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Investing with Revolut - Opinions & Safety

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  • 29-04-2020 1:41pm
    #1
    kapisko1PL
    Registered Users Posts: 277 ✭✭


    Hello Guys,

    I am a new investor (not a day trader) and I have recently started to purchase stocks on Revolut via their free plan. Up to date I have accumulated around 1200 euro in my portfolio and I am looking to keep investing a small amount every month and build up on the dividends and stocks.

    BUT I have heard a lot of stories of people being locked out of their accounts for no apparent reasons other than a "security concerns" or "money laundering" with Customer Support taking weeks if not months to even reply.

    I would like to know your opinions as to if you would trust Revolut and their third party broker with your money to build wealth over time or would you consider some other alternatives? The likes of eToro charge enormous commissions despite the fact they are supposed to be commission free...

    Considering the fact that they are expanding hugely (recently entering the US market) and have millions of users and thousands joining in every day, would you use Revolut as your main current account or would you rather use it as a top up account when going for holidays and paying abroad?

    As I said, I am looking to use it as my main INVESTMENT account considering the lack of other decent alternatives that do not charge ridiculous fees. What I really like about it though is the ease of use with new investment options coming in sometime during the year (like placing a pre-market and after-market orders).

    My main question(s) is, is my money safe with them (other than the factors beyond their control i.e. stock market crashing or company going bust)?

    Let me know what you guys think.

    I am not affiliated with Revolut. Just looking for opinions of the apparent 500,000 thousand of Irish users.


Comments

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    #2
    outonawing
    Registered Users Posts: 194 ✭✭outonawing


    I've had a Revolut card for almost a year and a half and for the most time not had issues. It's very useful when abroad and I'm aware that it has a European banking licence, however I would not have confidence in tying up a large sum of money in it just yet.

    Anyway, as far as I know the share purchasing options are quite limited on Revolut. Degiro or Trading 212 might be better alternatives.


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    #3
    tobottherobot
    Registered Users Posts: 89 ✭✭tobottherobot


    outonawing wrote: »
    I've had a Revolut card for almost a year and a half and for the most time not had issues. It's very useful when abroad and I'm aware that it has a European banking licence, however I would not have confidence in tying up a large sum of money in it just yet.

    Anyway, as far as I know the share purchasing options are quite limited on Revolut. Degiro or Trading 212 might be better alternatives.

    OP I was in the same boat as you up until recently. I found the interfact of revolut to be a bit of a pain and the purchase options quite limited.

    I cleared my stock on it and moved to DeGiro a few weeks ago and much prefer it.


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    #4
    kapisko1PL
    Registered Users Posts: 277 ✭✭kapisko1PL


    tobottherobot wrote: »
    OP I was in the same boat as you up until recently. I found the interfact of revolut to be a bit of a pain and the purchase options quite limited.

    I cleared my stock on it and moved to DeGiro a few weeks ago and much prefer it.

    I just signed up to DeGiro today. I am number 9370. Might be a while before I start using it.


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    #5
    Shedite27
    Registered Users Posts: 9,368 ✭✭✭Shedite27


    I use Degiro for most of my shares, only use Revolut for Amazon shares as it allows me buy fractional shares.

    No issues with either so far. Degiro has far better dashboards, info, and cheaper once ya go over your 3 trades a month. Also has access to far more stocks.


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    #6
    kapisko1PL
    Registered Users Posts: 277 ✭✭kapisko1PL


    Any opinions on 212 Trading?


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    #7
    plastik90
    Registered Users Posts: 55 ✭✭plastik90


    kapisko1PL wrote: »
    I just signed up to DeGiro today. I am number 9370. Might be a while before I start using it.

    My numbers not too far off yours. Anyone got an idea on the waiting time?


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    #8
    Maestro30
    Registered Users Posts: 2 ✭Maestro30


    plastik90 wrote: »
    My numbers not too far off yours. Anyone got an idea on the waiting time?

    Just signed up today myself. Read somewhere they wont be going through the waiting list till in/around may 8th.

    Side note: been using revolut past few days for trades. But does anyone know what the story is with taxes if i were to sell the shares and withdraw?


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    #9
    Shedite27
    Registered Users Posts: 9,368 ✭✭✭Shedite27


    Maestro30 wrote: »
    Just signed up today myself. Read somewhere they wont be going through the waiting list till in/around may 8th.

    Side note: been using revolut past few days for trades. But does anyone know what the story is with taxes if i were to sell the shares and withdraw?

    It's all self declarative stuff, so if you make more than 1200 profit in the year you need to pay tax. But that's outside of Revolut


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    #10
    kapisko1PL
    Registered Users Posts: 277 ✭✭kapisko1PL


    If you buy a share for 10 and sell for 20, you need to pay 33% of the gain. So if the profit you made by selling the share, you need to pay 33% of that profit. i.e. 0.33 x 10 = 3.33. It is the CGT. Limit is something around 1270 euros.

    For profits from dividends, it is the same as your regular tax. i.e. 20 and 40%.

    SOURCE

    EDIT: The good thing is you can deduct any losses or fees you've incurred.


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    #11
    iAcesHigh
    Registered Users Posts: 447 ✭✭iAcesHigh


    kapisko1PL wrote: »
    If you buy a share for 10 and sell for 20, you need to pay 33% of the gain. So if the profit you made by selling the share, you need to pay 33% of that profit. i.e. 0.33 x 10 = 3.33. It is the CGT. Limit is something around 1270 euros.

    For profits from dividends, it is the same as your regular tax. i.e. 20 and 40%.

    SOURCE

    EDIT: The good thing is you can deduct any losses or fees you've incurred.

    So, for example, any Degiro fees paid when buying and selling shares as well as any, for example, fund fees for maintenance on yearly basis can be deducted once you "cashout" and are due to pay taxes?


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    #12
    kapisko1PL
    Registered Users Posts: 277 ✭✭kapisko1PL


    Quoting from the source:
    CGT is only applied to the ‘chargeable gain’, not the whole amount you receive.

    The chargeable gain of an asset is the difference between:

    the amount you received for it (sale price)
    and
    the amount you paid for it (purchase price) and any ‘allowable expenses’.

    where as the "allowable expenses" are:
    They are costs that you can deduct from the sale price to work out your chargeable gain. These can be:

    any money spent by you which adds value to the asset (known as ‘enhancement expenditure’)

    costs (for example, fees paid by you to a solicitor or auctioneer) when you acquired and disposed of the asset.

    Just FYI, I am not a financial advisor, just gathering info form my own research.

    EDIT: Grammar


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