For example, we canât protect you if an e-money firm or payment services firm fails. You can check if your firm is an e-money firm or payment services firm by searching the financial services register.
Edit: noticed Stephen did a nice summary a couple of posts ago! Although, investments should be protected under client asset protection rules, itâs the money thatâs a different matter which would require scrutiny
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Post of the month 
Also, good luck buddy! 
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I have to say I disagree. I am a Freetrade, Revolut and Monzo investor and happy with those decisions. Revolutâs currency focus allows them to generate income and use it to shore up other areas such a share trading allowing them to build up their client base no? I almost live off of my Revolut card spending most of my year abroad and it is a godsend. Every time they add a capability it feels of significant worth. I am a huge fan of what they do. I also maintain a healthy bluechip shareholding through the Freetrade platform and utilise my Monzo account so understand I am utilising, and am a fan of, all three platforms, whilst evangelising about Revolut in this instance.
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@Yas We need an update - how did the interview go? Asking for a friend 
Haha! It was 2 months ago, and Iâve started a contract somewhere else.
I didnât perform my best in the interview to be honest, I think the reason I made it through to final stage was probably on the back of my data analysis and report writing. Even though I havenât held the CF10a position before, I was told that it wouldnât be an impediment⊠Contrary to the advert. Although it didnât totally put me off, you can search online for some of the working experiences of current and former employees. These concerns were not quelled in the meetings with the two guys there. They are trying to do a lot in a short space of time, itâs pressure, but exciting if you enjoy it (which I do most of the time).
Hope they picked the right person for the job!
Happy to talk further with your âfriendâ if they want to send me a message, I can provide more details on what I perceived in the process.
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Always read the legal stuff.
Rev Trading route trades via a third party broker - DriveWealth LLC.
Sources - Trading | Revolut and Trading | Revolut
This was always known.
DriveWealth is a fast (ish), easy (ish) and cheap(ish) route to offering (fractional) US shares worldwide.
âMostâ zero commission brokers that have sprung up recently leverage DriveWealth - itâs a few API plugins and youâre away! Thatâs assuming you go the âcheapâ route and become an âAuthorised Representaiveâ rather than fully regulated ( a la Freetrade)
Trouble is all these DriveWealth backend offerings will lack differentiation. Itâs similar to all the âPowered by FNZâ adviser platforms out there. Ultimately they suck, they charge you for system developments and pass your ideas on to other competitors/users despite NDAs.
Thereâs a shovels and goldrush analogy in here somewhere thoâŠ
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Iâd invest in DriveWealth if I could. It looks like a great Software/API-as-a-Service company (SaaS) making other startupsâ lives easier, as more fintechs all over the world want to gain access to US stocks, etc. Looks like a very scalable business with fixed costs.
It has raised at least USD 29.4 million. Series B was in April 2018 - USD 21 million. Steve Cohenâs 72 Ventures took part: DriveWealth - Crunchbase Company Profile & Funding
This is 72Vâs website - they have an interesting portfolio. Raptor Group also participated, as well as SBI which has an investor relations page even. cc @Viktor and @adam .
Also, judging by DriveWealthâs press releases, commission-free US stock trading offerings are popping up all over the world - theyâve signed deals with companies in India, Nigeria, South America - https://drivewealth.com/press
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So the idea is, get product out quickly, increase customer base and then either negotiate on costs with backend routing provider while developing your own?