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Stocks essentials

Stock Prices

Currencies, crypto and trading

Stocks and ETFs

More help with Stocks

Getting started with trading

Stock Basics

Market Basics

Analysing the Market

When you buy a stock you can both lose and gain money. You can make a loss if the value of the stock that you own goes down and you decide to sell – the loss will be the difference in the price that you bought the stock for, any associated costs, and the price that you sold it for. In the event that your investment’s value goes to zero, you would lose all of your invested money. For example, imagine you make an investment of $100 by buying 10 shares of Company X’s stock at $10 per share. Then Company X’s share value drops to $0 because they cannot pay their debts and they default. In this scenario you would lose your $100 investment. There are other risks such as foreign exchange fluctuation involved too – please see <a href="https://www.revolut.com/legal/trading" rel="noopener noreferrer" target="_blank">here</a> for more details.

How could you lose money from buying stocks?

Understanding the market

An ADR is a security issued by US depositories that acts as a representation of shares for non-US companies (e.g., Alibaba, Sony). You can check out our available investment universe in the 'Stocks' feature of the app, even without creating a trading account.

What is an ADR?

An exchange traded fund (ETF) is a type of security that tracks an index, sector, commodity, or other asset, but which can be purchased or sold on a stock exchange the same way a regular stock can. An ETF can be structured to track anything from the price of an individual commodity to a large and diverse collection of securities. ETFs can even be structured to track specific investment strategies.

What is an ETF?

A fractional share is just that: a fraction of a whole share. Companies issue whole units of stocks, called shares, which are then traded on the public market for investors to buy. If you buy a fractional share that means you’re buying a little piece of a company’s stock – a fraction of it.Yes, you can buy and sell fractional shares on the Revolut app – everyone should have access to investing!Whereas a single share in a company might cost $1,000, fractional shares mean you can still invest in a company with $10 or $100.You'll need to invest at least US$1.00. The minimum amount of shares you can buy is 0.00000001.Please remember that when investing, your capital is at risk.Please note that at the moment, you cannot submit fractional shares for Limit orders.For more information on fractional shares, you can check out our explainer blog post <a href="https://blog.revolut.com/fractional-shares-explained-2/" rel="noopener noreferrer" target="_blank">here</a>.

What is a fractional share? 

<h4>Did you know, you can invest in SPACs on Revolut?</h4>Special Purpose Acquisition Companies (also referred to as &#8220;blank cheque&#8221; or &#8220;shell&#8221; companies) are companies with no commercial operations, that are formed strictly to raise capital for the purpose of acquiring another company or listing on stock exchanges to attract potential investors for their ventures.A company that&#8217;s already in operation can then merge with, or be acquired by, the SPAC and become a listed company itself, instead of executing its own traditional Initial Public Offering (IPO).When a company plans to go public through a traditional IPO, the process can take a year or more to complete. By using a SPAC, it may be a lot quicker.SPACs are created for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, re-organisation or similar business combination with one or more businesses.<h4>How does the SPAC&#8217;s acquisition process work?</h4>From the establishment of a SPAC, the company usually has 24 months to complete the entire acquisition process.In this process, many steps are performed, but the main ones are:<ul><li>Searching for a target company to acquire</li><li>Negotiating a takeover agreement</li><li>Holding investor meetings and seeking approval for the acquisition from its shareholders</li><li>Execution of the merger</li><li>If the SPAC does not complete a merger within this limited time frame, the SPAC liquidates and investments are returned to its public shareholders.</li></ul><h4>What happens to the SPAC after the merger announcement?</h4>This last step of creating the listed successor company is referred to as a &#8220;de-SPAC&#8221; transaction.After the SPAC completes a merger with a target company, the previously privately held company will become publicly listed. The stock ticker for the SPAC is changed to reflect the name of the acquired company and with this it will start trading on the selected exchange.<h4>What are the main risks when investing in a SPAC?</h4>A SPAC is a high-risk investment. SPACs have recently been very popular with investors around the world, however this investment carries risks due to several factors:<h4>No Merger</h4>The SPAC may fail to identify a target company within the required time period (typically 24 months) and have to return funds to its investors, causing no return to be achieved over the period that the capital was invested.<h4>Targets</h4>Increasing competition in this space can drive SPACs to targeting companies at ever earlier development stages and so influence and drive-up investment risks, especially if they try to invest in &#8216;hot&#8217; or newer sectors such as emerging technologies (e.g.: space exploration). Early-stage companies may have a short financial history and still be developing their internal controls. They may also be in early negotiations with their sponsors (founders) and be heavily based on forward-looking projections. Targets will need to be able to withstand the rigour and requirements that will apply once they become a public company.<h4>Conflicts of Interests</h4>Sponsors and directors of SPACs may have personal interests that compete with the best interests of public shareholders.Investors must place a great deal of trust in the SPAC&#8217;s management team to find the best target company for a merger since some parties may be financially incentivised to ensure that the SPAC completes a merger within the limited time available.<h4>IPO versus SPAC merger</h4>In contrast to an IPO, in the SPAC&#8217;s merger process there is no underwriter so the comprehensive due diligence which is usually associated with a company going public may not be carried out.SPAC sponsors have a strictly limited time to close a deal, which could influence the effectiveness of their acquisition research, especially when it is not guaranteed that the sponsor or management team has continued involvement in the target company post-merger.Because of this time constraint the SPAC founders may focus on their ability to close a transaction rather than the suitability of the target company going public.

What is a Special Purpose Acquisition Company (SPAC)?

What's available to trade?

The trading service Revolut provides is an execution only service, and Revolut does not provide personal financial advice. We cannot give you any personal financial advice on what to buy or sell, or recommendations of any kind.

Does Revolut provide any investment advice or recommendations?

Execution-only service is a trading service that is restricted to only the execution of trades, without the client receiving any advice about the merits or risks of the investments or their appropriateness and suitability.

What is an execution-only service?

You can see which Revolut Trading Entity is providing you with services by following these steps:<ul><li>Tap the 'Stocks' tab in your Revolut app</li><li>Scroll to the bottom of the page and review the disclaimer content</li></ul>

How do I know which Revolut Trading entity is providing me services?

We provide you with real-time prices — free of charge. The price displayed is known as the 'last' price — the price of the last trade that had occurred reported by our data source.It is important to note that the price displayed in the app is indicative prices, which means that your order may be executed at a slightly different rate than the one displayed in the application. This is directly related to the fact that stock prices can sometimes change significantly from one minute to the next (Markets are dynamic that way!)

Do I see real-time security prices?

Non-resident Aliens (NRA) - i.e. non-US citizen or US nationals – are subject to a withholding tax on US sourced income. The standard withholding rate is 30%, but might be reduced to 15%, depending on the tax treaties with your country of residence and the US.This tax will be deducted at source from any dividends you may be entitled to. The rate will be determined automatically based on the info you gave us during the onboarding process, when you signed a W-8BEN form. You can find more info in the article <a href="revolut://app/faq?key=question.what-is-a-w8-ben-form" rel="noopener noreferrer" target="_blank">'What is a W-8 BEN form?'</a>.

What is NRA tax?

When you hold a trading account with Revolut, we apply a custody fee in USD of 0.01% / 1bp (annually) of the market value of your assets in your account, charged monthly. You can see these charges in your Trading Transactions as 'Custody fee'.This is an automated transaction that occurs monthly and the due amount is debited from your Trading wallet. If, by any chance, your Trading wallet does not have sufficient balance, the fee will be deducted from your Revolut Personal Account.

Custody Fees

Trading stocks

Trading Fees

The minimum order value is US$1. You are also allowed to place an order up to a maximum of US$ 10,000 (or up to 500 shares if they are worth less than US$ 10,000) in value at any one time (we will be reviewing this limit over time).For example, you can buy US$ 10,000 worth of stock and then immediately after, buy another US$ 10,000 of the same stock, but you cannot buy US$ 11,000 worth of stock in one go. Provided the US$ 10,000 is for less than 500 shares each time.

Are there any order limits to trade?

Pattern day trading

In our Terms we state the possibility of changing stocks in our offer. In some cases, we might restrict only the possibility of buying new shares of a stock due to a variety of reasons, while still allowing you to keep or sell the ones you bought in the past. We refer to these stocks as 'Sell only' stocks.The reasons a stock will fall under this category is usually one of the following:<ul><li>Sanctions</li><li>Corporate actions</li><li>Operational decisions</li><li>Stocks trading OTC/being priced extremely low</li><li>Stocks facing impending delisting from exchanges.</li></ul>

Why is my stock on 'Sell Only'?

Trading Limits

In the U.S. a trading day runs from 9:30 AM Eastern Time to 4:00 PM Eastern Time. Trading days are usually Monday to Friday. When a trading day ends, all share trading ends until the next trading day begins.

What is a 'Trading Day'?

Under certain market conditions, stock exchanges are required by law to halt trading for certain periods of time. During a trading halt, you may not be able to buy or sell stocks and attempted trades orders may be rejected.Revolut doesn't control market-wide trading halts, which are required by US federal law and implemented by the stock exchanges or a regulatory body. Trading halts can automatically occur when certain market conditions are met, such as significant stock index or price declines.For more information about this and other trade halts, you can visit this Nasdaq link: <a href="https://www.nasdaqtrader.com/trader.aspx?id=TradeHalts" rel="noopener noreferrer" target="_blank">Trade Halts – Current</a>.

What is a trading halt?

A trading halt happens when the trading of a particular security is temporarily suspended on a given exchange.When a stock has been halted for trading by the exchange, you'll see a banner in your Revolut app for the stock affected. You won't be able to make new orders during this period. Any orders in a pending state, or entered just before the halt, but not executed yet, will be queued. When the halt is over and the stock re-starts trading, your orders will be executed. Prices during this time may change, and your expected price could be different from the time you placed your order.

What happens to my orders during a trading halt?

Extended Hours Trading

When can I trade?

A market order is an order to buy or sell a stock at the market’s current best available price. Market orders are often prioritised over other order types, which generally means it is executed immediately during trading hours.A market order usually ensures execution but does not guarantee a specified price. Therefore, it is often used by investors who want to fill their orders quickly.An Out-of-Hours Order is a market order that is submitted outside of the trading hours, which will be queued for execution as soon as the market opens. Note share based buy orders are not available while the market is closed.To place a market order:<ul><li>Select the stock you want to buy or sell,</li><li>Enter your order details (you'll be able to preview any fee).</li></ul>

What is a Market Order?

A Limit Order is an Order to buy or sell at a specified price or better. Buy Limit Orders will be executed at the specified price or lower, Sell Limit Orders will be executed at the specified price or higher.Keep in mind, limit orders aren't guaranteed to execute. Limit orders will only be executed if the price of the stock increases/decreases to the set limit price.<h3>How do Buy Limit orders work?</h3>With a buy limit order, a stock is purchased at your limit price or lower. Your limit price should be the maximum price you want to pay per share.<h4>Example:</h4>Stock X is currently trading at $5 per share, but you're only interested in buying the stock if the stock price goes below $4 per share at most. So, you'd set your limit price to $4.If stock price of X drops from $5 to $4 or lower, your order will be executed (in full or partially) at $4 or lower.If stock price of X doesn’t drop to $4, your order won’t execute.<h3>How do Sell Limit orders work?</h3>With a sell limit order, a stock is sold at your limit price or higher. Your limit price should be the minimum price you want to get per share.<h4>Example:</h4>Stock X is currently trading at $5 per share, but you're only interested in selling the stock if the stock price goes above $6 per share at least. So, you'd set your limit price to $6.If stock price of X rises from $5 to $6 or higher, your order will be executed (in full or partially) at $6 or higher.If stock price of X doesn’t rise to $6, your order won’t execute.You can place a limit order on the Revolut app. On the <a href="revolut://app/trading" rel="noopener noreferrer" target="_blank">order screen</a>, please tap on the market order dropdown, in the top right corner. You can select the type as 'Limit order' and enter the limit price value.On the Revolut app, currently you can only execute Limit orders with 1 day expiry. However, we are working on the functionality to introduce limit orders with no expiry.At the moment, you can't trade fractional shares on Limit orders.

What is a Limit Order?

A Stop Order is an order to buy or sell a stock once the price reaches a specified price, known as the Stop Price. When the Stop Price is reached, a Stop Order becomes a Market Order and is executed at the best available price (which can be lower or higher than the Stop Price).Keep in mind, Stop orders aren't guaranteed to execute until the price of the stock reaches the set Stop Price.<h3>How do Sell Stop orders work?</h3>For a Sell Stop Order, you can set a Stop Price which is below the current price of the stock. If the stock falls to your stop price, your sell stop order will become a sell Market Order. The execution price of the order may be lower or higher than the Stop Price.<h4>Example:</h4>Stock X is currently trading at $5 per share, but you want to sell the stock as soon as the stock price goes below $4 per share. This may be because you suspect that the price might fall further and you want to stop holding the share when it reaches $4. You'd set your stop price to $4.If stock price of X falls from $5 to $4, your sell stop order will become a sell market order and your order will be executed at the best price available. If stock price of X doesn’t reach $4, your order won't be triggered.<h3>How can I set a Stop Order?</h3>You can set a stop order on the Revolut app. <a href="revolut://app/trading" rel="noopener noreferrer" target="_blank">On the order screen</a>, tap on the market order dropdown, on the top right corner. You can select the type as Stop order and enter the stop price value.On the Revolut app, currently you can only execute Stop orders with 1 day expiry. At the moment, we do not offer Stop orders with longer expiry periods.

What is a Stop Order?

At the moment, we don’t offer the possibility to trade with leverage.Leveraged trading, also known as margin trading or trading on margin, allows you to buy stocks with a broker with a small amount of capital in order to take a larger position in the market - i.e., through borrowed funds.For example, if you leveraged 10 to 1, $100 can expose you to the market with $1,000. Leverage trading is considered high risk as it amplifies both gains as well as losses.

Can I use leverage to trade?

Order Types

If we accept your order, we'll transmit it onto the Third Party Broker.We are under a duty to act in your best interest when transmitting your order to another entity for execution or onward transmission. Upon request, we'll provide you with the Third Party Broker's best execution policy detailing how orders are executed.Further information is detailed in our Trading <a href="https://www.revolut.com/en-AU/legal/trading" rel="noopener noreferrer" target="_blank">Terms</a> of Business.

How are my orders routed when I trade?

You can view pending orders on any stock by going to that <a href="revolut://app/trading" rel="noopener noreferrer" target="_blank">stock's page</a> then navigating to the 'Orders' tab.If you want to cancel a pending order, you can either:<ol><li>Tap the order you'd like to cancel, which will take you to the Order details page, and select the Cancel button, or</li><li>Swipe left on the order you'd like to cancel and tap the Cancel button</li></ol>You cannot cancel or reverse an order that has been executed.

Can I cancel my pending trading order?

Order Execution 

The Buy Order Block allows you to self-exclude yourself from buying stocks. The Buy Order Block is disabled by default, but once enabled, you will not be able to place new buy orders in your Revolut trading account until you deactivate the Buy Order Block. Buy Order Block can only be activated if you are onboarded on stock trading.

What is the Buy Order Block?

The Buy Order Block is deactivated by default. If you’re onboarded to to stock trading, you can activate it by following the steps below:<ul><li>Open your Revolut App and access the “Stocks”;</li><li>Tap the three dots next to the social button and select “Settings” to access the Buy Order Block;</li><li>Toggle the Buy Order Block, read the terms carefully and accept them to activate the Buy Order Block.</li></ul>The Buy Order Block will start working immediately after it has been enabled.Once enabled, you will not be able to place new buy orders in your Revolut trading account until you disable the Buy Order Block (by using the same toggle). Disabling the Buy Order Block will take 48 hours (i.e. 2 calendar days).

How can I activate the Buy Order Block?

If you have previously activated the Buy Order Block and you now want to disable it, you can use the same toggle as for the activation. Follow the steps below to do so:<ul><li>Open your Revolut App and access the “Stocks” tab;</li><li>Tap the three dots next to the social button and select “Settings” to access the Buy Order Block;</li><li>Toggle the Buy Order Block, read the terms carefully and accept them to deactivate the Buy Order Block.</li></ul>Note that the Buy Order Block takes 48 hours (i.e. 2 calendar days) to be deactivated. Therefore, no buy orders can be submitted until the deactivation period is completed.Once the 48 hours (i.e. 2 calendar days period) have elapsed, the Buy Order Block will be disabled, and you will be able to purchase stocks again.

How can I disable the Buy Order Block?

Buy block

The Top Movers list shows the stocks with the largest percentage price changes over the selected time horizon. There are two filters that can be adjusted:<ol><li>Type of movement: filter by Top gainers to see a list of stocks that made the biggest percentage price increases, or by Top losers for the biggest percentage declines.</li><li>Time horizon: the default time horizon is set to the past 1 day, but other options include the past 1 week, the past 1 month, the past 1 year or the past 5 years.</li></ol>Percentage price changes are calculated as follows:If the time horizon is set for the past day, the percentage price change is calculated by comparing the current price and the previous full market day’s close. Note: Market hours are from 14:30 - 21:00 GMT), e.g:<ul><li>During market hours: On Wednesday 15:30 (GMT), Feb 9, 2022 the percentage price change will be a comparison between the Wednesday 15:30 (GMT), Feb 9, 2022 price and the Tuesday Feb 8, 2022 Market close price,</li><li>Out of market hours: On Wednesday 10:30 (GMT), Feb 9, 2022 the percentage price change will be a comparison between the Wednesday 10:30 (GMT), Feb 9, 2022 price and the Monday Feb 7, 2022 Market close price.</li></ul>For all other time horizons, the percentage price change is calculated by comparing the current price and the previous open rate for the selected time horizon. Note: Market hours are from 14:30 - 21:00 GMT.<ul><li>During market hours: If the feature is set on past 1 week, on Wednesday 15:30 (GMT), Feb 9, 2022 the percentage price change will be a comparison between the Wednesday 15:30 (GMT), Feb 9, 2022 price and the Wednesday Feb 2, 2022 Market open price,</li><li>Out of market hours: On Wednesday 10:30 (GMT), Feb 9, 2022 the percentage price change will be a comparison between the Wednesday 10:30 (GMT), Feb 9, 2022 price and the Wednesday Feb 2, 2022 Market open price.</li></ul>

Top Movers

If you're an eligible shareholder, we'll credit your account with the dividend amount on the payment date.Dividend payments may be subject to US withholding tax which will be withheld by the Third Party Broker. Withholding tax is normally 15% but may be reduced depending on your country of residence and whether that country has an applicable tax treaty.

What happens to my trading account if a company issues a dividend?

Unfortunately, at the moment, our app does not give the option to automatically reinvest the amount you receive as a dividend in the shares of the company that paid this amount to their shareholders.

Is it possible to automatically reinvest dividends?

Corporate events

Dividends

A corporate action is any event, within a public company, that changes its issued shares or debt. We'll process all mandatory corporate actions and make sure they're reflected on your account on time. Mandatory corporate actions include dividends, stock splits, mergers and spin-offs.To determine who's eligible for certain events, it's important to be aware of some key dates of corporate actions.<ul><li>Declaration date – the date a company's Board of Directors announces a key event (e.g. dividends)</li><li>Record date – this is a key date, and involves recording the ownership of a security</li><li>Effective date – the date of the corporate action event</li><li>Ex-dividend date – this is the date on which the security trades without the value of the dividend. To receive dividends, you need to have bought your shares before this date, or you won't be eligible</li></ul>A corporate event or restructuring may end up in the distribution of rights or warrants. If this ever happens on a security you hold, we'll liquidate these into cash where possible, as they can't be held in your Trading account.Corporate actions can be extremely complex, but we're working hard to make these as seamless as possible for you and your portfolio!

How does Revolut process Corporate Actions? 

Stock and reverse stock splits are mandatory corporate events that will impact the number of shares you hold in a position. If any security you hold is impacted by a split, it'll be automatically updated, you don't need to do anything.A stock split results in an increased number of shares held for a security, without affecting your market value of the holdings. The market price of the security will reduce to make sure valuation remains consistent. For example, if you own one share of a company, (let's call it ABC), which trades at $100 per share and the company declares a 2:1 stock split, your new holdings of ABC will be two shares and the price per share will reduce to $50. Your overall market value remains at $100.Reverse stock splits work in the opposite way. This will reduce the number of shares you hold, and increase the price per share. For example, if you own 10 shares of a company (let's call it XYZ), which trades at $5 per share and the company declares a 1:2 reverse stock split; your new holdings of XYZ will be five shares and the price per share will increase to $10. Your overall market value remains at $50.Companies usually perform splits as a method to either increase or decrease share prices.

What is a stock split?

If any stock in your portfolio is impacted by a merger or acquisition (M&amp;A), we'll automatically update your position, so don't worry! You don't need to do anything else. Depending on the activity, you may get cash or new shares under a different ticker symbol.For a merger, when two companies combine, your stock position will be replaced and usually updated with the newly established entity and ticker symbol. For an acquisition, when one company acquires another, the changes to your portfolio will depend on whether you currently hold the acquiring company or the acquired company.If you hold the acquiring company, your holdings won't change. If you hold the acquired company, these shares will be replaced by either cash or new stock in the acquiring company, or both, depending on the terms of the deal. Please note: stock prices can change during this time period and market value of your positions can change, as the market reacts to the M&amp;A news.

What happens if a company I own shares in goes through a merger or acquisition? 

When a company is delisted, its stock no longer trades on one of the major stock exchanges but you still own the same percentage of the company as before. Often when a stock delists from the major exchange it trades Over the Counter (OTC), however this is not true in all cases and in some cases your investment may be lost.If a stock delists and now trades OTC, we will notify you about the OTC instrument available to you to sell your full position. There will be no market data within the app and as such, the estimated share price is set to $0.01. The execution price will vary in line with the market and as such will differ greatly from the estimated price. Once we receive an instruction from you to sell, we aim to have the trade executed within 2 working days.If we don't receive an instruction from you, the stock will remain in your portfolio but only with indicative prices.

What happens to my stocks if a company is delisted?

If you own shares (even a fraction of a share!) in a US-listed company, and you are an eligible voting shareholder, you will receive an email invitation to vote on the matters raised by the US-listed companies in which you have invested, and your instructions will then be relayed to the vote tabulator of the vote or the meeting accordingly. If you own a fraction of a share, the vote tabulator may or may not decide to round or ignore the fractional share-ownership, depending on the policy they decide to follow.Revolut utilise a firm, DriveWealth LLC, who provide execution and custody services for stock trading. DriveWealth LLC, in turn, utilise a third party vendor, Broadridge, to manage, collate and facilitate any shareholder actions.When shareholder actions are required, a communication will be sent via email to customers from Broadridge, on behalf of Revolut, for the respective held shares.

Can I participate in voting at meetings for companies that I own shares in?

Your investments can generate some income or capital gains for you. For example, if you receive dividends or if you sell a stock at a higher price than you bought it. These proceeds may be subject to tax according to your local tax rules, and it is your responsibility to understand how to declare and pay any tax due.To help with your tax reporting, you can access your trading statements directly from your <a href="revolut://app/trading" rel="noopener noreferrer" target="_blank">Stocks Home</a> by clicking on the ellipsis (three dots) on the right side of the screen and selecting 'Statements'.

Reporting taxes on my investments

A W-8 BEN form is an Internal Revenue Service (IRS – US Tax Authority) form that serves as a Certificate of Foreign Status of Beneficial Owner. By completing this form you confirm that you're not a US taxpayer and that a reduced rating of Withholding may be applied depending on your country of residence and any tax treaty between that country and the US.When you open a trading account with Revolut, your W8-BEN form is automatically completed based on the information you provide. It's then signed electronically when you complete onboarding .We'll be making this completed W-8 BEN form available to clients in-app in a future version.

What is a W-8 BEN form?

Licences & regulations

Tax Information

DriveWealth, LLC acts as a carrying broker for brokerage services provided by Revolut. For more information on DriveWealth, visit <a href="https://www.drivewealth.com/" rel="noopener noreferrer" target="_blank">Drivewealth</a>.

Who is DriveWealth?

Revolut does not hold your stocks. You own your stocks and your stocks are held by our third party broker. Your stocks are protected by SIPC, which means the securities in your account are protected up to $500,000 by SIPC if the broker dealer fails.The $500,000 protection includes up to $250,000 protection for cash in your account.

Does Revolut hold my stocks?

In the US, if a brokerage firm ceases to operate, the assets of their clients are normally transferred in an orderly manner to another registered brokerage firm. In addition, the Third Party Broker is required to keep their clients’ securities and money separate from their own so that even if the Third Party Broker fails, their clients' assets are safe. Brokers are also required to meet minimum net capital requirements to reduce the likelihood of insolvency and to be a member of the <a href="https://www.sipc.org/for-investors/what-sipc-protects" rel="noopener noreferrer" target="_blank">Securities Investor Protection Corporation</a>, which protects client securities accounts of up to US$500,000.

What if the Third Party Broker fails?

After your Orders have been accepted and executed, your Instruments (i.e. securities) will be executed by the Third Party Broker, who will arrange for your instruments to be held in accordance with applicable law. It is important to note that we will not be responsible for safeguarding your Instruments, and we cannot do so as a matter of law.Further detail on how the Third Party Broker will arrange for your instruments to be held can be found <a href="https://drivewealth.com/customer-account-agreement" rel="noopener noreferrer" target="_blank">here</a>.

What if Revolut fails, what happens to the shares?

Revolut's Broker

In reference to Trading Services, Revolut Australia is licensed by ASIC (AFSL number 517589) to provide execution-only dealing in non-complex financial products, and to operate custodial or depositary services (other than investor directed portfolio services).

Who is Revolut authorised by for trading services?

DriveWealth LLC is a member of the Securities Investor Protection Corporation (“SIPC”). SIPC currently protects the securities and cash in your Brokerage account up to $500,000 of which $250,000 may be in cash. The SIPC does not protect against the market risks associated with investing. You acknowledge that, for purposes of SIPC, money market balances are considered securities. Securities and other assets held in your Trading Account (except brokered certificates of deposit) are not insured by the Federal Deposit Insurance Corporation (“FDIC”) and are subject to investment risks, including possible loss of the principal amount invested.To obtain information on SIPC, including the SIPC Brochure, go to <a href="https://www.sipc.org/" rel="noopener noreferrer" target="_blank">SIPC</a> or contact SIPC directly at (202)371-8300.

What is SIPC?

The Financial Industry Regulatory Authority (FINRA) is an independent, nongovernmental organisation that writes and enforces the rules governing registered brokers and broker-dealer firms in the United States. FINRA's stated mission is "to safeguard the investing public against fraud and bad practices". It is considered a self-regulatory organisation.

What is FINRA?

The U.S. Securities and Exchange Commission (SEC) is an independent federal government regulatory agency responsible for protecting investors, maintaining fair and orderly functioning of the securities market, and facilitating capital formation.

What is the SEC?

Regulators

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