Alternatives To Revolut
Founded in 2015, Revolut is best known for its mobile banking services. However, investors can also trade stocks, metals, and cryptos through its digital platform. But while it offers a wide selection of low-cost assets, there are some excellent alternatives online. See our list of the best brokers like Revolut, including AvaTrade and Saxo. Find out whether you should open an account with one of our alternatives to Revolut today.
- Stocks – Revolut members enjoy commission-free stock investing within the monthly allowance. Users can access over 800+ stocks listed on the NYSE and NASDAQ. A unique feature is the ability to buy fractional shares for as little as $1. And while UK shares aren’t offered at the moment, this is something Revolut plans to offer in the future.
- Cryptocurrencies – Members can exchange approximately 60 cryptocurrencies instantly, including Bitcoin, Ethereum, and Litecoin. Cryptos can be traded against 25 different fiat currencies such as the British Pound, the US Dollar, and the Euro. However, a big downside is not being able to withdraw the coins you purchase outside of Revolut.
- Commodities – Revolut also introduced the ability to trade gold and silver for just $1. While currently limited to two precious metals, Revolut plans to expand its selection of commodities. To trade metals, simply add the XAU or XAG account via the Commodities widget in the app.
As Revolut’s mobile platform is an extension of its banking app, you need to hold a bank account with the fintech to start investing. It is suited to beginners looking for free stock trading and cheap price plans.
Note, Revolut does not offer a web trading platform and is only available on mobile.
The app is user-friendly, with assets easily accessible via the search function. Because it is aimed at beginners, charting tools are limited, with no technical indicators or drawing tools. Users can only view basic key information, such as changes in the stock price.
Revolut offers four pricing plans:
- Standard – The Standard account has no monthly charge and includes three free stock trades a month. Investing in cryptocurrencies comes with an expensive exchange markup of 2.5%. It is 1.5% on commodities and there is no interest on savings.
- Plus – The Plus account also offers three free trades and costs £2.99 per month with up to 0.55% AER interest. The same cryptos and commodities markup on the Standard account applies.
- Premium – The Premium account costs £6.99 per month with up to 0.85% AER interest, 1.5% markup on cryptos, and 0.25% on commodities.
- Metal – The Metal plan costs £12.99 per month with interest up to 1% AER and the same markup as the Premium account.
After you have surpassed your monthly free trade limit, trades cost £1 or currency equivalent. Revolut also charges 0.12% in annual custody fees. On a lighter note, they do not charge inactivity or deposit fees. ATM cash withdrawals are charged at 2% after bypassing the limits.
The minimum free withdrawal is £200, whilst the maximum is £800. This varies upon account type.
Overall, alternatives to Revolut are more competitive in terms of pricing on cryptos and metals.
Best Alternatives To Revolut
Now let’s look at some of the top alternatives to Revolut:
Saxo Bank has a wide product portfolio, offering stocks, forex, cryptos, ETFs, bonds, CFDs, etc. The broker offers 22,000 stocks along with major and minor forex currencies, which is an edge over Revolut’s card and trading services. Saxo also offers Bitcoin, Ethereum, Litecoin, plus a variety of other 100+ crypto pairs.
Saxo has a web, mobile, and desktop platform, which has advanced tools for technical analysis and automated social trading. In addition, it has a two-step authentication process for enhanced user security.
When it comes to investing fees, some of the costs are high. For example, on a $2,000 trade, US stocks come in at $10. Compared to the no minimum deposit requirement by Revolut, Saxo’s minimum deposit of $2,000 is also a disadvantage. The broker does not charge withdrawal, deposit fees, or inactivity fees.
Degiro is a pan-European broker, available in 19 countries. Users can trade a variety of stocks, ETFs, futures, bonds, cryptos, and options across 50 international exchanges. On the downside, you can’t trade forex.
Degiro offers both a web and mobile trading platform. Its web version is great for executing trades with several order types. Still, it does not offer advanced tools and customizable charts.
Degiro has one of the lowest fees in the market for all instruments and no inactivity, deposit, or withdrawal charges. For example, US stock fees on a $2,000 trade start at $0.5.
For traders seeking wider access to the financial markets with low costs, Degiro is one of the top alternatives to Revolut.
AvaTrade has a decent product range, including various CFDs across stocks, indices, commodities, 55 forex pairs, and 20 cryptos. The online broker also offers web, mobile, and desktop trading platforms, including MT4, MT5, and AvaOptions. As a result, investors can conduct detailed technical analysis using dozens of indicators, drawing tools, and customizable charts. Automated trading is also available.
AvaTrade offers low CFD fees and average forex fees. Still, a high inactivity fee is applied after three consecutive months of non-use. The inactivity fee is 50 and is subject to the customer’s relevant account base currency ($/€/£). It may also change periodically. On a positive note, the broker offers zero commissions on cryptos and does not charge deposit or withdrawal fees.
For beginners looking to step up their trading tools and access a wider range of financial markets, AvaTrade is among the best alternatives to Revolut.
Users can trade forex, index CFDs, commodities, metals, and energies at BlackBull Markets – a wider selection compared to Revolut. And because BlackBull Markets offers the MT4 and MT5 platforms, users have access to an excellent range of tools and a comprehensive trading experience vs. Revolut’s basic buy and sell features.
BlackBull Market’s fee structure is average and varies with the account type. The standard account requires a minimum deposit of $50 and the EUR/USD pair comes with a minimum spread of 0.845 pips. Stock trading costs are in line with the best brokers in the industry.
Overall, BlackBull Markets is one of our top alternatives to Revolut for traders looking to up their investing game.
Pros Of Trading With Revolut
- Low stock trading fees
- Low minimum deposit
- Trade fractional shares
- No inactivity or deposit fees
- User-friendly mobile trading platform
Cons Of Trading With Revolut
- Narrow product range
- Limited research and educational tools
- High exchange markup on cryptocurrency
- Cannot withdraw crypto or metals profits outside of Revolut
Final Word On Alternatives To Revolut
If you are looking to trade US stocks with low fees or are a beginner searching for a user-friendly mobile platform, Revolut is a good choice. Degiro is another great option for clients interested in low-cost stock trading.
One of the best alternatives to Revolut for trading cryptocurrencies and other assets is AvaTrade which offers zero commissions vs. Revolut’s 2.5% markup. AvaTrade also provides access to 20 different crypto coins and wider market access overall. Additionally, AvaTrade offers the trusted MetaTrader platforms to suit both new and professional traders. In contrast, Revolut only offers a simple mobile trading platform. Also, AvaTrade and our other brokers listed allow you to withdraw into an independent bank account. In contrast, Revolut withdrawals are restricted to Revolut bank accounts.
What Is The Best Alternative To Revolut?
AvaTrade is the best alternative to Revolut if you are serious about creating a diverse portfolio with multiple instruments and assets. If you are looking to get into stock trading, Revolut is a reasonable option, offering fractional shares from $1. But as Revolut mainly offers US stocks, Degiro is a good alternative for trading UK and German stocks, among others.
Is Revolut Safe For Trading?
Revolut is licensed and regulated by multiple trusted bodies, including the SEC, FINRA, and FCA. Clients are protected up to $500,000 (including up to $250,000 cash) under Securities Investment Protection Corporation’s (SIPC) insurance. In the UK and EU, funds are protected by the FSCS protection scheme up to GBP 85,000. Still, there is always a risk with trading and most of our list of Revolut alternatives also offer safeguarding measures.
What Is A Similar Alternative To Revolut In Canada?
Is Revolut Business Free?
Revolut Business price plans come in a basic/free or subscription plan. You can send up to $1,000 each month without exchange fees. A 0.5% fee is applied if you exceed this threshold. Alternatively, you can upgrade to Revolut Premium or Revolut Metal to transfer unlimited funds globally, with no foreign exchange fees.
Before July 8, 2022: Premium and Metal customers receive a free allowance of one or three international transfers, respectively.
After July 8, 2022: for Premium plan customers, a discount of 20% will apply on every international transfer. Metal plan customers will benefit from a 40% discount.
What Are Good Alternatives To Revolut Business?
Popular alternatives include N26, which doesn’t charge commissions on foreign currencies. This is a good option if you travel regularly. Monzo is a good alternative for UK-based residents as its app replaces the traditional current account without any day-to-day fees. Alternatively, Transferwise allows you to hold up to 40 currencies in one account and is available worldwide.