Neverless Review: Zero Commission, but What Are You Actually Buying?

Neverless is an app for trading stocks, ETFs, gold, silver and more than 800 cryptoassets, with interest on idle balances, a yield account called Strategies, leverage and loans. It says it was founded by former Revolut executives and has more than 100,000 users; the iPhone app is published by Boku Labs Ltd. Which company you actually deal with depends on where you live.

Outside the European Economic Area (EEA), you sign one Client Agreement with two companies. Neverless Labs, S.L. in Madrid, registered with the Bank of Spain under number D948 for crypto custody and exchange, handles crypto trading, interest on crypto, custody, transfers and margin trading. Stocks and ETFs come from a Costa Rican company, 3-102-950439 Sociedad de Responsabilidad Limitada. The same agreement says neither company is licensed, authorised, registered or supervised by any authority as an investment firm, bank or financial institution, and that it is governed by Costa Rican law, with disputes going to the courts of Costa Rica.

EEA residents are served instead by two Latvian companies under separate terms. Neverless SIA holds a MiCA crypto-asset licence from the Bank of Latvia, valid from 20 May 2026 and passported to every EEA country on ESMA's register, and Boku Securities SIA holds a Bank of Latvia licence for investment services under MiFID II.

Neverless's UK site shows only a waitlist marked "coming soon", and this offer isn't shown to UK readers on BonusRoam. The international agreement also turns away residents of the United States, Costa Rica and sanctioned countries.

One episode to know about: in a warning dated 22 April 2026, France's financial regulator, the AMF, listed websites offering crypto services in France without authorisation, and the release now notes that neverless.com was removed from that blacklist on 2 June 2026. On 12 October 2026 the AMF's white list showed Neverless SIA as authorised to serve France through its MiCA passport, starting 22 June 2026.

Outside the EEA, the stocks and ETFs aren't shares. The agreement calls them Neverless Stock Derivatives: contracts between you and Neverless that track US-listed stocks and ETFs, traded over the counter, which can't be transferred to an outside account and which it describes as highly speculative instruments that can lose all the money you put in. You receive dividends after tax and costs, and Neverless can stop supporting a stock, so you may have to sell earlier than you planned. We couldn't confirm how stocks are held for EEA customers, so ask Neverless before you buy.

Neverless holds your crypto for you. Its terms say ownership stays with you, but your coins are pooled with other customers' and treated as interchangeable, and Neverless, not you, holds them as custodian. Coins earning interest can be placed with outside platforms and protocols, and if one of them fails, the terms say "your crypto-assets may be lost in whole or in part". The agreement doesn't say which company provides gold and silver trading.

Outside the EEA, the agreement says the account isn't a bank account and isn't covered by insurance against losses, it names no compensation scheme, and it warns that losses may exceed what you put in. The EEA terms are different: they say money and financial instruments in the account are covered by Latvia's investor protection scheme up to €20,000 if Neverless becomes insolvent. That doesn't cover investments falling in value, and it speaks of money and financial instruments, so don't assume it covers your crypto.

Neverless's security page describes biometric login, multi-factor authentication that can't be switched off and encrypted data. That is about keeping your account safe, not about what happens if one of the companies fails.

There are no account, custody or FX fees, and no commission on stocks, ETFs, metals, money market funds or most cryptoassets. Neverless's FAQ explains how it earns: crypto orders go to outside trading venues, and Neverless may receive rebates from them. It doesn't publish its spread, the gap between the buying and selling price. Its security page says it doesn't hit you with a terrible spread; some App Store reviewers in Spain say the opposite, so compare the price you're quoted with another platform before a large trade.

The charges sit at the edges. Illiquid coins carry a 2.49% fee with a $1 minimum, so any illiquid-coin trade under about $40.16 costs more than 2.49%. Apple Pay and Google Pay deposits in euros or dollars are free for the first three, up to $1,000 in total, then cost 2.49%: a fourth deposit of $500 costs $12.45. Dollars sent by SWIFT cost $30, or 3% of a $1,000 deposit. Bank transfers in euros or pounds are free both ways.

US stocks bring regulatory fees passed on at cost, FINRA's $0.000195 a share (minimum $0.01) and the SEC's 0.00206%, plus ADR fees of $0.01 to $0.10 per ADR and 30% US withholding tax on dividends, so a $10 dividend pays $7.

Getting crypto out is the catch most users hit. You can deposit 12 coins on-chain for free, but the pricing page lists on-chain withdrawals only for USDC, USDT, BTC and ETH, with gas fees. Any other coin has to be sold inside the app before the money can leave.

Idle balances earn interest automatically, paid daily and compounded, with no lock-up. On 12 October 2026 the homepage showed 2.08% AER on bitcoin, 2.1% on euros and 2.78% on dollars, labelled "EUR token" and "USD token", and its Borrow page showed 3.08% on ETH and 4.08% on SOL. The App Store listing still quotes older figures, so go by the rate in the app. Outside the EEA the terms set this out as Passive Rewards on crypto-assets, not bank interest: the rate can fall to zero, and the assets can be lost if a third party they are placed with fails.

Strategies is a separate account that Neverless runs as market-neutral trading: arbitrage between exchanges, market making, supplying liquidity to decentralised trading pools while hedging, and collecting funding fees on derivatives exchanges. On 12 October 2026 it showed 6.81% AER, which Neverless says is the annualised return over the last 90 days and variable. There's no minimum, but capacity is limited: when it's full you join a pre-invest queue, and making a withdrawal from Strategies cancels your place.

Neverless lists two risks it can't fully eliminate, a software bug leading to wrong trading decisions and an exchange it uses failing, and its own Strategies page says "Capital at risk". Taking money out within 14 days of investing costs 0.5%, or $5 on $1,000. The terms also say large withdrawals can take up to seven days or longer, and that Neverless can decline or delay withdrawals for reasons including liquidity concerns and operational constraints.

You can take up to 5x leverage, long or short, on stocks, ETFs, metals and crypto, borrowing against your whole portfolio. At 5x, a 20% move against you wipes out your stake before interest, and liquidation starts sooner: once your equity falls below the maintenance margin, which Neverless publishes on its platform rather than in the agreement, your position starts being closed. The terms warn that losses can exceed what you put in.

The Borrow feature lends euros at 12.49% APR and dollars or USDT at 16% APR against your holdings, with no credit check: up to 80% of the value of gold, silver, USDC or USDT, 76% of crypto and 66% of stocks and ETFs. Borrowing €1,000 for a year at 12.49% costs about €124.90 if the rate works as simple interest; Neverless doesn't say how it compounds, and we couldn't confirm whether the same rates apply to leveraged trades. If prices fall, your loan-to-value rises and your collateral can be sold. Neverless says it sends alerts before the liquidation threshold.

Open your account through our link (referral code jimm) and Neverless's invite page says: "Make your 1st investment over the next 48 hours to claim 2 years of free trading (worth $149/year)." The $149 a year is Neverless's own valuation. The page links to no terms for the perk.

Several things aren't stated, and we couldn't confirm them: which fees "free trading" waives, given that most trades already carry no commission for everyone; what counts as a first investment and whether there's a minimum (the App Store listing says there's no minimum on trades); whether the 48 hours start when you accept the invite or when you're verified; when the perk is applied; and whether it applies to accounts with the EEA companies. Check what the app says about the perk before you put money in, have your ID ready so verification doesn't eat into the 48 hours, and don't invest just to beat the deadline.

Disclosure: jimm is BonusRoam's own referral code, so we may receive a reward from Neverless when you join and invest. The invite page also says Neverless may share limited account information with the person who invited you so that they can receive it.

Taken at Neverless's figure, two years of free trading is worth $298. On the published fee schedule, though, stocks, ETFs, metals and most crypto already carry no commission, so if you stick to those the perk saves you nothing extra. The one trading fee it could plausibly cover is the 2.49% on illiquid coins. If it does, which Neverless doesn't confirm, someone trading $2,000 of illiquid coins a year would save $49.80 a year, or $99.60 over two years.

So the perk isn't a reason to join. Any ongoing value is in the rates: $1,000 left in dollars at 2.78% AER earns about $27.80 in a year, and in Strategies at 6.81% AER about $68.10. Both rates are variable and can fall, Strategies puts your capital at risk, and leaving it within 14 days costs $5.

On 12 October 2026 Neverless was rated 4.8 from 214 ratings on the US App Store, 4.8 from 231 in France and 4.9 from 65 in the UK, and on Google Play, from about 1,740 reviews and more than 50,000 downloads, it showed 4.7 in the French and Spanish storefronts and 4.9 in the US one. On Trustpilot it scored 4.3 from 106 reviews; Neverless has claimed the profile but isn't sending review invitations, and it replies to about one in five negative reviews, usually after more than a month.

Praise centres on fast replies from human support, including on Discord, a clean app and low fees. The low-rated reviews return to the same few things: spreads that some users feel undo the zero commission, coins that can't be sent to an outside wallet, crypto withdrawals taking hours or days, illiquid tokens that are hard to sell, failed Apple Pay and other deposits, trouble getting US dollar deposits back, no transfers from other people's bank accounts, a confusing euro and dollar display, and a pop-up after identity checks that blocked the app. In a July 2026 review, one user described a dispute over how a stock derivative linked to SK hynix was converted, and a slow formal complaints process. If you do sign up, try a small withdrawal early, before you put in more.

You need to be 18 or over and not live in the United States, Costa Rica or a sanctioned country; EEA residents are served by the Latvian companies, and the UK has only a waitlist. Some features depend on where you live. Go through our link, enter your email and the six-digit code Neverless sends you, then download the app and add your details, which Neverless says takes under two minutes, and verify your identity. Pay in by bank transfer in euros or pounds to avoid deposit fees.

To close the account, pay anything you owe and give written notice to [email protected]. Move everything out first: on closure Neverless can sell your investments, deduct fees and send the rest to your withdrawal method, and crypto balances too small to cover the closing costs are forfeited. Neverless can close accounts that have been inactive for more than two years, and can close or block any account at its discretion.

Consider it if you live outside the UK and US, want stocks, ETFs, metals and major coins in one app without commission, will fund it by free bank transfer, and either hold coins you can withdraw on-chain or are happy to sell before taking money out. Outside the EEA, go in knowing that the stocks are derivatives and that the agreement names no compensation scheme; EEA residents get Latvian licences and investor protection up to €20,000 on money and financial instruments.

Skip it if you want to own shares outright, want your coins in your own wallet, rely on investor protection outside the EEA, trade mainly small or obscure coins, or are tempted by leverage you couldn't afford to lose. And don't sign up for the free-trading perk alone: Neverless doesn't say what it covers.