Robinhood vs Revolut: The Pros, Cons and How they Compare | Bitcompare

You can buy into the price of Bitcoin and other cryptocurrencies, however, you can’t buy and own Bitcoin and other cryptocurrencies.

This means you can’t store and transfer the asset. This is a serious problem if purchasing Bitcoin and other cryptocurrencies is a priority for a variety of reasons.

1. If Revolut goes out of business, you can’t move those assets from Revolut to another wallet or platform
2. Should you want to transfer your crypto assets, you’ll first have to sell them on Revolut and then purchase them elsewhere. This will create a taxable event.

As of the 24th March 2020, Revolut is available in the US

Yes, Revolut is insured in the UK and US.

Being a member of the Financial Industry Regulatory Authority and an SEC-registered broker-dealer, they are legally bound to take every step possible to safeguard the investments made by their users. The user funds are insured by the Securities Investor Protection Corporation, popularly known as SIPC. Hence, if Robinhood fails, you can rest assured that your stocks and options investments through Robinhood are insured for a sum of $500,000. It also includes a $250,000 cover for cash.

When it comes to trading cryptocurrencies on Robinhood, it supports Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. They also offer real-time pricing data for Bitcoin Gold, Dash, Lisk, Monero, NEO, OmiseGO, Qtum, Ripple, Stellar & Zcash.

No, as of now, Robinhood crypto along with other services & products are only available in the United States.

Robinhood Crypto is currently available in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, New York, North Carolina North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, and Wyoming.

As of now, Robinhood does not allow crypto deposits & withdrawals. They do not even provide crypto users with access to their Robinhood wallet or wallet address.

Investing is free on Robinhood, but there are some charges that Robinhood users have to pay while trading. It includes regulatory transaction Fees, trading activity fees, and American depositary receipt fees. These fees are charged under the direction of the Financial Industry Regulatory Authority (FINRA). 

The regulatory transaction fees of $22.10 per $1,000,000 of principal are charged by Robinhood on behalf of FINRA. Robinhood pays it to FINRA, and they pay it to the Securities and Exchange Commission (SEC). You won't be charged regulatory transaction fees for sales with a notional value of $500 or less. The trading activity fees for equity sells is $0.000119 per share, whereas, for options sells, the fee is $0.002 per share. When it comes to American Depositary Receipts, the users will have to pay $0.01-$0.03 per share as custodial fees to the banks that issue these certificates.

For Stocks, Options & ETFs on Robinhood, debit balances, returned checks, ACH, wire & recall/stop payments, domestic wire transfers, and international wire transfers are free. But for outgoing ACATS, users will have to pay a $75 fee, and for domestic overnight check delivery, the users will have to shell out a $20 fee. 

A Robinhood Financial Gold Planning user will have to pay a $5 fee as the cost for 30 days, and it includes $1000 of margin. For a margin over $1000, a user will have to pay 2.5% of it as a fee.