Revolut is a fintech platform that is not necessarily the first name that would come to mind when looking for cryptocurrency exchanges. The UK-based mobile banking solution only entered the crypto space in 2021 but offers support for over 200 cryptocurrencies.
Revolut is an all-in-one platform that combines banking, investing, and crypto trading. In this article, we examine Revolut’s crypto services in detail, before determining whether it is the ideal platform for crypto investment.
So, let’s get started.
What Is Revolut Crypto?
Revolut is a popular fintech company that offers investment, currency conversion, banking, and crypto trading services to over 40 million users. The platform positions itself as a crypto on and off-ramp.
Revolut Crypto, as its crypto platform is called, offers a mobile app through which users can deposit, withdraw, buy, sell, and trade 200+ cryptocurrencies, allowing them to access a wide variety of crypto investment products.
When the crypto feature was introduced, Revolut offered derivative trading, which sparked debates, as customers couldn’t actually purchase and own the crypto assets, instead the trading was based on contracts tracking the price of the particular cryptocurrency.
Users were credited with a fiat value based on the asset’s price at the time of purchase. However, Revolut has since revised its crypto trading platform, as users can now purchase and own leading cryptocurrencies, including Bitcoin (BTC), Ether (XRP), Ripple (XRP), and many smaller tokens.
One of its most notable benefits is the support for multiple currencies, as users can exchange a fiat currency for a supported cryptocurrency. Moreover, after completing the transaction, users can withdraw or send the crypto assets to an external crypto wallet. This gives users more control over their digital asset investment.
How Does Revolut Crypto Work?
Revolut Crypto is built right into the Revolut app, meaning all users with an account on the platform can use it. Revolut’s wallet is custodial as users can only access them using private keys.
Once the user deposits funds into their Revolut wallet, they can buy, trade, sell, hold, and withdraw the asset for fiat currency. Crypto assets stored in the wallet are protected by bank-grade security measures. All customer funds are stored in cold storage, keeping them safe from network attacks.
The wallet offers support for over 200 cryptocurrencies, ranging from small-cap to large-cap assets. However, the charges associated with crypto transactions can differ according to the network. Furthermore, Revolut charges a variable service fee for withdrawals to an external wallet.
How To Use Revolut Crypto?
Here is a step-by-step guide on how to get started with trading cryptocurrencies on Revolut Crypto:
- Open the Revolut dashboard, navigate to the bottom of the screen, and click on “Crypto”
- Here you will see two options – “Portfolio”, which displays the crypto asset you hold, and “Discover”, where you will see crucial information about trending tokens.
- Now select the cryptocurrency you would like to purchase and enter the amount that you’d like to spend. Once the order has been placed, wait for the crypto to be credited to your account.
Pros and Cons of Revolut Crypto
Here are some advantages and disadvantages of Revolut Crypto:
Pros
- Offers support for a wide number of cryptocurrencies
- Single interface for traditional and crypto investments
- User funds are stored in cold storage
Cons
- High fees for crypto transfers due to various blockchain requirements
- Users can only withdraw or transfer a select number of cryptocurrencies
- Mobile-only platform, meaning users cannot manage their investments on a desktop
Bottom Line
Revolut is an all-in-one financial platform offering a way for users to buy and sell crypto and other digital assets via the same app. The platform is user-friendly, supports withdrawals from multiple blockchains, has a wide variety of selections, and offers a crypto debit card for easier transactions.
Looking at its use cases, we have come to the conclusion that Revolut is a platform that can be used as an alternative to crypto exchanges. However, compared to crypto exchanges, Revolut does not offer all the features or assets but is an easy way to get exposure to the market if you are a beginner.
Ultimately, the worth of Revolut depends on your use case. If you are someone looking for an all-in-one solution for managing traditional and crypto assets, then Revolut is the one you should look into.
However, crypto exchanges like Binance or Coinbase may be the way to go if you are looking for a platform that specifically deals with cryptocurrencies as they offer more trading and staking options.
