Cryptocurrency trading has become so popular that many stock traders started to switch their focus to crypto trading. Large fluctuations in cryptocurrency prices provide traders with more opportunities to gain profit. Revolut cryptocurrency trading can be very profitable, but it involves much higher risk compared to the stock market. You will see a price fluctuation example in this Revolut crypto review as well, where we made a profit of 27% in only two days. However, not everything’s great with Revolut crypto trading. We’ll discuss some downsides and offer alternatives.
Revolut crypto overview
Revolut launched cryptocurrencies in early 2018. In the beginning, there were only very few coins that users were able to buy. Now the list has expanded, and recently, Revolut introduced 11 new cryptos in the app. Check a list of available cryptocurrencies.
Revolut gives a bit of a taste of the crypto world, however, since there are limited options that you can do with your crypto assets in the app, Revolut can be considered more as an agent that sells or buys crypto for you.
Revolut crypto fees
When it comes to paying fees to Revolut for your crypto asset activities, it can get expensive. All of the amounts across all types of exchanges in the app are added together to calculate fees for crypto buying and selling. I.e. For “Standard” and “Plus” accounts, you are allowed to exchange up to 1,000 (EUR or GBP) worth of assets per month without additional fee. If you exceed the amount, you’ll need to pay an additional 0.5% fee for the amount that exceeds the limit.
Revolut cryptocurrency exchange fees based on the account type
|Monthly subscription fee||€0,00||€2,99||€7,99||€13,99|
|Exchange limit per month (Without an additional fee)||€1,000||€1,000||–||–|
|An additional fee for exceeding the monthly limit||0,5%||0,5%||–||–|
|Cryptocurrencies buying/selling fees||2,5%||2,5%||1,5%||1,5%|
In short, if you buy and sell cryptocurrencies on Revolut worth at least 800 EUR of GBP every month then based on the fee amount only, it is worth upgrading your account type to Premium. It’s when the Revolut cryptocurrency commission reaches the 8 EUR price tag that comes only from the difference between the 2,5% and 1,5% exchange fee.
Revolut crypto alternatives
If you’re interested in crypto trading or the usage of any digital currency, Revolut features and options may not suit your needs. It is also expensive to trade crypto assets on Revolut and moving to a different platform could be a better option. Below are some of Revolut crypto alternatives based on usage goal.
Etoro for crypto trading
One of the most widely used platforms to trade cryptocurrencies is Etoro. It has been around for years and it began as a social trading platform. Now it has grown into a multi-asset trading platform with a simple and easy to understand interface, millions of users with whom you can interact within the forum & discuss your trading ideas, copy-trade other traders and more.
Cryptoassets are a highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.
Coinbase for crypto buying and selling
Coinbase is a beginner-friendly exchange platform for cryptocurrencies buyers and sellers. It was launched in 2012 and it quickly took the leading positions in the crypto market. The company launched their own IPO in 2021 and today is the best-known sources for crypto investors.
How to buy cryptocurrencies on Revolut?
At the time of the review, a Bitcoin price was high, and we decided to buy a different cryptocurrency – Ripple. We believed that it had a better chance of increasing in value in the following days.
Time required: 2 minutes.
So, if you’ve decided to buy some crypto on Revolut, here are the steps:
- Go to the crypto section in the app
The cryptocurrencies section on Revolut works more like an exchange. To begin, click on the Invest button.
- Pick a cryptocurrency
Once you’re in the crypto section, pick a cryptocurrency you want to buy.
- Buy a cryptocurrency of your choice
When you’ve selected the cryptocurrency you would like to buy, click on the buy button.
- Specify the amount
Enter the amount you would like to exchange for the crypto of your choice. You can also estimate the fee amount that will show up.
- Confirm your order
If you have found the crypto you want to buy and have already entered the amount, it’s time to confirm your order.
- Enjoy, you’ve just bought a cryptocurrency on Revolut
That’s it! These are all the steps to buy your first crypto on Revolut.
- Lock your profit
If you’re ready to take your profit or stop loss, you can exchange your cryptocurrencies back to a currency of your choice. We had a great profit of 27% in two days, so we decided to take the profit.
After a couple of days, we noticed that the price of our crypto has increased, and we decided to sell our cryptocurrency and lock our 27% profit. Nice profit in just two days!
Revolut cryptocurrency advantages
If you don’t want to be bothered with all the crypto hype outside the Revolut app, it may be the best place for you to gain from the price fluctuations. There are some more reasons why people choose Revolut for crypto trading.
- Very easy and simple to use interface to buy crypto with Revolut.
- You can buy the most popular cryptos on the app.
- Avoid potential scams that are less popular among crypto traders.
- You don’t need to create another account on a different platform to buy cryptos.
- You can set up the app to auto-buy a cryptocurrency of your choice. It’s called – Recurring buy. It is a well-known method for investments on the stock market to even out daily market fluctuations and to gain from the asset price increase in the long run.
Revolut cryptocurrency disadvantages
It’s easy to get excited about cryptocurrencies if your only experience comes from Revolut. If you haven’t tried any crypto exchanges or wallets yet, you may think that the Revolut is good enough for cryptocurrency acquisition. The experience that you get in the app differs from the one you get with crypto wallets or exchanges. There’s no doubt that adding cryptos to the app was a great success for Revolut. In general, using Revolut for crypto trading comes with some downsides as well, and it seems that there are more disadvantages than advantages but let’s go through them together so that you could understand what are they.
- Revolut buys cryptos for you as an agent or broker.
- Transfer of your crypto assets to any platform or wallet outside the app may be impossible or difficult.
- Buying and selling any cryptocurrencies are very expensive in comparison to other alternatives. For trading purposes, Etoro is a much cheaper option.
- A limited number of cryptos available for trading.
- You cannot use cryptocurrencies to pay for goods or services.
Revolut crypto regulation
Firstly, cryptocurrencies carry a high level of risk, and they are not regulated in many countries. However, the cryptocurrency regulation differs from country to country. I.e. In the UK, the cryptocurrency market is regulated by the FCA (Financial Conduct Authority) for AML (Anti-money laundering) and counter-terror financing. On the flip-side, in Lithuania, they are not regulated by the Bank of Lithuania.
Revolut cryptocurrencies FAQ
It’s not possible to send cryptocurrencies from outside the app. It’s possible to send cryptocurrencies between the users of Revolut.
No, it’s not possible to transfer or send your crypto to outside the Revolut app.
You can trade (exchange) up to 15,000 USD worth of cryptos on Revolut per order and you are allowed to exchange up to 30 times per day.