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Wondering if Revolut is your crypto match? Dive into our straightforward Revolut crypto review for insights on fees, supported cryptos, and usability. See how it stacks up without sifting through filler content just the facts you need.
Key Takeaways
- Revolut Crypto offers a user-friendly platform for trading over 130 cryptocurrencies, aiming to integrate traditional banking and crypto services for its 40 million users.
- The app’s intuitive interface is praised, but the service includes high fees, especially for the Standard and Plus plan users, with added costs exceeding certain monthly limits.
- While feature-rich, Revolut Crypto has limitations, such as the inability to transfer many cryptocurrencies to external wallets and the lack of cryptocurrency investment insurance.
Introduction to Revolut's Crypto Service
Revolut, primarily known for its banking services, has branched out into the world of crypto exchanges with its revolut crypto services. This service is designed with a mobile-first approach, prioritizing ease of use and enabling crypto trading convenience. The platform supports over 130 cryptocurrencies, including:
- Bitcoin
- Ethereum
- Litecoin
- Ripple
This makes it one of the more diverse cryptocurrency exchanges available, attracting crypto enthusiasts from different currencies and various backgrounds.
With over 40 million users worldwide and holding over $15.5 billion in customer deposits, Revolut Bank has established a strong customer base. It integrates traditional banking and investment services, caters to a wider range of customers’ financial needs, and positions itself as a one-stop financial hub. But can it live up to these lofty ambitions?
Getting Started with Revolut Crypto
In order to engage with Revolut Crypto, one needs to establish a Revolut account and be a minimum of 18 years of age. Such preconditions are common across numerous platforms. Additionally, Revolut obliges users to provide a selfie and photographs of a valid document to comply with the ‘Know Your Customer’ (KYC) regulations, hence fulfilling legal obligations.
There’s no minimum deposit requirement to fund a Revolut account for accessing crypto services, which could be a boon for newcomers wary of making a large initial investment. The platform also takes security seriously, storing the majority of bitcoin cash and cryptocurrency holdings in cold storage to enhance security. Users’ personal details and pictures are stored in accordance with their privacy policy.
Navigating the Revolut Crypto Interface
Cryptocurrency trading becomes less complicated with the Revolut app, thanks to its streamlined and intuitive interface. Converting traditional currencies into cryptocurrencies can be achieved with mere taps on the app, underscoring its user-centric design.
Revolut’s app, along with the Revolut Card, has acquired a high user rating among Revolut users on the Revolut platform, with a 4.2 out of 5 on Trustpilot as of March 6, 2024. This high rating suggests that most users have a positive experience with the app’s interface, its features, and its functionality.
Exploring the Crypto Features
The crypto exchange feature of Revolut accommodates more than 130 tokens, including:
- Bitcoin
- Ethereum
- Litecoin
- Ripple
This wide variety of options gives users the flexibility to buy, sell, and hold various cryptocurrencies through Revolut’s mobile app.
With its intuitive mobile application, Revolut has rendered cryptocurrencies accessible to millions around the globe, thus facilitating an effortless initiation into crypto investment and trading. The app includes features that allow users to set alerts for cryptocurrency prices, helping to manage investments more effectively.
Additional Services in Revolut Crypto
Revolut supports transferring the following cryptocurrencies to and from external wallets:
- BTC
- ETH
- USDT
- Over 30 other tokens
This diversifies its offering beyond the typical cryptocurrency exchange. Eligible users in supported locations can deposit crypto assets directly into their Revolut crypto asset pocket, offering more flexibility in managing crypto assets.
In addition to its crypto services, Revolut offers a multi-currency account that allows for currency exchanges at the inter-bank rate, enhancing the banking aspect of the service. Many users value this combination of traditional banking and crypto services for its convenience.
Real-World Trading Experience with Revolut Crypto
Revolut presents a variety of plans, each with distinct Revolut crypto fees for crypto exchange:
- Standard (Free)
- Plus (£3.99/month)
- Premium (£7.99/month)
- Metal (£14.99/month)
- Ultra (£45/month introductory offer)
However, for Standard customers, Revolut imposes a fair usage limit on exchanges each month, with 1% additional fees applied once exceeded. Plus, customers incur a 0.5% additional fee when surpassing the limit.
Within the higher-tier plans, Premium and Metal users enjoy a 0.99% fee on crypto transactions, whereas Standard and Plus accounts are subject to a 1.49% fee, showcasing a tiered fee structure. An additional fee of 2.5% is charged for trading cryptocurrencies on Revolut, with further charges incurred when trading volumes exceed £1000 worth of crypto, potentially affecting high-volume traders.
Limitations of Revolut Crypto
Users of Revolut Crypto encounter certain restrictions, such as:
- The inability to transfer purchased cryptocurrencies outside the platform
- The inability to truly possess the coins due to Revolut’s approach of derivative trading
- The ability to withdraw crypto is restricted to only Bitcoin and Ethereum, impeding the transfer of other cryptocurrencies to external wallets.
High fees for certain cryptocurrency transactions can deter users, which may include network fees and service fees for withdrawals. Another limitation is the lack of insurance on cryptocurrency investments, which stands in contrast to the formal assurance offered in traditional stock trading platforms.
Customer Support Experience
The customer service at Revolut includes:
- Prompt responses, with an impressive average response time of 2 minutes
- Support offered in more than 100 languages
- helpfulness and patience of the support team
- Successful issue resolutions
- Provision of real-time updates on case progress
Customers of Revolut have frequently praised these features and the company's customer service.
Advantages and Disadvantages of Revolut Crypto
Revolut Crypto offers several advantages and disadvantages to users considering the platform for their cryptocurrency transactions. Here's a detailed breakdown of the main points:
Advantages:
- User-Friendly Interface: The Revolut app is designed with a focus on simplicity and ease of use, making it accessible for users of all experience levels.
- Wide Range of Supported Cryptocurrencies: With support for over 130 cryptocurrencies, users have a broad selection of digital assets to trade.
- Integration with Traditional Banking: Revolut combines traditional banking features with cryptocurrency trading, providing a holistic financial service.
- No Minimum Deposit Requirement: This is particularly attractive for newcomers who might be hesitant to commit a large amount of money upfront.
- Security Measures: A majority of crypto assets are stored in cold storage, enhancing the security of users' investments.
- Multi-Currency Account: Users can exchange currencies at inter-bank rates, which can result in savings when compared to standard exchange rates.
- Crypto to External Wallet Transfers: Revolut supports the transfer of certain cryptocurrencies to and from external wallets, providing more flexibility.
Disadvantages:
- High Fees for Certain Plans: The Standard and Plus plan users face high fees, which can eat into the profitability of their trading activities.
- Limitations on Cryptocurrency Transfers: Many cryptocurrencies cannot be transferred to external wallets, limiting users' control over their digital assets.
- Derivative Trading Approach: Users do not truly own the coins; they are essentially trading derivatives, which might not be suitable for all investors.
- Withdrawal Restrictions: The ability to withdraw cryptocurrencies is limited to Bitcoin and Ethereum, which can be a significant limitation for users interested in a broader range of assets.
- Lack of Investment Insurance: Unlike traditional stock trading platforms, there is no formal insurance on cryptocurrency investments on Revolut.
- Additional Charges: Users may face network fees and service fees for withdrawals, especially if trading volumes are high.
By weighing these advantages against the disadvantages, users can make an informed decision about whether Revolut Crypto aligns with their cryptocurrency trading and investment needs.
Is Revolut Crypto Worth It?
Given the features and services provided by Revolut, its layered pricing model spans from free to £45/month. However, with a 1.99% fee for Standard or Plus accounts and 0.99% for Premium or Metal users, it may not prove to be the most economical choice. A major limitation of Revolut Crypto is the inability to withdraw cryptocurrencies other than Bitcoin or Ethereum to external addresses, and it is known for high fees and limited control over cryptocurrencies.
Conclusion
Revolut Crypto offers a wide range of features and services to its users, making it a strong contender in the cryptocurrency exchange market. Its user-friendly interface, support for over 130 cryptocurrencies, and integration of traditional banking and investment services make it a versatile platform for both novice and experienced crypto traders.
Frequently Asked Questions
Is Revolut safe?
Yes, Revolut is safe to use, as it operates with reputable partner banks for added security and has advanced security measures built into its app and website. Additionally, funds in your Revolut account are insured up to $250,000 by the FDIC if specific deposit insurance requirements are met.
Can I withdraw crypto from Revolut?
Yes, you can withdraw your crypto from Revolut to an external wallet if you are on an eligible plan or in an eligible location. They will also specify which cryptoassets are supported for withdrawals within the app.
Which is better Coinbase or Revolut?
Coinbase is better than Revolut when it comes to features and overall evaluation.
Is it good to buy crypto on Revolut?
Yes, it's good to buy crypto on Revolut because it provides access to over 90 different cryptocurrencies, making it a valuable resource for trading popular assets. So, go for it!
What is the minimum deposit requirement for Revolut Crypto?
You don't need to worry about a minimum deposit when funding a Revolut account for accessing crypto services. There's no such requirement.
