Intro
Summary
Revolut is both a digital bank and a stock broker and as such competes with different service providers in these segments.
Revolut as a digital bank has the following best alternatives, with individual strengths highlighted:
- Transferwise - Highest number of currencies
- Starling - Best for affluent clients
- Monzo - The most user friendly
- Monese - Easiest setup
Revolut (more precisely Revolut Trading) as a stock brokerage competes with:
- Passfolio - Global zero-commission stockbroker
- SoFi Invest - US discount broker
- Robinhood - US zero-fee discount broker
- Freetrade - UK discount broker
- Revolut overview
and other low- or zero-commission stock brokers.
TABLE OF CONTENTS
- Revolut’s digital bank competitors
- Revolut vs. Transferwise
- Revolut’s stock broker alternatives
- Bottom line
Revolut’s digital bank competitors
One of Revolut's closest competitor in the digital banking business is Transferwise. We compiled the key features of the two service providers in the table below.
| Revolut | Transferwise | |
|---|---|---|
| Multicurrency account | Yes | Yes |
| ATM withdrawal fees (standard account) | €/£200 /month free, 2% after | £200/month free, 2% after |
| International transfer exchange fee | Free (exc. SWIFT) | €0.5-2.0 |
| International transfer exchange fee | 0.5-2.0% on weekends €6,000/£5,000 /month free, additional 0.5% after |
0.35-2.00% |
Revolut’s stock broker alternatives
- Passfolio - Global zero-commission stockbroker
- SoFi Invest - US discount broker
- Robinhood - US zero-fee discount broker
- Freetrade - UK discount broker
Let's see in a bit more detail the Revolut alternatives compared to Revolut and each other:
| Revolut | Passfolio | SoFi Invest | Robinhood | Freetrade | |
|---|---|---|---|---|---|
| Overall score | 4.2 | 4.5 | 4.5 | 4.3 | 4.5 |
| Fees score | 3.8 stars | 4.3 stars | 5.0 stars | 5.0 stars | 4.7 stars |
| Account opening score | 5.0 stars | 5.0 stars | 4.2 stars | 5.0 stars | 5.0 stars |
| Deposit and withdrawal score | 3.5 stars | 2.8 stars | 2.2 stars | 2.3 stars | 4.0 stars |
| Web platform score | - | 3.8 stars | 3.2 stars | 4.5 stars | - |
| Markets and products score | 2.1 stars | 2.2 stars | 2.2 stars | 2.7 stars | 2.0 stars |
The products they offer (mostly the same assets, i.e. stocks, CFDs, options, etc.)Why are these brokers considered good alternatives to Revolut? When we say a given online broker is a good alternative to Revolut, we mean that these brokers are comparable in the following areas:
- The type of clients they target (i.e. beginners, experienced investors, day traders).
Revolut alternatives recommendations
Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:
- Revolut is recommended for beginners looking for free trading and a great mobile-only trading platform
- Passfolio is recommended for beginners and long-term investors focusing on the US stock market
- SoFi Invest is recommended for beginners and investors looking for zero-commission trading, focusing on the US market
- Robinhood is recommended for beginners and buy-and-hold investors focusing on the US stock market
- Freetrade is recommended for long-term investors on the hunt for low fees and focusing on the UK and US markets
Important factors when selecting Revolut alternatives
So far, BrokerChooser has reviewed about 100 online brokers in detail, which gives this comparison a solid starting point.
In addition, all these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we
- open a live account
- check over 100 criteria, with weighting based on readers' preferences
- refresh the data regularly.
Whether Revolut or one of its alternatives is the best choice for you is a decision you should make based on the following five broker characteristics that interest most people:
Fees. There are different types of fees that your online broker may charge, and both the number and the size of these fees may vary significantly from broker to broker. These fees will impact your returns and your overall experience. Revolut is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost Revolut alternative.
Account opening. When opening an account, some brokers require at least €50,000 to be deposited in the account, while others don't set a minimum first-time deposit. The time it takes to open your account can be very different as well. At Revolut this is not a problem as your account will be ready on the same day you register.
Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you can make a deposit with a credit card at Revolut, this might not be the case at its alternatives.
Web trading platform. While online brokers usually offer various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms equipped with many different resources can significantly increase your trading comfort.
Markets and products. A lot of people have specific products they like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given Revolut alternative is a must.
-> Back to Revolut Review 2022
Further reading:
Revolut alternatives & competitors
Passfolio
Passfolio, a global zero-commission stockbroker, is a young and ambitious brokerage founded in 2018. It is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). In addition to the top-tier regulation, clients also enjoy investor protection under the SIPC policy of Passfolio's clearing firm for up to an additional $30 million (with a cash sub-limit of $900,000 per account), subject to an aggregate limit of $150 million.
Although Passfolio is a global broker, there is a distinct focus on Brazilian customers, as evidenced by the fact that a good portion of the content it offers is available in Portuguese.
Passfolio is considered safe because it is regulated by top-tier authorities and offers extra protection to investors.
Recommended for beginners and long-term investors focusing on the US stock market
|
Pros |
Cons |
|
• Free US Stock and ETF trading |
• Limited portfolio focusing on US markets |
|
• Great mobile platform |
•Deposit is not user-friendly |
|
• Fast and fully digital account opening |
• Missing web and desktop platforms |
| Passfolio | Revolut | |
|---|---|---|
| Apple benchmark fee | $0.3 | $14.3 |
| Vodafone benchmark fee | - | - |
| EURUSD spread | - | - |
| Minimum deposit | $0 | $0 |
| Time to open account | 1 day | 1 day |
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal time | 2 days | 1 day |
| Web platform score | 3.8 stars | - |
| Mobile platform score | 4.8 stars | 4.9 stars |
| Desktop platform score | - | - |
| Stocks | Yes | Yes |
| ETFs | Yes | No |
| Forex | No | No |
| Funds | No | No |
| Bonds | No | No |
| Options | No | No |
| Futures | No | No |
| Crypto | Yes | Yes |
- Fees: 4.3 stars - Passfolio has attractive fees, as trading in all assets except for cryptos is free of charge above a trade value of $5. On the other hand, most withdrawal options carry a fee.
- Account opening: 5.0 stars - On mobile, the account opening at Passfolio is super fast and fully digital, with validation in just 15 minutes. On the other hand, there may be some issues when validating via desktop.
- Deposit and withdrawal: 2.8 stars - Passfolio's deposit functions are numerous and most of them come free of charge. On the other hand, withdrawal is not free and the process of depositing funds is complicated.
- Web trading platform: 3.8 stars - Passfolio's new web trading platform is still in Beta. It is user-friendly and has two-factor SMS verification. However, it is not customizable, has only a few order types and no price alerts.
- Markets and products: 2.2 stars - Passfolio offers stocks, ETFs, REITs and ADRs traded on US stock exchanges, as well as cryptos. Popular assets such as mutual funds, bonds and options are not available.
Revolut alternatives & competitors
SoFi Invest
SoFi, short for "Social Finance", is a US-based fintech startup founded in 2011. It first specialized in student loan refinancing, but has expanded into the broker space since 2018. SoFi is regulated by the US Securities and Exchange Commission (SEC) and FINRA. SoFi Invest is SoFi's brand for zero-fee or discount brokerage services.
SoFi Invest offers active and automated investing services. The former means a self-directed account where you can trade stocks, ETFs, and cryptocurrencies on your own. By contrast, SoFi Invest automated investing is a robo-advisory service where SoFi Invest handles your investments. In this review, we tested SoFi Invest active investing. Click here for the SoFi robo-advisory review.
SoFi Invest is considered safe because it is regulated by top-tier financial authorities and provides up to $500,000 investor protection (including a $250,000 limit for cash) as part of the SIPC protection scheme.
Recommended for beginners and investors looking for zero-commission trading, focusing on the US market.
|
Pros |
Cons |
|
• Free stocks and ETFs |
• Available only for US clients |
|
• Fast and fully digital account opening |
• Limited product portfolio |
|
• Great customer support |
• Basic research tools |
| SoFi Invest | Revolut | |
|---|---|---|
| Apple benchmark fee | $0.3 | $14.3 |
| Vodafone benchmark fee | - | - |
| EURUSD spread | - | - |
| Minimum deposit | $0 | $0 |
| Time to open account | 1-3 days | 1 day |
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal time | 2 days | 1 day |
| Web platform score | 3.2 stars | - |
| Mobile platform score | 4.5 stars | 4.9 stars |
| Desktop platform score | - | - |
| Stocks | Yes | Yes |
| ETFs | Yes | No |
| Forex | No | No |
| Funds | No | No |
| Bonds | No | No |
| Options | No | No |
| Futures | No | No |
| Crypto | Yes | Yes |
- Fees: 5.0 stars - SoFi Invest has low trading and non-trading fees. It offers commission-free trades for US stocks and ETFs, and no fee is charged for inactivity or withdrawals.
- Account opening: 4.2 stars - Account opening at SoFi Invest is seamless and fully digital; our account was opened within a day. On the flip side, only US clients can open an account.
- Deposit and withdrawal: 2.2 stars - SoFi Invest offers user-friendly and mostly free deposit and withdrawal options. However, you can use only bank transfers, while wire transfer withdrawals incur a high fee.
- Web trading platform: 3.2 stars - SoFi Invest offers a user-friendly web trading platform with a neat design. However, it lacks customizability, unique price alerts, and many common order types.
- Markets and products: 2.2 stars - SoFi Invest has a limited product portfolio comprising US stocks and ETFs as well as a few cryptocurrencies. You can't trade funds, bonds, forex, options or futures.
Revolut alternatives & competitors
Robinhood
Robinhood is a US-based, zero-fee discount broker established in 2013. The company is regulated by top-tier financial authorities, such as the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Besides the brokerage service, Robinhood also introduced Cash Management to help clients earn interest on uninvested funds. Click here for more details on this great and unique service.
BrokerChooser is committed to bringing high transparency and clarity to its customers, including brokers and partners. BrokerChooser's Advertiser Disclosure.
Robinhood published recently its S1 disclosure. If you're interested in analyzing Robinhood's business numbers and how they stack against up other brokers, check this report.
Recommended for beginners and buy-and-hold investors focusing on the US stock market.
|
Pros |
Cons |
|
• Free US stock and ETF trading |
• Limited product range |
|
• Great mobile and web trading platforms |
• Weak customer support |
|
• Fast and fully digital account opening |
• Basic research tools |
| Robinhood | Revolut | |
|---|---|---|
| Apple benchmark fee | $0.3 | $14.3 |
| Vodafone benchmark fee | - | - |
| EURUSD spread | - | - |
| Minimum deposit | $0 | $0 |
| Time to open account | 1 day | 1 day |
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal time | 1 day | 1 day |
| Web platform score | 4.5 stars | - |
| Mobile platform score | 5.0 stars | 4.9 stars |
| Desktop platform score | - | - |
| Stocks | Yes | Yes |
| ETFs | Yes | No |
| Forex | No | No |
| Funds | No | No |
| Bonds | No | No |
| Options | Yes | No |
| Futures | No | No |
| Crypto | Yes | Yes |
- Fees: 5.0 stars - Trading US stocks and ETFs is free at Robinhood. The broker doesn't charge an inactivity or withdrawal fee.
- Account opening: 5.0 stars -The account opening at Robinhood is seamless, fully digital and can be completed within a day. On the negative side, the broker only accepts US clients and IRA accounts are not available.
- Deposit and withdrawal: 2.3 stars- Deposit and withdrawal at Robinhood are free and easy and a great cash management service is available. On the other hand, you can use only bank transfer and deposits above your 'instant' limit may take several business days.
- Web trading platform: 4.5 stars - Robinhood provides a safe, user-friendly and well-designed web trading platform. On the downside, customizability is limited.
- Markets and products: 2.7 stars - Robinhood's product portfolio is limited, as it offers only stocks, ETFs, options and cryptos. Furthermore, assets are limited mainly to US markets. During January 2021, Robinhood restricted trading in as many as 50 individual stocks.
Revolut alternatives & competitors
Freetrade
Freetrade is a UK-based fintech startup providing commission-free stock trading, regulated by the UK's Financial Conduct Authority (FCA). The company was founded in 2016.
Freetrade is considered safe because it is regulated by a top-tier regulator, the FCA.
Recommended for long-term investors on the hunt for low fees and focusing on the UK and US markets.
|
Pros |
Cons |
|
• Free stock and ETF trading |
• Basic product portfolio |
|
• Easy and fast account opening |
• Limited research tools |
|
• Great mobile trading platform |
• Debit card only for deposits |
| Freetrade | Revolut | |
|---|---|---|
| Apple benchmark fee | $0.3 | $14.3 |
| Vodafone benchmark fee | $0.7 | - |
| EURUSD spread | - | - |
| Minimum deposit | $0 | $0 |
| Time to open account | 1 day | 1 day |
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | Yes | No |
| Withdrawal time | 2 days | 1 day |
| Web platform score | - | - |
| Mobile platform score | 4.7 stars | 4.9 stars |
| Desktop platform score | - | - |
| Stocks | Yes | Yes |
| ETFs | Yes | No |
| Forex | No | No |
| Funds | No | No |
| Bonds | No | No |
| Options | No | No |
| Futures | No | No |
| Crypto | No | Yes |
- Fees: 4.7 stars - At Freetrade, you can trade stocks and ETFs free of charge. Also, there are no account, inactivity or withdrawal fees. However, there is a high, 0.45% fee for converting your funds to USD.
- Account opening: 5.0 stars - Account opening at Freetrade is fast, fully digital and user-friendly, and there is no minimum deposit. You can choose from 4 different account types.
- Deposit and withdrawal: 4.0 stars - Deposits and withdrawals are user-friendly and free. On the negative side, no credit cards are accepted and the only available base currency is GBP.
- Web trading platform: - - At Freetrade, you can only trade through a mobile platform, web and desktop platforms are not available. We missed the web platform, which the company said would be set by the end of 2020.
- Markets and products: 2.0 stars - Freetrade has a limited product portfolio that covers only stocks and ETFs. There are no other asset classes available, like mutual funds, bonds or options.
Revolut alternatives & competitors
Revolut
Revolut is a fast-growing fintech startup founded in 2015 and mainly known for its banking and payment services. In 2019, the company launched its commission-free stock trading service, which is provided by Revolut Trading Ltd.
Revolut is regulated by multiple top-tier regulators, including the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Clients' assets are protected up to $500,000 ($250,000 cash) under the Securities Investment Protection Corporation's (SIPC) insurance. Revolut is also regulated by the UK Financial Conduct Authority (FCA).
Recommended for beginners looking for free trading and a great mobile-only trading platform.
|
Pros |
Cons |
|
• Free stock trading |
• Limited product portfolio |
|
• Fast and easy account opening |
• Basic research and missing educational tools |
|
• Great mobile trading platform |
• Poor customer service |
| Revolut | Passfolio | SoFi Invest | Robinhood | Freetrade | |
|---|---|---|---|---|---|
| Apple benchmark fee | $14.3 | $0.3 | $0.3 | $0.3 | $0.3 |
| Vodafone benchmark fee | - | - | - | - | $0.7 |
| EURUSD spread | - | - | - | - | - |
| Minimum deposit | $0 | $0 | $0 | $0 | $0 |
| Time to open account | 1 day | 1 day | 1-3 days | 1 day | 1 day |
| Bank transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | No | Yes |
| Withdrawal time | 1 day | 2 days | 2 days | 1 day | 2 days |
| Web platform score | - | 3.8 stars | 3.2 stars | 4.5 stars | - |
| Mobile platform score | 4.9 stars | 4.8 stars | 4.5 stars | 5.0 stars | 4.7 stars |
| Desktop platform score | - | - | - | - | - |
| Stocks | Yes | Yes | Yes | Yes | Yes |
| ETFs | No | Yes | Yes | Yes | Yes |
| Forex | No | No | No | No | No |
| Funds | No | No | No | No | No |
| Bonds | No | No | No | No | No |
| Options | No | No | No | Yes | No |
| Futures | No | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes | No |
- Fees: 3.8 stars - Revolut provides a certain number of free stock trades, depending on your plan. On the other hand, it charges a custody fee and outside the monthly allowance the trading fees are quite high.
- Account opening: 5.0 stars - Revolut has an easy, fast, and fully digital account opening, requiring no minimum account balance.
- Deposit and withdrawal: 3.5 stars - Revolut offers several deposit options, and both deposits and withdrawals are free even when using wire transfers. On the negative side, you can only use a USD-based account for trading and we experienced issues with canceled orders.
- Web trading platform: - - Revolut does not offer a web trading platform, it's available only on mobile. This is a drawback, as web-based applications are convenient and accessible from all devices.
- Markets and products: 2.1 stars - Revolut has a limited product portfolio, as you can only trade certain US stocks, cryptos, gold and silver. It doesn't offer popular asset classes like mutual funds, bonds or options.
Revolut alternatives & competitors
Bottom line
Bottom line
Based on our analysis, there are several good alternatives to Revolut. They all offer similar products and target similar customers. Here's a recap of the results in a table.+
| Broker | Info | Recommended for |
|---|---|---|
| Revolut | UK discount broker | Beginners looking for free trading and a great mobile-only trading platform |
| Passfolio | Global zero-commission stockbroker | Beginners and long-term investors focusing on the US stock market |
| SoFi Invest | US discount broker | Beginners and investors looking for zero-commission trading, focusing on the US market |
| Robinhood | US zero-fee discount broker | Beginners and buy-and-hold investors focusing on the US stock market |
| Freetrade | UK discount broker | Long-term investors on the hunt for low fees and focusing on the UK and US markets |
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