Revolut has now opened its free stock trading feature up to its Standard and Premium customers.
This sounds better on paper, as vast majority of retail customers have no business trading individual stocks and in case of required equity exposure should hold a diversified portfolio instead.
The lower cost part is great, but the underlying return risk is not.
Besides, with time ones order flow will be sold of to high frequency trading shops that will front run you with wider bid-ask spreads.
Revolut has confirmed that they will not sell the retail order flow to any high-frequency firms.
Theyâre being a bit ambitious with the headline, I mean Monzo âcouldâ launch into 100+ countries and I âcouldâ launch my own bank in 50 more.
And by âcouldâ I presume you mean couldnât.
Apologies if already posted elsewhere. When does Monzo report?
Monese have the same offer
Nice as these little bonuses are (and we have taken advantage of them) I feel the money could be better spent elsewhere.
They reported in June
9 million customers
And GBP direct debits too
Open banking
Custom categories:
Revolut really bringing in some chunky updates recently.
Good to see another FinTech upping their game
Revolut are currently quietly removing verified status from users from the UK who signed-up using their driving licence to prove their ID.
Theyâre not giving any notice that theyâre doing this, theyâre just quietly killing your access to your money.
When you contact support most CS agents donât seem to know whats going on. You might even get told that you didnât get verified in the first place.
If you persevere they tell you theyâre doing it because of âBrexitâ.
They tell you that you will need to re-verify with your passport of âgovernment IDâ.
There are no govt IDs in the UK, so if you donât travel, you are no longer welcome to be a Revolut customer.
When you go to the app, you are still able to submit a drivers licence⌠but theyâll reject it.
Great customer experience.
Iâm pretty sure that they sent an email long time ago to nudge customers to update docs. Maybe you didnât pay attention to it?
There was an email telling people that theyâre keeping an eye on the Brexit situation and that they have a contingency plan.
There was no email to say they were moving me over and there has been no email, SMS, or notification to say they would suddenly stop my service.
Also this mans that there is now one single form of ID available for UK nationals. We do not have ID cards and passports are for those who travel.
I have a passport I can send them. 14% of UK nationals do not.
Plus they are still allowing submissions of DLâs in-app - they wont accept them so they are taking personal data they have no use for. I think there may be GDPR implications there.
We donât have ID cards because people kicked off about it. Itâs a good idea. We need them to identify ourselves in a modern era.
We have a single worldwide accepted ID proof which is our passport. Itâs expensive but it is an inevitable cost and I donât think itâs unaffordable to anyone. Even if youâre on benefits or other low income small saving over a period of months can help those people.
Are those 14% going to want to bank with a mobile only bank? Probably not.