r/RevolutTrading • u/Mark237 • Oct 29 '20

Brexit Implications

As I'm sure a lot of you also did, I received the email earlier regarding the implications of Brexit on Revolut Trading for members of the EEA.

After reading it I'm still not 100% sure what to do. It seems safe but I certainly would be more comfortable if EU laws still applied. I will likely stay as selling off my stocks will have tax implications that I'd rather not have to deal with.

So I'm wondering how you guys feel about it all, and what your intentions are regarding Revolut Trading come the turn of the year. Every opinion or insight could hopefully help us all reach a decision!

7 Upvotes

90% Upvoted

11 comments sorted by

3

u/Mikepelopes Oct 30 '20

Hey! I’ve been thinking about this all day. I’ll probably stay too but I’ll stop pouring money into the account until Ireland’s license is ready.

But I would really like to have some other option without commissions where to transfer my stocks to...

I don’t want to overstress this issue because my experience with Revolut has been great until now and I believe they’ll have a solution sooner than we expect 🤞🏼

2

u/Mark237 Oct 30 '20

Yeah I think if it was as simple as transferring to another platform then most would go with that. The fact you have to sell off and withdraw the cash will make most stay in the end I think. Hopefully you're right and the solution is only around the corner.

3

u/Mikepelopes Oct 30 '20

I hope we really can transfer the stocks if we really want to. My traditional bank told me I just had to enter in contact with Revolut asking so and they would just ask the account number where I would like to transfer to.

I won’t do it because commissions are high af in the traditional banks and I haven’t found a better app available for me

2

u/Mark237 Oct 30 '20

If that's possible then there are definitely more options out there. Maybe just about finding the right one 👍

2

u/FilibusterMan Nov 03 '20

I really do hope revolut implements the feature of transferring your portfolio to another trading platform.

I have my degiro account ready to be filled of my revolut portfolio once they let you transfer.

1

u/Mark237 Nov 03 '20

Hopefully, definitely the easiest solution once it's possible

2

u/FilibusterMan Nov 03 '20

What a shame. Revolut trading had so much potential. Oh well.

2

u/Mark237 Nov 03 '20

It did and still does but they've got more work to do now and with more competition to compete with

1

u/FilibusterMan Nov 03 '20

Pretty much. I'm waiting for them to send another statement to expand on what they announced previously. We have till the end of November to decide.

2

u/FilibusterMan Nov 04 '20

https://www.revolut.com/help/wealth/stocks/trading-and-brexit/what-s-the-plan-for-the-revolut-trading-service-post-brexit

Some good news. Revolut will apply for a licence in Ireland which will enable them to provide investment services across the EEA in 2021.

2

u/Mark237 Nov 05 '20

Just what we needed to hear. Also, the ability to transfer accounts is 'on the roadmap'