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Time To Leave REVOLUT For EU Investors (What Next?) 

Smart Money with Kai
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⏰ TIMESTAMPS ⏰
00:00 Time To Leave Revolut For EU Investors
01:01 New Revolut EU Stocks Entity
03:32 DriveWealth Broker
04:46 No more individual brokerage accounts with Drivewealth
05:17 Safekeeping of your US funds
06:00 The biggest problem of Revolut Trading
07:44 Safekeeping of your Cash
08:36 Why This Change Matters To EU Investors
09:33 How To Transfer Your Revolut Stocks To Interactive Brokers
10:16 What I Recommend You To Do Next
In this video, I will share with you the latest update to the Revolut Investing Platform, which unfortunately is not very favourable towards EU investors, as you will basically lose your SIPC insurance for all your US stocks kept with Revolut through Drivewealth. I personally recommend as I've done myself, to move your funds to another broker while you still can. I have moved my funds from Revolut to Interactive Brokers and in this video, I show you how you can easily do that.
Revolut has now updated its pricing and removed the custody fee, you can learn more about it here www.revolut.com/blog/post/cus...
#revolut #revolutstocks #interactivebrokers #ibkr

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3 авг 2024

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Комментарии : 184   
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Revolut has updated its pricing & removed the custody fee www.revolut.com/blog/post/custody-fee-removal-uk/ 🟡 JOIN MY SMART MONEY CLUB www.smartmoneywithkai.com/smartmoneyclub
@jkalinful
@jkalinful Год назад
I also think that this was one of the most stupid decision of Revolut. I can't imagine how many customers will they lose because of this.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi Jurij, it really was, but then again, a lot of people getting started with investing don't read the fine print I guess:)
@Evoprimals
@Evoprimals 3 месяца назад
Does this change still apply?
@Deadsmegma
@Deadsmegma 2 месяца назад
@@Evoprimals ye interested
@georgebaragan
@georgebaragan Год назад
This is the perfect synchronization, to keep me away from a mistake I was about to make. Thank you for good on point information!
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi there and many thanks, great to hear that😉 Cheers
@yunussavas3481
@yunussavas3481 Год назад
Hey do we need to fill in anything if we live in the Uk and where do we fill in these things help please
@Durior
@Durior 10 месяцев назад
Great video, wish I'd seen it sooner. Is transferring still possible?
@SmartMoneywithKai
@SmartMoneywithKai 10 месяцев назад
Hi there and many thanks, last week I checked and I still saw Drivewealth listed on IBKR so worth a try. Cheers
@hzzmozz
@hzzmozz 11 месяцев назад
Thanks man. Your videos have provided me with so much clarity. Can't thank you enough ❤
@SmartMoneywithKai
@SmartMoneywithKai 11 месяцев назад
Thanks mate, you're the real MVP for tuning in! 🌟 Thrilled my vids could clear things up. Cheers man🙏
@ozneonil7132
@ozneonil7132 8 месяцев назад
What would you recommend me to use if I live in Spain?
@SmartMoneywithKai
@SmartMoneywithKai 8 месяцев назад
I would recommend either Lightyear to have a user-friendly interface or Interactive Brokers for more pro features. Cheers
@RokasMagic
@RokasMagic Год назад
Great content. thanks
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Cheers mate👋
@tonyterracotta2165
@tonyterracotta2165 10 месяцев назад
Will this apply to revolut crypto as well?
@SmartMoneywithKai
@SmartMoneywithKai 10 месяцев назад
Hi there. Crypto has never been protected so it doesn’t make a difference anyways. Cheers
@tumiepowe2033
@tumiepowe2033 9 месяцев назад
Just saw this now can still move?
@SmartMoneywithKai
@SmartMoneywithKai 9 месяцев назад
Hi there, not sure, might be a bit late, but you could just give it a try. Cheers
@KA-gg6go
@KA-gg6go Месяц назад
Hi Kai, does this change on portfolio protection applies our savings account which is on money market through Fidelity?
@SmartMoneywithKai
@SmartMoneywithKai Месяц назад
Hi, your funds are still protected in the MMF up to €22K but only against insolvency of Revolut, if the MMF itself goes down, which is highly unlikely, then of course this would not be protected. Cheers
@nataschabaunse9151
@nataschabaunse9151 Год назад
Really very well explained, thank you for your warning!
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Many thanks Natascha, much appreciated🙏
@hyperscootershop
@hyperscootershop 10 месяцев назад
Thanks revolut it took some time but appreciate the help
@SmartMoneywithKai
@SmartMoneywithKai 10 месяцев назад
Awesome to hear that🙌
@timholden8007
@timholden8007 Год назад
Thanks for this video, I had skipped over most of that email. Keep up the good work. Used your IBKR referral code!!
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi Tim, amazing to hear that and much appreciated🙏
@tadasjankevicius640
@tadasjankevicius640 Год назад
Greetings from Lithuania! I'm wondering if you have done a video breaking down Interactive brokers? Particularly, fees, contract clauses and protections that are offered to EU citizens
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi Tadas, nice to see some Lithuanian's here😉 Not exactly to that detail yet, so something to keep in mind for future videos👌 Cheers
@pavlov5229
@pavlov5229 Год назад
Hi ,thanks a lot for the good explanation, I have question because my investment is small and in the email I understand that up to 22 000 euro , our investment is safe or I am in mistake . And one more question for the transfer to Interactive broker - can we transfer only few shares or we must transfer all the portofolio , thanks a lot 😊
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi Pavlov, thanks a lot. Great question, that's correct, but only your cash sitting in your Revolut investment account will be protected, your actual investments technically not as it's shared across all other Revolut users, so you will basically get nothin in case of them going bust (which is unlikely though but not impossible) You can transfer some positions, Interactive Brokers allows you to specific which, so you would need to clearly indicate those on the IB transfer page. Cheers
@DoubleDe
@DoubleDe 10 месяцев назад
Well my account is from England but left country in 2020 …tried to change countries but tells me to shut down account and get a new one
@SmartMoneywithKai
@SmartMoneywithKai 10 месяцев назад
Sorry to hear that and that's very unfortunate, hope you can find a way somehow🤞
@yunussavas3481
@yunussavas3481 Год назад
Hey do we need to fill in anything if we live in the Uk and where do we fill in these things help please
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi there, as I understand if you are in the UK, you will stay with the UK entity and there won't be any changes for you👌
@krtkbrn13
@krtkbrn13 Год назад
Thank you for the tips! I've managed to transfer my revolut positions with ACATS to IBKR. It took 4 business days to transfer them, although cost basis need some more time to be stated. It was easy as the guide you've mentioned, i hope cost basis will be ready soon to. Keep up the quality content, Best regards.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi Kratki, amazing to hear and thanks a lot for sharing, this is great insight and happy to hear all went smoothly and I am sure the cost basis should be updated eventually too. Can I ask how much the total cost of this transfer has been from IB and/or Revolut side? Cheers
@krtkbrn13
@krtkbrn13 Год назад
There was no fees up to the point where i am at, but i think the transaction is not closed completly yet. I can see all my stocks on IBKR now, can also see the transfer transactions on Revolut, so my Revolut account is empty now. Although I got an email from IBKR that, "Drivewealth"is responsible for sending the cost basis of covered securities to IBKR. Please allow 7 - 15 days for this step to complete. In the interim, IBKR has assigned the closing price for each security as of the posting date, but will update with the actual cost basis once received". I'll let u know if there were costs when the cost basis are stated.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Great to hear that and really appreciate your update as I did not actually do it myself so would be great to hear from someone who actually did it. Thanks a lot.
@krtkbrn13
@krtkbrn13 Год назад
​@@SmartMoneywithKai The transfer seems to end although it wasn't easy at all. "Unfortunately cost Basis delivery is not required for non-USA Taxpayers and generally no information is delivered along with the ACATS. The biggest reason is that USA brokers have no knowledge of cost basis accounting for each jurisdiction". Long story short, ACATS work fine, if i'am correct it had no cost, but you have to add the cost basis of your stocks manually. In my case it was up to at least 250 transactions. The painful part is there is no way to copy data from csv nor anything. You have to manually type theese transactions. eg. cost basis, date, piece. You can't even copy a date from a excel, have to choose it from a built in calendar one by one. Still don't know whos gonna decide, approve if my data is valid.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
@@krtkbrn13 Thanks a lot for sharing, this is good to know, though sad to hear that it didn't do that automatically and yes, sounds very painful having to do this manually:( At least you did it and protect your funds, I guess that is the main priority👍
@piotrfonte
@piotrfonte Год назад
Excellent piece of advice. Thank you.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi Piotr, many thanks and much appreciated🙏
@elghandour12
@elghandour12 Месяц назад
I believe that, there‘re some updates regarding investments protection. It‘s now a total of up to 22k euros protection for all tradings in your Revolut account. Including stocks, Commodities, and saving accounts.
@SmartMoneywithKai
@SmartMoneywithKai Месяц назад
Might be, they do those updates regularly, but for me still not worth using it for stocks, given that you can't transfer your portfolio elsewhere. Cheers
@alihamzeh4788
@alihamzeh4788 8 месяцев назад
What if you are living in the UK?
@SmartMoneywithKai
@SmartMoneywithKai 8 месяцев назад
Hi Ali, as I understand in this case it should not make a difference to you, though I do hope they will soon get a full UK banking license🤞
@christinemurray1444
@christinemurray1444 8 месяцев назад
I'm assuming that UK users are not affected* by this change?
@SmartMoneywithKai
@SmartMoneywithKai 8 месяцев назад
Hi Chris, I believe not, though hope Revolut will finally get it's own banking license in the UK soon🤞
@Novartus
@Novartus Год назад
If I understand correctly, in the event of DriveWealth's bankruptcy, the $500k would be divided among all Revolut stock traders. Can you kindly confirm if my understanding is correct?
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi Konstantinos, that's correct, that's the worrying part, which basically means in that event you would end up getting peanuts only.
@yunussavas3481
@yunussavas3481 Год назад
Not correct as this wouldnt make any sense
@wagondragon
@wagondragon Год назад
@@yunussavas3481 I agree it doesn't make sense, but still, it is true: since Revolut will have only one account at DW, that whole account will be protected by the 500kUSD, meaning you'd get nothing in case DW goes bankrupt (unlikely, but possible). The T&Cs: "After Migration: If DriveWealth become insolvent and the shares of RSEUAB customers cannot be returned, SIPC provides up to $500,000 compensation. This protection will apply to the entire holdings in the RSEUAB omnibus account. You will not be entitled to the individual SIPC protection which you have currently, and you might receive significantly less than you would have prior to the migration." Please enlighten me if I understood it wrong?
@bjoernkoenig
@bjoernkoenig Год назад
You can connect your Interactive Brokers account with Transferwise and then withdrawals are cheaper. Also deposits are faster.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi Björn, thanks for sharing. Didn't make to many withdrawals yet, but will keep that in mind. For deposits, yes, it's fast, but Revolut is cheaper with better FX rates as I usually send USD to IB. Cheers
@wagondragon
@wagondragon Год назад
Thanks for this. Initiated it on August 3rd, and it reflected today (August 7th) in IKBR! Literally took them 2.5 business days. So relieved because if DriveWealth were to go bankrupt, I'd be screwed.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Amazing to hear and that's very efficient and smooth, nice👌 Thanks for the update and smart move👍
@agiverreviga4592
@agiverreviga4592 Год назад
How did you move your stocks from Revolut to IKBR? As far as I know, now it's not possible due to the new changes
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi, I made a video about it here. It might stop working soon, so better do it sooner than later. Cheers
@wagondragon
@wagondragon Год назад
@@agiverreviga4592 I started with this guide of Kai's. I initiated it only a week ago, so there probably still is some time. In Revolut however, you need to check your stocks section to make sure it hasn't been moved to the new entity yet. If it still says "Revolut Ltd" at the bottom, you still have a chance.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Great to hear and thanks for sharing👌
@ZizaGordan
@ZizaGordan Год назад
Nice video, Kai ! I got one question. So up to what amount is my fiat money protected on Revolut bank account ? (not brokerege account yet main account) Thanks in advance.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Thanks a lot. Good question, if you are EU based then you are with Revolut UAB, in which case all your deposits held with Revolut Bank UAB are aggregated and the insurance coverage limit of EUR 100,000 applies to the total amount of your deposits. Hope this helps. Cheers
@ZizaGordan
@ZizaGordan Год назад
@@SmartMoneywithKai Hello, Kai again ! Just wanted to tell that I am waiting for IB to approve my account (I stopped at 2FA) Hope that won't take to long. I am from Croatia btw. Also, I want to ask you IB doesn't have joint insurance policy like Revolut (DriveWealth) brokerage account. So my funds are protected up to 250k or 500k as one account ? I will reallly aprecciate your response.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
@@ZizaGordan Nice to hear and good move. If you with IB registered in Hungary which I guess you are like me as well, then deposits are protected up to €100K and US stocks up to $500K which should be plenty to get started😉
@ZizaGordan
@ZizaGordan Год назад
@SmartMoneywithKai Hello, Kai again ! I need your help. I did all verification needed to sign up to IBKR, and I have issues with last one about deposit money. I have transfered from Revolut to thier German accout with my reference. I get notice on my mail that amount is not enough. What amount we need to deposit ? Also, is there some problems with log in to IB ? When I go to their page and press log in, only says that is some error ? Do you have problems log ining in also ? I am from Croatia, EU resident, just to mention. I will appriciate your answer.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
@@ZizaGordan Hi there and sorry to hear that. I have no problems logging in and personally transferred €10 before and had no issues with that. Maybe best to write to support directly as this seems like a technical issue. Good luck.
@sirskratch8097
@sirskratch8097 11 месяцев назад
would you still recommend revolute to UK users? Thanks
@SmartMoneywithKai
@SmartMoneywithKai 11 месяцев назад
To be honest, not really, also their custody fee and limited selection for investment instruments, for me makes it less attractive than other brokers such as the one's I am using i.e. IBKR, Trading 212 & Lightyear.
@sirskratch8097
@sirskratch8097 11 месяцев назад
@@SmartMoneywithKai thank you for responding, a good show of care for your channel! I’m very new and inexperienced in this regard, i use revolut a lot as am currently studying abroad and the lack of exchange fee is very handy. I want to delve in to stocks and was attracted by it’s supposed ease of use. I think i will look into some isa’s or trading 212 now. :)
@SmartMoneywithKai
@SmartMoneywithKai 11 месяцев назад
My pleasure and absolutely, for travelling and free currency exchange it's perfect (just make sure not to exchange on the weekend as they charge a small fee for that) You will see both Lightyear & Trading 212 have an even better and easier interface for buying stocks & ETFs, which Lightyear also offers commission free which is great. Cheers
@eightchine
@eightchine Год назад
Thanks for your helpful Video. As I am buying etf I guess I am not concerned. Am I right?
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi there and my pleasure, glad you've enjoyed it. If you buy ETF's I suppose you are not buying them on Revolut as they don't offer ETF's, so in this case it depends which broker you use to buy them and up to which amount they protect you. Cheers
@eightchine
@eightchine Год назад
In the revolut app which i use for luxembourg i can buy etfs from ishares, vanguard and others.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Oh wow, that's amazing, didn't hear about this before, nice. In this case maybe check your Revolut specific protection levels for Luxemburg, maybe they are also different, if not, you would still be exposed to the same risk as it applies to all their assets under management with DriveWealth so I would definitely suggest to check it out. Cheers
@MarbledKing
@MarbledKing 3 месяца назад
I find INBKS very user unfriendly. I can’t even find where the dividends go when they come in from their app
@SmartMoneywithKai
@SmartMoneywithKai 3 месяца назад
I know, the interface is not the easiest for sure, that's why I use my IBKR with getquin to track my dividends and other brokerages. I prefer Trading 212 interface for sure 👌
@peterenis4752
@peterenis4752 Год назад
So what should I use now living in midle/east EU country? Im a small or mabye for some very small investor.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi Peter, I would recommend Interactive Brokers. This is the most reliable and trustworthy broker. If you are really just starting out Lightyear could be a good alternative as well, but personally I use Interactive Brokers👍
@tomaspacifico
@tomaspacifico Год назад
@@SmartMoneywithKai Hi! Thank you for the video and the information! Is Lightyear better protected against an insolvency?
@SmartMoneywithKai
@SmartMoneywithKai Год назад
@@tomaspacifico My pleasure and yes, they are. Are Lightyear customers covered by EU wide asset guarantee schemes? Yes, all Lightyear customers have their assets covered up to the amount of 20,000 EUR by the Estonian Investor Protection Sectoral Fund. Read more about this fund here. Am I covered by the Securities Investor Protection Corporation (SIPC) protection in the US? Your US securities are held with our partner Alpaca, who is FINRA regulated and is a registered member of the Securities Investor Protection Corporation (SIPC). This means your US securities are protected up to the value of $500,000 should Alpaca fail. You can read more about this directly on the SIPC website.
@mauropix9522
@mauropix9522 Год назад
Hey Kai, is it still possible to transfer stocks from Revolut to interactive brokers?
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi there, I think you might still be lucky, I believe it's another two weeks or so. So if you do it quickly you should be good👌
@wagondragon
@wagondragon Год назад
We are in August, I started the request on the 3rd, and it went through on the 7th. Thus, 2.5 business days.
@Blaze_playzz
@Blaze_playzz Год назад
Hey kai i was wondering if I wanted to start buying stocks now on revolut and I have not made a revolut account yet whould that be safe i also live in Norway so I dont really know if its safe for me to buy stocks on revolut right now
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi Dominik, Revolut is still an amazing platform and app. Just for stocks maybe not the best. To get started it’s fine but once your portfolio grows it’s really not the best option. I always recommend Interactive Brokers but otherwise Lightyear could be a great option for you and they allow you to transfer your portfolio to another broker later on if you so wish. Cheers
@Blaze_playzz
@Blaze_playzz Год назад
@@SmartMoneywithKai I looked at lightyear and it hasent came to norway yes
@SmartMoneywithKai
@SmartMoneywithKai Год назад
I see, some hopefully soon. Maybe give GlobalTrader App from Interactive Brokers a chance, much easier interface.
@martinh68
@martinh68 Год назад
Hi, great explanation. Don’t you think that after this decision will many EU clients leave, and Revolut will try to change it to save the situation?
@tadasjankevicius640
@tadasjankevicius640 Год назад
While im no finiancial expert, i think that will never happen. This decision is driven by a lot of factors and is not easy to make in the first place. The only thing that is possible ( but not probable) is revolut trying to leverage some lithuania laws for similar protections. Looking at one of the well established banks (Swedbank, it's not "local" but nordic capital, but it has been operating in the country for like 20 years), they seem to offer protections upto 22,000 eur for their investors, so i do not expect revolut to magicly 5x that.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi Martin, thanks a lot🙏I doubt it also, this must have been a very deliberate decision, and probably cost implications behind it as well, insurance does not come free:) Also, I doubt many people will read the fine print and really know their fund protection limits. I see so many other brokers out there with shady practices yet people keep signing up to them. So I hope you'll be one of the smarter ones to make the right decision to protect your funds😉 Cheers
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Fully agreed💯
@mauroclerici5083
@mauroclerici5083 Год назад
Hi Kai, I am a revolut customer and I totally agree with what you said in the video a couple of months ago however even though today they offer EFTs in euro to buy US stocks, such as VGWD ETF, the fact that 1) you can´t transfer your portfolio to another broker 2) the 22k€ vs 100k € safety budget the rest of the brokers offer doesn´t encourage the long term investors to put in money through their app. It´s sad as I was a big fan of the app but I will definitely look for some other broker out there however I will stick with them as they`ve got some other brilliant non-investing features. Regards. Mauro
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi Mauro, thanks a lot for sharing and I totally agree with you. Just too many reasons that speak against using them as a long-term broker of choice. I still use and love Revolut for everything else, recently upgraded to Ultra, but will definitely not use them anymore for investing. Cheers
@mpc6321
@mpc6321 Год назад
What about holding crypto on Revolut what kind of protection do the have
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Pretty much none, same as we've seen with other Crypto exchanges. Here is what it says on their website: 'When you buy cryptocurrency through the Revolut app, it will not be protected by the Financial Services Compensation Scheme (FSCS) or the Lithuanian Deposit Insurance Scheme and if you have a complaint it is not likely to fall within the scope of the jurisdiction of the Financial Ombudsman Service (FOS).' So better to keep it on your own hardware wallet to be safe. Cheers
@constantinsomandru8244
@constantinsomandru8244 Год назад
Hello! ​@@SmartMoneywithKai I’m also investing in crypto using Revolute. It’s just so easy to use the application! In this moment do you think revolute is safer than Binance/coinbase, etc… I’m not talking about ledge or another cold wallet! I’m talking about the crypto exchanges vs revolute! Where is safer? Thank you very much!
@SmartMoneywithKai
@SmartMoneywithKai Год назад
@@constantinsomandru8244 Hi Constantin, this is really hard to say as we have no real data to make this decision on. It's just what we 'feel' and that's never a good advice. People felt safe with FTX & others and it went nowhere. So I can only reiterate cold wallet, but do have a little bit on Nexo who had been doing very well through all this, definitly not Revolut, much too expensive for my likeing and too little rewards compared to Nexo with their staking and card cashback. Cheers
@Taoikonomika_einai_polycool
Is it the same issue with commodities inside revolut app or only stocks?
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi there, good question, just looked it up. That's what it says in their terms: In the unlikely event of Revolut becoming insolvent, all precious metals holdings will be sold and your proceeds will be credited to your e-money account. www.revolut.com/legal/precious-metals/ So that's very reassuring👍 Cheers
@Taoikonomika_einai_polycool
@@SmartMoneywithKai thank you for the quick reply! :)
@SmartMoneywithKai
@SmartMoneywithKai Год назад
@@Taoikonomika_einai_polycool My pleasure, anytime💯
@ugug1180
@ugug1180 Год назад
Thank you for the video! I have a question, does Interactive brokers have $500k insurance? and what other platforms you can recommend beside interactive brokers for lithuanians?
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi there and thanks a lot. Yes, that's correct, they are member of SIPC insurance program so your US stocks are secured up to $500K. Otherwise I really like Lightyear, which works for all UK & EU clients, very nice interface and also part of SIPC. golightyear.com/eu/help/deposits-conversions-and-withdrawals/how-are-my-assets-protected
@yunussavas3481
@yunussavas3481 Год назад
Hey i thought you said 22k im still confused
@bramk9129
@bramk9129 Год назад
I already left Revolut last week as a European citizen. I Really liked the app. But two times moving since the Covi /Brexit is too much for me.Back into the EU. Lolz. You also have to file all these changes to your government/bookkeeper as well. So for now goodbye Revolut!
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi there and thanks for sharing and yes, I agree with you, I also love the app overall and continue to use it, but this move was not very smart of them and they will probably have quite a number of users moving their investments elsewhere. Cheers
@user-zv9tu3uw4b
@user-zv9tu3uw4b Год назад
If Drivewealth goes bankrupt and another bank buys it will we still lose our assets? Thanks in advance.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi, well, to be honest, as I mentioned in the video, since your protection with the new arrangement is anyways close to zero, quite frankly this would not really make any difference if someone else was to buy them. They would need to change back the arrangement and safeguarding of clients asset for it to be relevant, that's why I can't recommend Revolut for trading at this stage.
@4NTE19
@4NTE19 Год назад
So do you still recommend Revolut for us from EU?
@SmartMoneywithKai
@SmartMoneywithKai Год назад
I do, but not for stock trading. For day to day payments and currency conversion, absolutely👍
@relaxfilmpraylove524
@relaxfilmpraylove524 Год назад
Hi Kai, I just read that revolut is launching in Spain and FRance, TRADING PRO REVOLUT. Cost is 15 euros per month!! Do you know if this will be having a better coverage after the migration for the stocks and also after hours!? Thank youu!!!
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi there and thanks for bringing this to my attention, didn't hear about it before. Just has a look, looks interesting, though I found that it will be regulated by Revolut Securities Europe UAB which basically means it's part of the same coverage as normal Revolut investing accounts, meaning pretty much no coverage in case of bankruptcy so for me that still makes it a no-go. Also 0.12% commission and €15 per month, makes it much more expensive than Interactive Brokers so for me it's not really interesting to be honest.
@relaxfilmpraylove524
@relaxfilmpraylove524 Год назад
@@SmartMoneywithKai Thanks for your answer. yes, 15 e is a lot and it's only available for France and Spain as of now. I am still trying to talk to the costumer service, one just told me 'Please know after the migration 22k to be covered individually for stocks such in your case + the 500k among all costumers of trading after migration' . The guy on the chat is reassuring that 22k are protected in invested stocks, I told him that reads differnte and need clarification and he told me to take his word and save the chat... I will contact on another time, I still don't understand it...
@SmartMoneywithKai
@SmartMoneywithKai Год назад
@@relaxfilmpraylove524 Thanks for sharing and relying on a chat doesn’t sound very promising so yes, let’s wait for the fine print once it comes out in our respective countries 👍
@relaxfilmpraylove524
@relaxfilmpraylove524 Год назад
@@SmartMoneywithKai Not promising at all. Will get this right even if I have to talk to the CEO :) Dont understand how it can read one thing and mean other...They are losing a lot of costumers.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Agreed, this is really messed up and not giving confidence to users at all:(
@Troca.
@Troca. 3 месяца назад
Guess im watching this too late...i got like 11k€ invested on revolut. Im in Portugal...all of this still applies i think as the stocks say in bottom they are managed by revolut securities... Maybe I go degiro or ibk ? Ty for this vid, subbed.
@SmartMoneywithKai
@SmartMoneywithKai 3 месяца назад
Hi and thanks a lot. Yeah, wasn't a smart move by Revolut I'm afraid. As much as I love their app overall and use it myself, for investing this is a red flag that you can't move your funds out. I would recommend IBKR or Trading 212, Degiro I never used, but people who did, where not impressed and later on changed to the two I mentioned. You can try Trading 212 for complete commission free trading, 4.2% interest on your uninvested cash and a free share worth up to €100 if you sign up with my link smartmoneywithkai.com/trading212 Happy trading and great to have you join the community 🙌 Cheers
@Troca.
@Troca. 3 месяца назад
@@SmartMoneywithKai nice ty, ill check it out!
@SmartMoneywithKai
@SmartMoneywithKai 3 месяца назад
@@Troca. My pleasure, anytime 🙌
@Troca.
@Troca. 2 месяца назад
@@SmartMoneywithKai hey bro, I only used ur link now , think it still works? did you get any notice?
@gokelis100
@gokelis100 11 месяцев назад
Native Lithuanian here. Thank you for the video and I can agree 100 % . It is not safe anymore to be anymore, also knowing Lithuanian banking systems and how they manage to get bankrupt I highly suggest to avoid Revolut now.
@SmartMoneywithKai
@SmartMoneywithKai 11 месяцев назад
Labas Joseph, thanks for sharing and yeah I also stay away from it at least for trading but still use it for daily banking/payment needs, but won't keep a massive balance there. Cheers
@user-uh7hb8ik5k
@user-uh7hb8ik5k 11 месяцев назад
The Stock trading platform in revolut is completely inaccurate also, never ending bugs. This video flagged to me the huge decrease in investor protection also. Liquidating my position and joining another broker (no real big gains so happy to do so).
@SmartMoneywithKai
@SmartMoneywithKai 11 месяцев назад
Yes, sadly that's the truth, still love and use their platform, but definitely not for stocks👍
@4KVin
@4KVin Год назад
Amazing video! When I read the email from Revolut I knew it was time to get out of there. I ended up selling all my positions and using the money to buy ETFs on another broker.
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi mate, thanks a lot, much appreciated and smart move. Which broker are you going with next?
@4KVin
@4KVin Год назад
@@SmartMoneywithKai I am going with Trade Republic and Scalable 😆 I love the fact that in Trade Republic they pay interest for any money you have there that is not invested... With Scalable that only happens if you have the premium account
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Awesome and thanks for sharing. Two great platforms so you are definitely in good hands there👌
@Gargamel_0
@Gargamel_0 11 месяцев назад
i still might use ot cuz it's my first time into investing, and im not really investing big sums but thank you!
@SmartMoneywithKai
@SmartMoneywithKai 11 месяцев назад
Thanks for sharing, to just get started it is ok, but later on would definitely suggest you to change to Lightyear, T212 or Interactive Brokers. Good luck
@Gargamel_0
@Gargamel_0 11 месяцев назад
​@@SmartMoneywithKaithanks i will keep in consideration your hint
@omranalryes271
@omranalryes271 3 месяца назад
But what are the chances of Revolut going bankrupt?
@SmartMoneywithKai
@SmartMoneywithKai 3 месяца назад
Slim, but that's what they said about FTX too 😉 I always prefer being safe than being sorry. Cheers
@fabiets158
@fabiets158 Год назад
Hi Kai, I haven’t received anything so far. Guess we’ll wait and see
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi mate, are you with the EU version of Revolut or maybe not used their Stock feature before? I also got an in-app notification about it. I guess there is sadly no way around it legally and that's why I would really not recommend them for stocks anymore.
@fabiets158
@fabiets158 Год назад
@@SmartMoneywithKai tbh I’ve only been able to trade stocks with them just a couple weeks ago and I’m guessing I’m already with the new rules. Are you saying that deposit protection now is only up to 22k?
@SmartMoneywithKai
@SmartMoneywithKai Год назад
@@fabiets158 I see, well yes, for your cash sitting on your investing account, your actual stocks are technically not anymore secured, if DriveWealth goes bust $500K is split between all EU Revolut stock users so you'll get nothing, that's why I left, not worth the risk.
@KA-gg6go
@KA-gg6go Месяц назад
Life saving video
@SmartMoneywithKai
@SmartMoneywithKai Месяц назад
Awesome to hear that 🙌
@yunussavas3481
@yunussavas3481 Год назад
What if i live in uk any changes?
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Nope, only affecting citizens of EEA👍
@yunussavas3481
@yunussavas3481 10 месяцев назад
​@@SmartMoneywithKaihey is revolut protected for 500k in uk or not ? Thanks!
@SmartMoneywithKai
@SmartMoneywithKai 10 месяцев назад
@@yunussavas3481 Hi there, 500K I don't think so, believe 85K in UK and 20K in EU.
@mdmahmudul2468
@mdmahmudul2468 Год назад
Hello sir i am from Bangladesh,,
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hello Sir, I am from Gerrmany😉
@Blaze_playzz
@Blaze_playzz Год назад
Hey kai i was wondering if did not like interactivebrookers as my brooker and I live in norway what brooker should i use. i think interactivebrookers was to complicating and I am only a beginer
@SmartMoneywithKai
@SmartMoneywithKai Год назад
I get it. Took me also a little bit of time. You can try their app called Global Trader which makes it more easy. I made a video on that. Otherwise as I’ve mentioned check out Lightyear. Great app too especially for UK & EU residents.
@Blaze_playzz
@Blaze_playzz Год назад
​@@SmartMoneywithKai Do you think I should use etoro
@SmartMoneywithKai
@SmartMoneywithKai Год назад
@@Blaze_playzz I would not recommend it from what I read and heard. Plus they don’t let you to transfer your portfolio out of there and into another broker in case you would want to one day.
@Blaze_playzz
@Blaze_playzz Год назад
@@SmartMoneywithKai which one whould you recimend
@SmartMoneywithKai
@SmartMoneywithKai Год назад
@@Blaze_playzz So as mentioned before, Interactive Brokers, you can try GlobalTrader app, is the same account as IB, but better interface. Cheers
@matjusss
@matjusss 6 месяцев назад
We are in 2024 now BE honest , is it still safe now REVOLUT ? to INVEST ?
@SmartMoneywithKai
@SmartMoneywithKai 6 месяцев назад
Safe yes. Protection level not the best in my opinion. Would prefer Interactive Brokers, Trading 212, Lightyear or Trade Republic for that👌
@Mrsotaf
@Mrsotaf 6 месяцев назад
@@SmartMoneywithKaidoes this apply to UK or Switzerland?
@SmartMoneywithKai
@SmartMoneywithKai 6 месяцев назад
​@@Mrsotaf Hi, it seems not, Switzerland and UK fall under Revolut LTD👌
@PetrosTriantafyllidis
@PetrosTriantafyllidis Год назад
Same other blockers..freedom 24..degico..?can you make a review?
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi Petros, I haven't used them as they are not available in my country sadly so I can't really review them. Can definitely recommend Lightyear also and made a video on them and Interactive Brokers which is my broker of choice. Cheers
@PetrosTriantafyllidis
@PetrosTriantafyllidis Год назад
@@SmartMoneywithKai thanks you for your answer .in Greece freedom24 and degiro is number1 but I don't trust them..like revolut now..I have interactivebrokers and I like your videos..good job👏
@SmartMoneywithKai
@SmartMoneywithKai Год назад
@@PetrosTriantafyllidis That's very nice of you to say, ευχαριστώ
@george6977
@george6977 Год назад
I am British, living in the UK and was impressed with your thorough research. Would a Revolute share dealing account be secure in my case and how much protection would I have?
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Many thanks indeed. Here is what I found as you will be with LTD not UAB part of Revolut. Investment Protection The Third Party Broker is a member of the Securities Investor Protection Corporation (SIPC). All Instruments held in your Account with the Third Party Broker are eligible for protection by SIPC. If the Third Party Broker becomes insolvent, then your Instruments may be protected by SIPC coverage up to $500,000. However, SIPC does not protect you against losses caused by a decline in the market value of your Instruments. I like how they say 'may be protected by SIPC' so very poor wording and not very clear to be honest, that's why I am still not a fan of Revolut for trading, doesn't matter which country you live in, I think there are better options out there💯
@george6977
@george6977 Год назад
@@SmartMoneywithKai Thanks.
@lucatbk7
@lucatbk7 Год назад
Disgraceful from revolut, I will be transferring for sure. My only concern is that isn’t degiro and IBKR only able to offer protection of up to €20,000 due to European law?
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Ciao Luca, yea, not a smart move by them. I don't use Degiro, but IBKR, if you are under the Hungarian branch, which most central EU clients will be allocated to, you will be secured up to €100K and $500K on your US holdings under SIPC. You can find all details here www.interactivebrokers.hu/en/general/security-investor-protection.php Cheers
@jankamenik9673
@jankamenik9673 4 месяца назад
The 20,000 euro insurance is for your not invested funds. The stocks are owned by you so in case of bankruptcy, your stocks will be transferred to another broker.
@quantumindicesfuturestrade6873
DO not buy any stocks or crypto on revolut they have 3 point speads on bid and ask and a 1.5% commission. Example you want a crypto price is 0.50 to buy it will be 0.53. You buy. You want to sell is will be 0.47 they make the money. There chat is all bots ND diffi ukt to talk to anyone. Tgey made a €580.00 error on a transaction still haven't connected with a real person to rectify it
@SmartMoneywithKai
@SmartMoneywithKai Год назад
I also recommend other brokers like Interactive Brokers, Lightyear or Trading 212 to buy stocks instead of Revolut👌
@dazza4345
@dazza4345 Год назад
What if Russia conduct a special military operation in Lithuanian? To claim land for the thousands of Russians there?
@SmartMoneywithKai
@SmartMoneywithKai Год назад
Hi there, I’m not a political channel but just remember, Lithuania is a EU & NATO county so that should give enough confidence😉
@narinkim9945
@narinkim9945 Год назад
Thank you so much for clarifying and sharing this! 🫶🏻
@SmartMoneywithKai
@SmartMoneywithKai Год назад
My pleasure Narin and glad you found it useful🙏
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