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If you would like to find out more about which Revolut entity you receive services from, or if you have any other questions, please reach out to us via the in-app chat in the Revolut app. Revolut Ltd (No. 08804411) is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (Firm Reference 900562). Registered address: 7 Westferry Circus, Canary Wharf, London, England, E14 4HD. Insurance related-products are arranged by Revolut Travel Ltd which is authorised by the Financial Conduct Authority to undertake insurance distribution activities (FCA No: 780586) and by Revolut Ltd, an Appointed Representative of Revolut Travel Ltd in relation to insurance distribution activities. Trading and investment products are provided by Revolut Trading Ltd (No. 832790) is wholly owned subsidiary of Revolut Ltd and is an appointed representative of Resolution Compliance Ltd which is authorised and regulated by the Financial Conduct Authority.

We are also registered with the Financial Conduct Authority to offer cryptocurrency services under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

Revolut's commodities service is not regulated by the FCA.

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We updated these terms on 21 November 2023. You can find the new terms <a href="https://www.revolut.com/legal/RTL-terms-of-business/">here</a>.The new terms will apply to new customers who open an account with Revolut Trading Ltd from 21 November 2023 onwards. These terms will remain in effect until 3 December 2023 for customers who opened an account with Revolut Trading Ltd up until 20 November 2023.Effective 1 January 2021, in accordance with applicable law, neither this agreement, the website nor the Revolut App should be regarded as a solicitation, promotion or advertisement of the services that we will provide under this agreement in any Member State of the European Economic Area. In such circumstances, where you are situated in a Member State of the European Economic Area, we will only provide you the services under this agreement where you initiate such services at your own exclusive initiative; where we provide you services on this basis, they are not deemed as provided in the territory of the European Economic Area.

<h1>Risk Disclosure</h1><h3>1. Introduction</h3>This notice is provided by Revolut Trading Ltd (&quot;we&quot;, &quot;us&quot; or &quot;Revolut&quot;) and provides you with important information about the risks associated with the services we provide to you. Revolut is an appointed representative of Resolution Compliance Ltd which is authorised and regulated by the Financial Conduct Authority (&quot;FCA&quot;) (reference no. 574048). Unless otherwise defined here, capitalised terms have the same meaning as in the Terms of Business (see below) detailing how we will provide our dealing services to you.Revolut provides clients with the ability to buy and sell various Instruments on a non-advised (i.e. execution only) basis, and transmits those orders to a Third Party Broker via the Revolut Trading App (&quot;Revolut App&quot;). Before using your Revolut App to submit Orders in relation to Instruments, you should consider whether you have understood the risks detailed in this notice. If you have any questions or are in any doubt about the content of this notice, you should seek independent professional advice.Trading financial instruments involves an element of risk. The value of your investment may fall as well as rise and you may get back less than your initial investment, and in some cases, you may lose your entire initial investment. Past performance of an Instrument is not an indication of its future performance.If there is any inconsistency between these terms and conditions and our Personal Terms, these terms and conditions will apply.No AdviceWe offer a non-advised (execution-only) order transmission service in shares and fractions of shares (&quot;fractional shares&quot;) and therefore we do not offer any advice or provide you with any recommendations regarding the appropriateness of any particular Instrument. In these Terms, we use the word “shares” to refer to whole shares. In the provision of our services to you, we are not required to assess the appropriateness of the Instrument or service offered to you, and as a result you do not benefit from the protection of the FCA&#39;s rules on assessing appropriateness. Whilst we may from time to time provide you with factual information about Instruments, this information is not, and should not be interpreted as, advice, and any decision to submit Orders is made solely by you. If you are uncertain as to whether any particular Instrument is suitable and/or appropriate for your individual circumstances or needs, you should seek independent professional advice.Insolvency RiskWhere your Instrument is a share in a company, you own a portion of the issuing company&#39;s share capital, with your ownership interest determined by the number of shares you own as a percentage of the total issued share capital of that company. You should be aware that the insolvency of a company may drastically reduce the value of its shares, potentially risking the loss of your entire investment. Typically ordinary shareholders rank lowest in the order of priority of repayment in the event of a company&#39;s insolvency, meaning the company may have exhausted the value of its available assets in paying other creditors by that time it comes to paying its shareholders, increasing the risk that shareholders will not receive any money from the company for their shares.In the event of an insolvency of the Third Party Broker or any other brokers involved in executing your Orders, this may result in your Positions being liquidated without your consent or transferred to another broker. In such circumstances, we will seek to provide you with as much additional information as we can relating to the treatment of your existing Positions as and when we obtain it, but please be aware, you could lose the value of your investment.Currency RiskWhere your Instruments are denominated in currencies other than the default currency of your primary Revolut Account (e.g. USD), fluctuations in foreign exchange rates may impact your profits and losses connected to your trading in such Instruments.Volatility Risk, Market Fluctuations and Monitoring your PositionsWe do not provide, nor can we control, the prices for the Instruments you may buy or sell via the Revolut App. The market price of Instruments is influenced by a broad array of factors and can change rapidly and unexpectedly, meaning the value of those Instruments, and your related profits and losses on your Positions, can also change rapidly and unexpectedly. Amongst other things, prices of Instruments can be subject to gapping (where the price of the Instrument opens significantly above or below the previous day&#39;s closing price) and slippage (where the price an Instrument is executed at is different to the price to that which was quoted at the time the Order was submitted), especially in periods of market volatility.You have the sole responsibility of monitoring the value of the Positions you hold and you should ensure that you can access the Revolut App on an ongoing basis so as to do this.Liquidity RiskThe Instruments which are shares made available via the Revolut App are all admitted to trading on a regulated market, and in the event that you wish to sell your Instruments, a corresponding buyer of those Instruments must be found in the underlying market. Whilst certain Instruments can be very liquid, you should be aware that others, such as the shares of smaller companies or of companies located in other geographies or territories, can be less liquid and it is not guaranteed that there will be a buyer for your Instruments. Therefore, you may not be able to realise your investment or realise it at its actual market value. In some circumstances, such as instances of market volatility or where trading in a particular Instrument or on a particular underlying market has been suspended or otherwise restricted, it may not be possible to find a buyer for your Instruments, meaning you will not be able to liquidate your Positions.The Instruments which are fractional shares cannot be traded on regulated markets (such as public exchanges) and as such may be subject to greater liquidity risk than full shares.If you close your trading account, all Positions in Instruments will need to be sold via the Revolut App to or through the Third Party Broker, potentially resulting in commission charges (depending on the type of Account you have, as set out in our Terms of Business). Positions in fractional shares cannot be transferred to another broker (save in the event of the Third Party Broker&#39;s insolvency) and must be sold via the Third Party Broker.Technical RisksWhilst we will try to make the Revolut App available to you without interruption, we cannot guarantee that the Revolut App will always be available to you. In these circumstances, your Orders may not be able to be submitted and you may not be able to monitor your Positions via the Revolut App.TaxYou should be aware that various tax regimes may apply to your trading in Instruments depending on your personal tax status and the rules and regulations in force from time to time. You have the sole responsibility of determining the relevant tax impact to your trading and you should consult an appropriate professional advisor if you have any questions or doubts in this regard. Revolut does not provide tax advice.Financial ResourcesYou should ensure that you have appropriate financial resources to engage in the buying and selling of Instruments, and that you have the ability to bear any losses that may arise from your trading activity. You should not rely on being able to generate profits in order to pay down or relinquish any credit or financing you have arranged for the purposes of buying and selling Instruments. You should not enter into any borrowing agreements in order to fund your purchase of Instruments via the Revolut App.No Guarantee of RightsWhilst Instruments can often have rights to dividends and, in certain instances, the right to vote on certain matters at general meetings of the issuing company, you should not assume that you will be able to exercise these rights. The payment of dividends by a company is not guaranteed and you may not have the opportunity to exercise any voting rights attaching to those Instruments.Provision of InformationWe may provide financial and market data, news, analyst opinions, research reports, graphs or any other data or information (“Information”) to you via the Revolut App under licence from third party providers. Any Information we display via the Revolut App is for informational purposes without regard to your individual financial circumstances, objectives or particular needs. It is provided solely to enable you to make your own investment decisions and it is not intended to be and does not constitute a personal investment recommendation or personalised advice.Legal and Regulatory ChangesChanges to current legislation and regulations could give rise to changes in the price of Instruments, which could impact your profits or losses. The impact of such legal and regulatory changes can be material and unexpected, and may impact certain companies, markets and jurisdictions more than others.

<h1>Order handling and Best Execution policy</h1><h3>9. Introduction</h3>This Order Handling and Best Execution Policy is provided by Revolut Trading Ltd (&quot;we&quot; or &quot;Revolut&quot;) and provides you with important information about how we will treat Orders submitted by you via the Revolut App. Unless otherwise defined here, capitalised terms have the same meaning as in the <a href="https://www.revolut.com/legal/trading#terms-of-business">Terms of Business</a> which is the agreement detailing how we will provide our dealing services to you.Revolut is an Appointed Representative of Resolution Compliance Ltd, which is authorised and regulated by the Financial Conduct Authority (&quot;FCA&quot;) (reference no. 574048). As Revolut is an Appointed Representative, Resolution Compliance Ltd remains responsible for the regulated activities (including the receipt and transmission of Orders) of Revolut. Further details about the authorisation of Resolution Compliance Ltd and the status of Revolut can be found on the FCA <a href="https://register.fca.org.uk/s/">Register</a>.Revolut provides clients with the ability to buy and sell various Instruments made available via the Revolut App. Before using your Revolut App to submit Orders in relation to Instruments, you should ensure that you have read this Order Handling and Best Execution Policy. If you have any questions or are in any doubt about the content of this document, you should seek appropriate professional advice.<h3>10. Our capacity</h3>We will not execute any Orders that you submit via the Revolut App, but rather will transmit Orders to the Third Party Broker for execution or onward transmission. Under no circumstances will we act in any other capacity and a transaction will arise between you and the Third Party Broker in all instances for the purposes of the execution of your Order.<h3>11. How we handle your Orders</h3>Our primary obligation is to ensure that your Orders are transmitted to the Third Party Broker promptly and fairly. Unless instructed otherwise by you or where prevailing market conditions prevent us from doing so, Orders will be transmitted to the Third Party Broker sequentially and promptly.If you place an Order with us after Market Hours, we will place your order for execution on the next day and will seek to execute it once that market opens again, at which point the price of the relevant Instrument may have moved (but we will continue to execute your Order despite those movements). Orders for fractional shares after Market Hours can only be dollar based.You will be able to request to cancel your Order instructed outside of Market Hours at any time before the opening of the relevant exchange. However, we cannot guarantee that we will be able to action your request for cancellation once submitted. Please cancel your Order with plenty of time before the relevant market opens in order to avoid any risks associated with cancelling your Order or price volatility once the market opens.Revolut will not be liable for any losses you suffer as a result of fluctuations in price whilst submitting an Order outside of Market Hours.<h3>12. Best execution</h3>We are under a duty to act in your best interest when transmitting an Order to another entity for execution or onward transmission.We have partnered with a Third Party Broker whom we believe has the experience, knowledge and relationships required to provide you with best execution in relation to your Orders and who will enable us to act in your best interest. In selecting the Third Party Broker we have considered industry guidance and believe best execution for orders is best obtained by only using the Third Party Broker who has the necessary expertise in the instruments which Orders are executed in. Revolut has conducted due diligence on the Third Party Broker to ensure that it has the necessary expertise in the relevant instruments and to satisfy itself that the Third Party Broker delivers outcomes that are at least as good as the result that can be obtained by transmitting Orders to other entities for execution or onward transmission.The Third Party Broker is not an executing broker in respect of shares and all such Orders received by it are automatically routed on an agency basis to another broker-dealer for execution. The Third Party Broker is an executing broker in respect of fractional shares and all such Orders will be executed by it against its proprietary account. The Third Party Broker is registered with the Securities Exchange Commission (&quot;SEC&quot;) in the United States and is a member of the Financial Regulatory Authority (&quot;FINRA&quot;). As such, the Third Party Broker is subject to best execution rules and required to publish information about their routing practices and the venues to which individual orders are routed for execution. Based on our review of the Third Party Broker&#39;s disclosures the venues most frequently executed on were the NYSE and NASDAQ; we believe the arrangements enable the Third Party Broker to meet its best execution obligations.The Third Party Broker is by law required to conduct a &quot;regular and rigorous&quot; review of the execution quality of customer orders. The Third Party Broker reviews and monitors its trade routing through its Best Execution Committee which considers various factors, including the characteristics of the market for the securities traded, the size of the order, the speed of execution, the number of markets checked, terms and conditions of the order and the accessibility of the quotation.The Third Party Broker keeps its executing brokers&#39; practices under review to ensure its order handling is in line with expectations. The Third Party Broker receives daily and monthly reports from its executing brokers, which show the execution quality across a number of measures in order to determine whether best execution is being achieved.The Third Party Broker has a system in place with regards to its fractional shares and listed securities arrangements that aims to ensure that its customers obtain best execution and/or benefits from price improvements where the Third Party Broker fills an order in a dual capacity (as agent and principal).Further details on how the Third Party Broker executes its orders and their best execution policy can be obtained directly from the Third Party Broker. Upon request, we will provide you with the Third Party Broker&#39;s best execution policy.By submitting an Order through the Revolut App you are deemed to have accepted this Order Handling and Best Execution Policy, including the terms on which the Orders are executed (including where necessary the Third Party Broker&#39;s execution policy).Should you have any further questions about our arrangements you can contact us here:Revolut Trading Ltd, 7 Westferry Circus, Canary Wharf, London, England, E14 4HD. You can also contact us via the Revolut App chat function.<h3>13. Review</h3>We will review this Order Handling and Best Execution Policy on an at least an annual basis to ensure that it remains fit for purpose and to reflect any changes to applicable law or regulation that may apply. Such a review will include reviewing the performance of the Third Party Broker to confirm that they continue to provide execution services that deliver the best possible outcome for our clients on a consistent basis.If there are material changes in this Order Handling and Best Execution Policy, these will be notified to you. The Third Party Broker will notify Revolut of any material changes to their best execution policy. Revolut will in turn notify you of any material changes to the Third Party Broker&#39;s best execution policy which may impact on how your Orders are transmitted and executed.<h3>14. Conflicts of Interest policy</h3>You can view and download our <a href="https://www.revolut.com/legal/conflicts-of-interest-statement">Conflicts of Interest policy</a> here.