Revolut Crypto Review: Everything You Need to Know

As a seasoned cryptocurrency enthusiast who has dabbled in various platforms over the years, I must say that my personal experience with Revolut has been quite intriguing. On one hand, it offers a user-friendly interface that makes managing finances and on-chain transactions a breeze. The ease of buying, selling, and storing crypto within the platform is truly commendable.

Over the last few years, Revolut has gained popularity in the digital banking sector due to its straightforward approach and innovative thinking. However, what sets Revolut apart when it comes to cryptocurrency? With numerous apps available today, some reliable while others are questionable, finding one that delivers on all fronts can be challenging. Revolut aspires to become your preferred app by offering a secure and user-friendly platform for crypto exploration.

As a crypto enthusiast, let me guide you through the array of offerings that Revolut has in the digital currency realm. We’ll delve into their services, security measures, fees, and exclusive benefits – leaving no stone unturned. By the conclusion, you’ll have a comprehensive understanding of how to kick-start your crypto journey with Revolut.

Let’s dive in!

Revolut Crypto Key Takeaways

Convenience and User-Friendliness: Revolut’s mobile app offers a seamless user experience for managing crypto assets.
Multiple Supported Cryptocurrencies: The platform supports diverse cryptocurrencies, allowing you to diversify your portfolio.
Security and Regulation: Revolut employs robust security measures and is regulated by various financial authorities, ensuring the safety of your funds.
Limited Availability: Revolut’s services may not be available in all regions, so checking its availability in your location is crucial.

What is Revolut?

“Revolut, a renowned digital bank, has gained significant recognition in recent times, not just because of its innovative features like crypto services and robust security, but also due to its user-friendly interface. Founded by Nik Storonsky and Vlad Yatsenko in 2015, Revolut provides diverse banking services ranging from traditional banking transactions to cryptocurrency trading.

One key advantage of using Revolut is its capability to aid in more efficient management of your finances. It facilitates effortless monitoring of expenses, setting financial limits, and even automating savings. Furthermore, the app provides a diverse range of investment opportunities such as stocks, exchange-traded funds (ETFs), and cryptocurrencies.

As a researcher exploring digital finance solutions, I find that Revolut stands out for its user-friendly and budget-friendly approach. Regardless of whether you’re aiming to cut costs, invest wisely, or traverse borders, this versatile app caters to a wide range of financial needs.

Revolut: A Comprehensive Overview

Revolut Details:

Name: Revolut Ltd.;
Founded: 2017;
Headquarters: London, England.

Launch Date of Crypto Platform:

Revolut launched its cryptocurrency trading platform in 2017.

Additional Features and Benefits:

Instant Transfers: Revolut allows for fast and efficient transfers between your crypto and fiat wallets;
Crypto Pockets (Vaults): You can create separate pockets for different cryptocurrencies to organize your holdings better;
Metal Cards: Revolut premium metal cards offer additional benefits, such as cashback on cryptocurrency purchases and exclusive perks;
Crypto Rewards: Some Revolut plans offer cashback or other rewards on cryptocurrency purchases;
Market Analysis: The app provides real-time market data, charts, and analysis to help you make informed trading decisions.

Important Considerations:

Regulations Compliance: Revolut is regulated by various financial authorities, including the Financial Conduct Authority (FCA) in the UK, under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations, and is licensed by the European Central Bank and is regulated by the Bank of Lithuania;
Security: The platform employs advanced security measures to protect user funds, such as two-factor authentication and cold storage;
Tax Statements Feature: With a partnership with a third party (Koinly), users can download and use it across 100 countries, showing a breakdown of all capital gains, transactions, etc.;
Learn and Earn Content: Educational courses on crypto and finance with potential rewards. Available in the UK (no rewards), EEA (incl. CH), SG, AU, and NZ.
Customer Support: Revolut offers 24/7 customer support to assist users with any questions or issues.

The Revolut Crypto Services

Due to its popularity in the banking sector, Revolut expanded its services to cater to cryptocurrency investors and traders as well. Consequently, Revolut now provides crypto-related services.

To provide strong and reliable cryptocurrency transactions and services, Revolut created a mobile application. This application makes it simple for users to trade cryptos, offering an intuitive interface and ensuring a safe user experience.

With more than 45 million users worldwide and managing over $15.5 billion in customer savings, Revolut Bank has established itself as a reliable bank that embraces cryptocurrencies. It offers a blend of conventional banking and investment services, catering to a diverse array of financial requirements for its clients.

But let’s get into the details!

Revolut Crypto Features At-a-Glance

Wide range of supported crypto assets;
Buy, sell, deposit, and withdraw digital assets;
Hold crypto assets;
Easy transfer of crypto assets to other Revolut users;
Pay for goods with crypto assets from your Revolut Card;
Crypto staking;
Revolut X – crypto exchange.

Revolut Crypto: In-Depth Features

To clarify, Revolut takes active steps to cater to the needs of the cryptocurrency community. They provide a range of services, including purchasing, selling, and withdrawing cryptocurrencies. They also allow users to make payments using their Revolut Card in cryptocurrencies. Moreover, they offer crypto staking options and additional features.

1. Wide Range of Supported Crypto Assets

For retail users, Revolut offers a range of crypto assets. Retail customers can trade over 200 cryptocurrencies (208 tokens as of September 2024), including major assets like Bitcoin (BTC), Ethereum (ETH), and others, using Revolut’s web and in-app platforms.

Furthermore, in relation to the Revolut Business account by September 2024, we’re currently working with more than 170 different digital assets, and we aim to expand this collection to over 200 tokens shortly. With it, you can conveniently trade cryptocurrencies like Bitcoin, Ethereum, and many others.

Bitcoin (BTC);
Ethereum (ETH);
Solana (SOL);
Polygon (MATIC);
Polkadot (DOT);
Cardano (ADA);
Ripple (XRP) and *others (including ERC-20 tokens).

*The entire list of supported cryptocurrencies is available on the Revolut official website.site.

2. Buy, Sell, Deposit, and Withdraw Digital Assets

The Buying Crypto Assets Process

If you’re a Revolut user looking to purchase cryptocurrency via the Revolut desktop site or mobile app, you have two options: utilize funds from your Revolut account (either regular money or e-money) or leverage the existing crypto assets within your account.

Also, there are several ways to purchase cryptocurrencies:

Buy Now option from your Revolut account;
Set up an Auto Exchange, meaning you’ll buy crypto assets in the future;
The Recurring Buy option to buy cryptos at regular intervals in the future;
Buy multiple cryptos through a Collection of Crypto Assets;
The Spare Change Round-up feature auto rounds up your Revolut Card purchase.

Selling Cryptos

Exchanging cryptocurrencies on Revolut is straightforward – you can do so by selling them at the current exchange rate, converting them into cash, electronic money, or adding them to your digital wallet directly.

Depositing and Withdrawing Crypto Assets

As a researcher, I’d like to share that based on your geographical eligibility and the availability of suitable plans, it is possible for you to transfer cryptocurrencies from an external digital wallet into your Revolut account.

There won’t be any charges for adding cryptocurrency to your account here. However, when you withdraw cryptocurrency, there might be fees imposed by your crypto wallet or external service provider since the transaction originates from their platform.

To see which cryptocurrencies are accepted for deposits, please refer to the ‘Receive’ section. Keep in mind that any unsupported cryptocurrencies received will be irreversibly lost.

As a researcher exploring the inner workings of Revolut’s cryptocurrency system, I can share that your initial deposits are securely stored in a distinct wallet for safekeeping. Subsequently, we transfer these funds to our primary account, ensuring enhanced security measures and improved accessibility for you.

In simple terms, you have the option to add funds to Revolut using either cryptocurrency or traditional money (fiat). To finish the transaction, navigate to your Revolut app, click on the “Deposit Money” button, select your preferred currency, pick a payment method, and input the amount you’d like to deposit.

In some instances, the cost of using networks for crypto deposits may change, but to make sure Revolut can handle your transactions smoothly with lower fees, they might set a minimum deposit amount for certain cryptocurrencies. Additionally, specific cryptocurrencies at Revolut have minimum deposit thresholds established to guarantee efficient processing and reduce network costs.

Please note that purchasing crypto assets directly in the app doesn’t count towards this minimum.

You’re free to add as much cryptocurrency as you want. But please note that Revolut reserves the right to control the amount you can take out, and this will be clearly communicated to you before we process your withdrawal request.

Furthermore, concerning the withdrawal process using Revolut, you have several options for both cryptocurrency and traditional (fiat) currency withdrawals from your Revolut account.

When it comes to withdrawals, fees can range from £1 to £3 GBP based on the specific blockchain being used. Other network fees may apply as well. Notably, Revolut works with several native blockchains such as Bitcoin, Ethereum, Solana, and Avalanche. Regarding USDT, currently, Revolut operates primarily on the TRON blockchain, but they plan to add support for the Ethereum blockchain by Q4 2024.

In specific regions, daily withdrawals might reach £250,000, while monthly withdrawals could total £1,000,000. However, it’s important to note that these limits can vary depending on the location when transferring cryptocurrency to an external wallet; certain restrictions may be in place.

ATM Withdrawal Charges: You can take out money from ATMs, but keep in mind that your plan determines monthly withdrawal limits, typically ranging from £200 to £2,000. Any withdrawals exceeding this limit will incur a 2% fee on the transaction amount.

3. Holding Cryptocurrency

Using Revolut’s cryptocurrency services means they hold the legal rights to your digital assets, yet you continue as the rightful beneficiary or owner of those cryptos.

As a user, you hold full authority over your digital currencies within our platform, and we at Revolut will execute transactions such as selling, transferring, or withdrawing based on your instructions. However, please note that you do not have the ability to conduct direct trades or movements of these assets yourself.

4. Transferring Cryptocurrencies

Through the Revolut app, you’re able to move cryptocurrencies to fellow users who have already signed up, a process commonly known as “internal transfers” or “transactions within the Revolut network.

5. Spending Throughout the Revolut Card

Did you know that you can use the Revolut Card for everyday spending?

For numerous users, this standout trait provides a sense of security, particularly as it swiftly transforms your cryptocurrency balance into its corresponding fiat value for transactions involving cryptocurrencies.

As a data analyst, I want to clarify the details about the crypto transactions’ fees for you. At the moment when you perform a transaction, an exchange rate will be applied. Additionally, any cryptocurrency fees associated with your specific subscription plan will also be charged.

Once the conversion rate is done, your payments will be processed by the Revolut account.

If you ask for a refund from the seller, the refund amount will appear as fiat money in your Revolut account. If the transaction is still pending and gets reversed later, the credit will be added back to the original cryptocurrency balance you used. Be aware that the value of cryptocurrencies can change over time.

6. Crypto Staking

Individuals residing in approved regions are welcome to utilize the staking feature offered by Revolut, which is accessible only to individual account holders at this time, and not to businesses.

You’re familiar with crypto staking, right? It refers to actively taking part in verifying crypto transactions within a Proof-of-Stake blockchain system. By doing so, you help keep the network running smoothly. And as a thank you for your contributions, you’ll receive rewards!

Tokens Supported for Revolut Crypto Staking

Ethereum (ETH);
Cardano (ADA);
Polkadot (DOT);
Solana (SOL);
Polygon (POL, prev. MATIC);
Tezos (XTZ).

Kindly be aware that at present, Revolut Business does not provide remittance services or staking options. It’s anticipated that remittance capabilities will become available by the end of Q4 2024, and the timeframe for staking features is yet to be determined (TBC).

7. The Revolut X – Cryptocurrency Dedicated Exchange

In May 2024, digital bank account provider Revolut unveiled its cryptocurrency exchange platform, Revolut X. This service caters primarily to experienced traders and offers advanced crypto features exclusively through a desktop application (although plans for a mobile app are set for release in 2024).

It provides analytical resources and lower charges, like the 0% and 0.09% fee for makers and traders. Users can execute trades through limit orders, market orders, and competitive spreads.

Revolut X, available for regular Revolut users, provides immediate trading opportunities, sophisticated analysis tools, and seamless compatibility with TradingView graphs.

These tools give crypto enthusiasts insights into market trends, top-traded tokens, and gainers. To use Revolut X, you must first have a main Revolut account and then download the app.

The launch of Revolut X underscores Revolut’s dedication to the crypto industry. It follows the recent introduction of Revolut Ramp and the partnership with MetaMask, which allows users to purchase crypto directly within their wallets.

Furthermore, it appears that the reviews on Trustpilot indicate a general appreciation among users towards Revolut’s cryptocurrency services, user-friendly interface, and comprehensive customer service.

Revolut Cryptocurrency Exchange Features

1. Swapping Crypto

If you want to swap cryptos so quickly, then the Revolut cryptocurrency exchange is the place to do it. You can exchange your cryptos for your favorite tokens in just a few moments.

2. Selling Digital Assets for Fiat Currency

This cryptocurrency exchange stands out primarily because it facilitates swift conversion of cryptos into fiat currencies. Furthermore, it supports multiple fiat options, making it an effective choice for cashing out digital assets.

3. Multiple Order Types

Many traders and investors were taken aback to discover that the Revolut exchange offers a variety of order types beyond the typical market order, including stop orders and limit orders.

Revolut Crypto Wallet: Features

Discussing key aspects of Revolut’s digital wallet for cryptocurrencies: It serves as a secure platform for storing, sending, exchanging various digital currencies, tracking investments, and setting up price alerts. Let’s now delve into the security measures, the range of supported cryptos, and the associated service charges.

Revolut Wallet: Security

Discussing the safety of your cryptocurrencies, the Revolut wallet incorporates numerous security features to safeguard your funds by keeping them in offline storage, thus shielding your digital assets from potential cyber hazards online.

Revolut Wallet: Supported Cryptocurrencies

With this digital cold storage wallet, both retail and business users can store more than 200 different cryptocurrencies, including smaller market cap tokens as well as highly popular ones. This allows for effortless portfolio diversification.

Revolut Wallet: Fees

It is important to understand that you must cover the network fee whenever you want to send or receive money on Revolut. Also, you will be charged for withdrawals to an external wallet.

Revolut Crypto: User Experience

In today’s world, a focus on user experience is essential for any digital product, no matter its kind. Consequently, Revolut prioritizes this aspect, ensuring a carefully designed user experience.

The Revolut Website

On the Revolut site, you’ll find a design that prioritizes users, but unfortunately, most—if not all—of its features aren’t accessible directly from the site itself.

The Revolut Mobile App

With the Revolut application, you’ll have access to a wide range of in-app functions including cryptocurrency, fiat currency management, card administration, and much more.

Revolut simplifies the process of handling cryptocurrencies by providing an user-friendly layout and effortless navigation to various internal app functions suitable for both individual and corporate users, ensuring a smooth cryptocurrency journey.

The Revolut Customer Support

Their support team offers help center articles, chatbot assistance, and in-app live chat support.

Revolut Crypto: Pros and Cons

Revolut Pros

Easy to use with a simple user interface;
Supports the most popular assets;
Multiple payment methods;
Multiple features, both crypto and non-crypto;
High security and fully regulated;
Store multiple cryptocurrencies.

Revolut Cons

You aren’t the crypto holder;
High fees;
Mobile-only;
Many restricted locations and countries.

Revolut Crypto FAQs

Is Revolut Good for Crypto?

The response you’ll find here is contingent on various factors. Given its substantial trading fees, we advise against it. However, if simplicity and convenience are your priorities, Revolut could be the right choice for you. In summary, frequent crypto traders might want to consider alternative dedicated exchanges or at least Revolut X for a more specialized experience.

Can I Buy USDT on Revolut?

Yes, Revolut customers can buy, hold, or sell Tether directly in-app Revolut.

Can I Sell Crypto from Revolut?

With both fresh and ongoing users, Revolut provides the opportunity to trade cryptocurrencies such as Bitcoin, Ethereum, Polygon, Solana, Dogecoin, among several others, for buying and selling purposes.

Can I Transfer Crypto from Binance to Revolut?

Absolutely! Transferring both cryptocurrencies and traditional money (fiat) from Binance to Revolut is possible. However, remember to verify that the assets you wish to transfer are supported by Revolut first. Afterward, retrieve your deposit address on Revolut, log into your Binance account, and initiate the process for digital asset transfers.

How to Send Crypto from Coinbase to Revolut?

To send cryptocurrency to your Revolut account, first pick the desired cryptocurrency in your Coinbase wallet. Next, grab your Revolut deposit address and then log into your Coinbase account to initiate the transfer. Notably, Revolut accepts deposits from established crypto platforms like Coinbase, Binance, Kraken, Bitstamp, Etoro, among others.

Final Thoughts

Revolut now stands as a significant force in the realm of digital banking and cryptocurrencies, offering a broad spectrum of financial solutions to its users.

On their safe, convenient interface, Revolut simplifies the process of overseeing all funds within your account, while also facilitating blockchain operations for purchasing, trading, and safeguarding cryptocurrencies.

Keep in mind that each platform has its own costs and restrictions, so it’s crucial to take them into account when deciding whether Revolut is suitable for your cryptocurrency requirements. If minimal fees or sophisticated trading tools rank high on your list of preferences, you might want to consider other alternatives as well.

2024-11-15 18:33