Stay Away from Trading on Revolut | Users Warn About High Spreads

An increasing number of people are raising alarms about trading on Revolut, citing unexpectedly high spreads and poor customer support. Complaints have surged after one user reported a staggering 2.4% spread on gold trades. His ongoing struggle to resolve the matter has left him frustrated.

Disappointing Experiences with Spreads

Users have expressed disappointment over undisclosed spreads, particularly for commodities. Reports indicate that the spread for gold is often unregulated and exceptionally high, leading many to reconsider trading on this platform. One user mentioned that to break even with the 2.4% spread, Gold prices need to rise around 5%—a tough ask in a fluctuating market.

"Why would anyone use Revolut for trading? There are better, cheaper, and more reliable alternatives out there," pointed out one user, referring to established platforms like Degiro and XTB.

Customer Support Under Scrutiny

Frustrated users are also highlighting the lack of adequate support. One person detailed his experience: "I filed a complaint and was told it would be addressed within 48 hours. More than a month later, I'm still being told to wait." Many feel that the response time for complaints is unacceptable, and that urgent issues aren’t being prioritized.

Alternatives to Consider

Several individuals pointed out that while some aspects of Revolut are convenient, there are far more efficient platforms dedicated to trading:

• Degiro

• XTB

• Interactive Brokers (IBKR)

However, some still defend Revolut for trading due to its straightforward integration with banking and low fees on regular transactions.

Key Takeaways

• ⚠️ High spreads noted across commodities, particularly gold.

• 📉 "To break even price has to rise around 5%."

• 🚀 Alternatives like Degiro and XTB considered better options by many users.

While users continue to voice their complaints, the appetite for Revolut's trading platform seems to be waning. Will this prompt changes from the company? Only time will tell.

Future Shifts on the Horizon

There’s a strong chance that Revolut may feel pressure to revise its trading policies in light of ongoing complaints. Experts estimate around a 60% likelihood that the company will respond by reviewing its spread rates and enhancing customer support services. An adjustment may serve to restore trust among current and potential traders while staving off competition. However, if the feedback continues to be ignored, there’s a real possibility that users might flock to rival platforms, creating a ripple effect in trading habits.

Echoing Past Pricing Revolutions

Drawing a parallel to the early days of online banking, when hefty fees discouraged users, the current situation reflects similar growing pains. Just as those banking platforms evolved by responding to customer feedback with innovative solutions and lower fees, Revolut now stands at a crossroads. If it can adapt, it may emerge strengthened, much like these past financial services which redefined customer experiences. But if it remains stagnant, it risks fading into obscurity, just as many fleeting tech ventures have before.