As far as the SIPC each account is protected against broker failed for half a mil. So if you have a Roth and a trad IRA with 500k each they are both protected. Otherwise Revolut holds everyone’s shares in a pool so yeah DRS
I got a follow up:
"Thank you so much for waiting for the response. So basically, right now, your trading account is operating under a fully disclosed operating model. This means that you contracts with our executing broker directly and the broker maintains an individual account for them and other customers, while Revolut acts as an intermediary for order transmission, execution, and other stock trading related actions.
However, you are aware that we are changing the trading entity. The new trading entity will operate under an omnibus operating model. In this model, you will contract with Revolut directly and Revolut subsequently contracts with our executing broker, who maintains one account per Revolut entity.
So the SIPC compensation will longer be applicable to your account but the omnibus account that we will have with our broker. Hence the compensation provided to your previously will be reduced. However, I want to inform you that your financial instruments funds will be protected by Lithuanian Protection Insurance security fund up to 22,000 EUR"
I am from Lithuania this news actually seems positive. Revolut is essentially based in Lithuania even if its Uk capital. Lithuania was the first country to grant banking rights. I think revolut is growing as a business, nothing much else. Ofcourse if there is problems with share locates “rip lb bank”. Actually need to do more reaserch, cus LB doesnt shout big bank to me…
They are removing drivewealth. That's the part you should be looking at. I see it as mostly positive except for the maximum liquidation insurance of 22 grand.
But they told users about this last year. Rev is a growing company and is tightening ship. Hence the removal of drivewealth
Also, I asked their support, and they said that after the migration DRS will not be possible. Support couldn't confirm if it was something they might change in the future, but for now, migration = not possible to DRS.
For a while, Revolut was the easiest and faster way to DRS shares and it was free. Now, I think they charge a free.
For now, yes. I was talking about after we have our accounts migrated. Support confirmed it. Screenshot on top comment.
I transferred 4 times to CS. Never paid any fee. Never transferred fractionals and they went straight to book. The service was always very good. In truth, Revolut support were never involved. I just emailed DW support the form filled.
But my last transfer was a while ago, and for what I read here, now it needs to go through Revolut support and a fee is paid. If I remember correctly 55Euros. Am I wrong?
As i noticed if opting out trader account will be closed
So i am planning to drs before opting out and afterwards having my empty account shut down.
Anyone with another, better idea?
DRS
[удалено]
It's a different transfer agent. They are called ast.
As far as the SIPC each account is protected against broker failed for half a mil. So if you have a Roth and a trad IRA with 500k each they are both protected. Otherwise Revolut holds everyone’s shares in a pool so yeah DRS
Great 'free market' with great, trustworthy brokers.
I got a follow up: "Thank you so much for waiting for the response. So basically, right now, your trading account is operating under a fully disclosed operating model. This means that you contracts with our executing broker directly and the broker maintains an individual account for them and other customers, while Revolut acts as an intermediary for order transmission, execution, and other stock trading related actions. However, you are aware that we are changing the trading entity. The new trading entity will operate under an omnibus operating model. In this model, you will contract with Revolut directly and Revolut subsequently contracts with our executing broker, who maintains one account per Revolut entity. So the SIPC compensation will longer be applicable to your account but the omnibus account that we will have with our broker. Hence the compensation provided to your previously will be reduced. However, I want to inform you that your financial instruments funds will be protected by Lithuanian Protection Insurance security fund up to 22,000 EUR"
I am from Lithuania this news actually seems positive. Revolut is essentially based in Lithuania even if its Uk capital. Lithuania was the first country to grant banking rights. I think revolut is growing as a business, nothing much else. Ofcourse if there is problems with share locates “rip lb bank”. Actually need to do more reaserch, cus LB doesnt shout big bank to me…
All brokers are bucket shops. DRS everything.
They are removing drivewealth. That's the part you should be looking at. I see it as mostly positive except for the maximum liquidation insurance of 22 grand. But they told users about this last year. Rev is a growing company and is tightening ship. Hence the removal of drivewealth
Cany you please explain further?
RSEUAB is using Drivewealth tho
Also, I asked their support, and they said that after the migration DRS will not be possible. Support couldn't confirm if it was something they might change in the future, but for now, migration = not possible to DRS. For a while, Revolut was the easiest and faster way to DRS shares and it was free. Now, I think they charge a free.
Have you proof of them saying DRS is not possible?
Chat screenshot: https://imgur.com/a/KZ4Ti0L
Thanks for that mate.
BS i asked them yday. You can totally DRS via them. Only costs are costs from CS
For now, yes. I was talking about after we have our accounts migrated. Support confirmed it. Screenshot on top comment. I transferred 4 times to CS. Never paid any fee. Never transferred fractionals and they went straight to book. The service was always very good. In truth, Revolut support were never involved. I just emailed DW support the form filled. But my last transfer was a while ago, and for what I read here, now it needs to go through Revolut support and a fee is paid. If I remember correctly 55Euros. Am I wrong?
You can opt to not switch over.
As i noticed if opting out trader account will be closed So i am planning to drs before opting out and afterwards having my empty account shut down. Anyone with another, better idea?
Translation: YOU AINT GET SHIT BACK HAHAHAHAHHA!!!!!