Revolut Adds No Fee Crypto Trading in Push for U.S. Market - Decrypt (2024)
In brief
Revolut users can now trade up to $200,000 of crypto per month at no fees.
The new policy is part of a larger push by the European giant to attract customers in the U.S.
Revolut is a digital bank "super app" that has taken Europe by storm but that's still largely unknown in the United States, where it launched in the spring of 2020. Now, the company is making a push to get noticed stateside with a series of new features—including fee-free crypto trading.
The company has let customers buy and sell Bitcoin and a handful of other cryptocurrencies for some time but has charged fees of 1.5% to 2.5% per transaction. Starting today, though, Revolut will eliminate those commissions on up to $200,000 worth of trades per month.
Meanwhile, Revolut also announced on Tuesday that U.S. customers will now be able to use out-of-network ATMs and send 10 remittances per month for free.
"The free crypto part is part of a larger pitch to investors that we're a provider of services," said Revolut's US CEO Ron Oliveira in an interview with Decrypt.
Oliveira says Revolut currently has 300,000 users in the U.S., mostly in border states like California and Arizona, where its remittance tool is popular. But he added that his goal is to make the country Revolut's second biggest market after its home base of the United Kingdom.
This may be a tall order given that the U.S. is already saturated with upstart digital banks, such as Chime and Varo, while established brands like PayPal, Venmo, Coinbase, and Square are all making big pushes into banking.
And on the crypto front, Revolut may have a hard time making inroads in the U.S. given that Robinhood and PayPal already offer fee-free trading. Revolut's limited selection of tokens—right now it only offers Bitcoin, Bitcoin Cash, Litecoin and Ethereum—could also be an impediment, especially as San Francisco-based Coinbase offers dozens of coins.
Oliveira says he is unfazed by these challenges, pointing to the formula that has helped Revolut become a big player in other countries: adding more and more services to the app until users find it indispensable. And, indeed, the U.S. version of the app already displays an extensive list of tools ranging from savings to remittances to airport lounges.
This idea of a "super app" may be appealing to U.S. consumers who typically use a variety of apps for personal finance and related services—though it's worth noting that PayPal, a brand more familiar to Americans, is in the process of building a super-app of its own.
It's still early days for Revolut in the U.S., however, and their initial launch occurred during the onset of the pandemic, which likely undercut some of the buzz the app may have attracted. Meanwhile, Oliveari says the company will be ramping up its marketing efforts, which will include online media and influencers.
Revolut could also get a burst of interest from crypto users as a result of its plans to launch a token, which Oliveari says will occur elsewhere in the coming months but not in the U.S. for the foreseeable future. In the meantime, the company has burnished its U.S. crypto cred by announcing it will pay for its largest office in the country—a WeWork in Dallas—entirely in Bitcoin.
The bottom line is that, by this time next year, it will become clearer whether Revolut can extend its reputation as a financial powerhouse to the U.S.
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When buying cryptocurrencies on Revolut, you pay a 1.5% – 1.99% (or EUR 0.99, whichever is higher) crypto-buying fee and a 0.5% exchange fair usage fee if you exceed the monthly account exchange limit.
Using Revolut is just like leaving your funds on any other cryptocurrency exchange. You shouldn't do this, as cryptocurrency exchanges have been hacked in the past. Hell, it seems like it happens a couple of times every year.
use the Revolut app to buy, sell and withdraw cryptocurrency; or. send cryptocurrency to other Revolut accounts (sometimes called an “off-chain transfer”).
Criminals are using increasingly sophisticated techniques to steal money. As fraudsters and scammers get smarter, it becomes harder for customers to identify them, and the risk of being misled increases.
You may have to pay taxes or costs on our crypto services. We are not responsible for collecting these from you, for making any payments on your behalf, or for providing any reports relating to tax.
You will own the rights to the financial value of any cryptocurrency we buy for you. We will hold your cryptocurrencies on your behalf and you will have a right (called a 'beneficial right') to them. This means you can tell us when to sell or transfer it (within the limits of these terms and conditions).
You cannot pay in cryptocurrency using your Revolut Card either. This means that if you make a payment using your Revolut card, and the only funds you have are in a cryptocurrency, the payment will fail.
If you haven't used Revolut crypto product before, you will only be eligible to receive the reward for completing Crypto Learn and Earn lessons after completing the onboarding to Revolut's cryptocurrency product which involves accepting Revolut Ltd's Cryptocurrency Terms and reading and accepting the relevant risk ...
Buying and holding shares through Revolut is cheaper than with most investing platforms. It has a decent choice of companies you can buy shares in, including some very high-profile ones. Opening an investment account is really easy and quick through the Revolut app.
Revolut works in the U.S., and many other countries which is great for us since we travel to different countries most of the year. So, in this guide, I'll tell you all about Revolut, including what it is exactly, how it works, and why it's the best financial app for expats and frequent travelers.
However, after that, an exchange fair usage fee of 0.5% applies for Standard and Plus plans. You can avoid this completely by upgrading to a Premium or Metal plan (if you haven't already), which don't have any exchange fair usage limits.
The only time you will pay more than this is if you exceed the exchange fair usage limit for your plan. If you do, you will be charged an exchange fair usage fee on any exchange above the limit. Our Standard and Plus plans allow you to make at least €1,000 of exchange per month without an exchange fair usage fee.
Binance is an exchange with one of the cheapest transaction fees among all cryptocurrency exchange platforms. It allows you to create an online crypto wallet on the platform as a user. You can then trade other cryptocurrencies and NFTs. It also allows users and miners to earn interest.
Yes. Revolut is fully licensed in Europe and the UK. The company is also regulated in Australia. They have an Australian Financial Services Licence under a different bank, and are regulated by the Australian Securities and Investment Commission (ASIC).
Is Your Money Safe With Revolut? Since March 24th 2022 , Revolut has been operating as a fully licenced bank in Ireland and funds of up to €100,000 are therefore guaranteed by the Lithuanian State company Deposit and Investment Insurance.
The most common way to transfer money is to send it back to your traditional bank account. It's generally pretty easy to do – but there are different fees for sending money that you should be aware of.
Unlike its rival Wise (formerly TransferWise) which went public in July 2021 on the London Stock Exchange, Revolut remains privately-owned. Currently Revolut has more than 1000 shareholders, with corporate investors having around 75,00% shares and private investors - 25,00%.
📱 What are alternatives to Revolut? There are many other fintechs like Revolut. These include Chime, N26, Wise, and Monese. On the international money transfer front, we particularly recommend Remitly because it consistently ranks as the best choice for transfers from the UK, the US, and the Eurozone.
Generally speaking, if you don't visit a bank branch more than once a month (for whatever reason), having a Revolut account might work for you as your regular day-to-day account. But there are of course other points to consider… Verdict: If you don't need a branch, Revolut might be for you.
If you don't report a crypto-taxable event, you could incur interest, penalties, or even criminal charges if the IRS audits you. You may also even receive a letter from the IRS if you failed to report income and pay taxes on crypto, or do not report your transactions properly.
Yes and no. Revolut doesn't report to the IRS directly, but they do have an obligation to report to the Lithuanian tax authority. This information may then be requested by other tax authorities - like the IRS - under the Standard for Automatic Exchange of Financial Account Information to ensure tax compliance.
Reporting crypto losses using form 8949 and 1040 Schedule D is required by the IRS. Claiming crypto losses on your tax return may allow you to deduct them from your income or offset capital gains, lowering your tax liability.
Coinbase vs Revolut cryptocurrency exchange overall score comparison reveals that Coinbase has a higher overall score of 7.5, while Revolut gathered an overall score of 7.5.
On the Local tab, make a note of your Beneficiary, IBAN and BIC. This will be needed to connect your Revolut to Coinbase. Switch to the SWIFT tab and make a note of the reference number, this will be needed when you send money from Coinbase to Revolut in order to go to your Euro account.
Revolut is a British financial technology company that offers banking services, but as of December 2022 does not have a UK banking licence. Headquartered in London, it was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko.
You engage in Pattern Day Trading if you make more than three day trades over a period of five business days. When trading in the Revolut app, you can see how many day trades you can still make without breaching the Pattern Day Trading rules.
Is Revolut cheaper than Coinbase? Revolut charges 2.5% when buying crypto and coinbase 4%. But you can use coinbase pro and pay only 0.5%. Coinbase is a proper exchange where you can withdraw your coins.
Binance vs Revolut cryptocurrency exchange overall score comparison reveals that Binance has a higher overall score of 9.6, while Revolut gathered an overall score of 7.5. If we look at the ease of use, it's clear that in this Binance vs Revolut comparison, Binance has better & smoother user experience than Revolut.
Revolut does not have any appetite for breaching tax laws or allowing customers to use its services to evade tax. Revolut's internal governance extends to ensuring employees are aware and committed to a policy of no tax evasion being facilitated.
You can always see the current rate in the Revolut app. Our exchange rate doesn't include our fees. We charge you a small fee on crypto exchanges as set out in our Fees Page. We'll show you this fee in the app before you make an exchange, as well as after you make an exchange in the transaction details.
Introduction: My name is Dan Stracke, I am a homely, gleaming, glamorous, inquisitive, homely, gorgeous, light person who loves writing and wants to share my knowledge and understanding with you.
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