Revolut might not be the first name that you think of when you hear the term “cryptocurrency exchange”. However, this UK-based mobile banking solution has also entered the cryptocurrency industry with support for over 200 cryptocurrencies, so I'll help you determine whether it's worth trying in this Revolut crypto review.
Due to its increasing popularity, Revolut strives to provide an all-in-one financial platform that combines banking, investing, and crypto trading as its most recent feature. Being such a unique player in the crypto scene, Revolut merges its traditional banking features with crypto trading. Reading some user Revolut crypto reviews, you’ll find terms like “CFD”, “derivatives”, and “custodial”.
If you’re just starting out in the realm of crypto or finance in general, all of that can be confusing. However, I’m here to help you out! In the Revolut crypto review, I'll explain everything you need to know about this crypto trading solution, and decrypt the terminology behind it.
However, if you're looking for a dedicated cryptocurrency exchange, options like Coinbase and Binance might be more suitable so that you can have full control of your digital assets.
Peter Kerstens
Advisor at the European Commission
Do you believe that the European Union should impose stricter regulations on cryptocurrency exchanges to enhance consumer protection?
The European Union recently adopted landmark legislation in the area of crypto assets and blockchain: The Markets in Crypto Assets Regulation (Mica), the extension of the Transfer of Funds Regulation to crypto assets and the Distributed Ledger Technology pilot regime allowing for the use, on a pilot basis, of DLT in securities markets trading, depository, clearing and settlement infrastructure. These regulations, and in particular Mica, impose solid consumer protection requirements across the European Union on cryptocurrency exchanges, crypto asset brokers and other crypto asset service providers.
Pros
- Extremely simple to use
- Supports various crypto coins
- A fast-growing platform
- Many additional features
Cons
- High fees
- Withdrawal limitations
Table of Contents
Revolut Crypto Review: PROS
Now, since Revolut is a unique crypto trading solution, this Revolut crypto review will be a bit different from other reviews of crypto exchanges.
Many of the features that Revolut offers to its users can be interpreted in different ways. Some users claim they're innovative, while others advise new investors against using the Revolut crypto exchange. This is mostly due to the fact that Revolut used to not offer actual crypto exchanging and storage features (instead, you'd be able to trade crypto CFDs).
For some time now, however, the situation is different. Revolut revised its crypto-related services, and is now in-line with many other "traditional" cryptocurrency exchange platforms.
That said, let's discuss the current pros of the Revolut crypto trading platform!
You Own Actual Cryptocurrencies Now
When Revolut launched its crypto trading feature, the platform operated on derivative trading that sparked heated debates in numerous Revolut crypto reviews. As mentioned earlier, you couldn't actually purchase and own cryptocurrencies as the trading was based on contracts made on behalf of the digital asset.
Users were credited with a fiat value based on the asset's price at the time of purchase. So, you technically invested in crypto with Revolut, but you couldn't fully manage these digital assets. Compared to other crypto exchanges like Binance, it was seen as a disadvantage by crypto enthusiasts.
Revolut has revised its crypto trading platform, and now, users can purchase and own cryptocurrencies. You can even send your crypto to an external wallet like Ledger Nano X or Ledger Nano S Plus. Thus, you have more control over your investments, which is more aligned with the traditional practices of crypto exchanges.
So, let's take a closer look at this revision.
How did the previous Revolut trading model work?
The absolute majority of CEXs out there operate in the same general fashion:
- You register on the platform;
- Pass KYC verifications (if the exchange is centralized and regulated);
- Transfer your funds (usually in the form of fiat currency);
- Purchase the crypto asset that you want;
- Take that asset out of the exchange and put it into your cryptocurrency wallet.
As said, that’s the case with the majority of the crypto exchanges that are currently leading the industry. However, there were exceptions – Revolut was one of them.
When you purchased cryptocurrency on Revolut, you didn't actually receive any crypto coins. Instead, you were only credited with the amount that it cost at that time, with a contract made on behalf of the asset.
I’ve noticed that some old Revolut crypto reviews claimed this to be “CFD trading”. Well, that's partially true – it was actually derivative trading, if we're using the exact terminology.
Derivative contract trading refers to purchasing a contract for an underlying asset, fixed on the price that the asset is valued at during the time of the transaction. This way, you can benefit from the asset’s price going up while not having to hold the asset itself.
To put it very bluntly, Revolut didn't sell you actual cryptos, but instead dealt in “written promises” (in the form of contracts – it's a fully legitimate and common practice) that you bought the crypto at that specific time and price. As you can imagine, this was both beneficial and disadvantageous at the same time.
With cryptocurrencies becoming an increasingly popular prospect, and ways of investing in them becoming increasingly simpler and more straightforward, it's only natural that there are more and more people coming into the scene, too.
If you were one of the people who would have liked to try and earn with crypto, but had no actual interest in holding your own cryptocurrency, Revolut was actually among the best options to try out! It took away all of the “hassle” and did everything for you, as noted by several other user Revolut crypto reviews.
However, not owning your cryptocurrencies came with numerous disadvantages. First of all, you weren't able to transfer your assets – they could have only been bought and sold on the Revolut crypto platform.
On top of that, there’s also a saying among crypto enthusiasts – “not your keys, not your coins”. This refers to the fact that if you don't own the private keys to your wallet, you don’t really own the coins themselves, since they can be taken away from you at any point in time.
This fact was highlighted by multiple user Revolut crypto reviews. That's why crypto enthusiasts advised beginner investors to choose other crypto exchanges like Binance or Bybit.
| BYBIT | BINANCE | |
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| More Advanced Users | Buying, Trading, and Holding a Wide Variety of Cryptocurrencies | |
| Russia, South Korea, United Kingdom, Ukraine, Turkey, +150 more | Turkey, Russia, Argentina, Vietnam, Ukraine, + 40 more | |
| All Bybit Coupons | All Binance Coupons | |
| A popular crypto derivatives exchange with some super-low trading fees. | One of the leading crypto exchange platforms in the industry. | |
|
Visit site
Read review |
Visit site
Read review |
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Table: Main features of the Binance and Bybit crypto exchanges
To top it all off, your cryptocurrency investments weren't insured. So, if something were to happen to them, there would have been no formal assurance that you’d be refunded, unlike with traditional stock investments.
How does the revised Revolut trading model work?
Revolut crypto remains custodial and you don't have full control of your keys. However, the platform introduced various features to align its trading model to those popular on traditional crypto exchanges.
Firstly, Revolut now allows users to transfer selected cryptocurrencies into external wallets, so you can safely store them yourself. Notably, this feature is limited and might not be available to all users. So, while it's a step towards giving users more control over their assets, it's still lacking broader inclusion.
Secondly, the platform introduced a staking feature in selected countries, namely those in the European Economic Area. However, the fees for staking rewards on Revolut crypto vary between 15% and 35%, so keep it in mind if you decide to try it out!
Lastly, you can access Revolut's Learn and Earn content, where you can earn monetary rewards. It's available in a limited number of countries, including the European Economic Area, Singapore, Australia, and New Zealand. Notably, you can access it in the UK, but you won't receive any rewards. These new features might make Revolut an attractive option to newbies. However, make sure to do independent research before investing money.
Intuitive Interface
If you were to open any of the user Revolut reviews found online, among the many different benefits that you’d find mentioned in them, the usability aspect of the banking solution app would probably be referenced the most.
I have to say – it’s completely justified, too! Revolut definitely does possess some of the best usability aspects, both as far as mobile-based banking solutions go and as far as crypto exchanges are concerned, too.
Revolut is exclusively based on the mobile platform. No matter if you were to stroll through the app or simply register to check out the exchange part, chances are that the ease of use factor would be very obvious.
There are no needless buttons, everything’s showcased in a nice and modern design, the app is responsive, and there are no delays or lag. There are many good things to say both about the Revolut exchange and the app, in general.
Admittedly, ease of use tends to be an overshadowed factor when you’re picking out the best crypto exchange for yourself. Using Revolut, though, you’re provided with the best example of why it’s important, and just how big of a difference it can make, especially if you're a beginner investor.
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Supports a Wide Range of Crypto Assets
Thanks to the revised Revolut crypto platform, you can trade over 200 cryptocurrencies, ranging from the most popular coins to various lesser-known projects. Older Revolut crypto reviews state that the platform supported only the 5 top cryptocurrencies when it launched, so this versatility signals Revolut's dedication to becoming a reliable crypto exchange.
In the early stages, these were the assets supported by Revolut Trading:
Taking a look at the list above, it’s obvious that the company went with the 5 major cryptocurrencies that are dominating the industry, and also the popularity-ranking lists. Afterward, Revolut introduced altcoins that expanded the list further.
If you’re a cryptocurrency newbie, chances are that you won’t be too interested in researching all of the different, smaller coins available. While the present-day newcomers to the market are, admittedly, a bit more crypto-savvy, the general tendency is to stick with the most popular cryptocurrencies.
So, people highlight the ease of entry in numerous Revolut crypto reviews because this particular platform might be a good starting point in your crypto journey! However, keep in mind that you're solely responsible for your financial situation and should always research potential investments.
Additional Features Available
While Revolut is primarily a mobile banking solution,[1] it offers additional features like cryptocurrency investing. What this means is that you’ll be able to use the platform for all of your banking wants and needs and start crypto trading in one place.
Depending on the plan of your choice, you’ll be able to receive anything from a free UK-based account, ATM fee reductions, and a free card, all the way up to free SWIFT transfers, global express deliveries, and unlimited cross-border free transfers.
On top of all of that, some Revolut crypto reviews also point out that you can participate in traditional stock investing, too! Revolut offers a decent selection of different stocks, and makes the trading and investing processes straightforward.
Revolut Crypto Review: CONS
So, since we’ve discussed some of the most prominent features and benefits available with Revolut, it’s time to take a look at some of the disadvantages in this Revolut crypto review and see who this particular platform might not be ideal for.
High Fees
Fees are going to be a crucial factor for anyone who wants to make a profit while trading cryptocurrencies. Most of the time, you'll find crypto exchanges competing in this regard because each and every single exchange strives to offer its users the most competitive fees.
Notably, the company stands out negatively in terms of its fee model, as various user Revolut crypto reviews state. Previously, Revolut used the “VWAP model” of fee allocation. Decrypted, the acronym stands for “Volume-Weighted Average Price”. This means that the price of a specific cryptocurrency on the Revolut exchange was going to be determined by a set market price that has experienced the most volume, at the given point in time.
This was exceptionally disadvantageous for crypto traders. Frankly, it meant that brief price swings weren’t reflected on Revolut. For example, if Bitcoin were to crash in price for an hour, you couldn't have purchased it since that specific price would not have been the one to have the most volume on the market.
However, Revolut discontinued this fee allocation model after numerous negative Revolut crypto reviews and now employs a tiered version depending on your plan and trading volume. For example, if you have a Standard plan, you'd pay a flat "minimum" fee or a tiered version, whichever is greater. The flat fee depends on your country of residence, and the tiered fees are detailed below.
| Trading Volume in the last 30 days in GPB | Standard fee |
| 0 - 9,999 | 1.49% |
| 10,000 - 49,999 | 1.29% |
| 50,000 - 99,999 | 1.09% |
| 100,000 - 249,999 | 0.89% |
| from 250,000 | 0.49% |
Table: Detailed fee structure for a Standard Revolut plan user
Compared to other crypto exchanges, these fees aren't competitive, and you can find much better alternatives. For example, Binance and Kraken offer fees as low as 0.1% to 0.25% across the board. That means this fee will apply no matter how much you trade or where you're based. Compared to Revolut, these well-known crypto exchanges offer better conditions for both novices and seasoned investors.
Limited Crypto Transfers and Withdrawals
While Revolut revamped its platform and now offers users significantly more control over their assets, it still has limited transfer and withdrawal options. Various Revolut crypto reviews state that even if you can buy, hold, and sell crypto, you might not be able to transfer it to your external wallet.
Revolut allows you to withdraw or transfer only a select number of cryptocurrencies. Also, you'll need to check the blockchain network, as Revolut doesn't allow transactions across different blockchains yet. You can freely transfer major coins like:
- BTC transfers on the Bitcoin network;
- ETH, USDC, and MATIC on the Ethereum network;
- USDT on the Ethereum and TRON networks;
- XRP on the Ripple network;
- SOL on the Solana network.
Such limitations cause frustration as numerous user Revolut crypto reviews state that they don't have complete access to their investments. So, Revolut Trading isn't favored among seasoned crypto investors because it doesn't reflect what the crypto world ultimately stands for – decentralization. However, it's important to remember that Revolut is primarily a banking application, and crypto trading is simply an additional feature.
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How to Use Revolut?
So, you’ve downloaded the Revolut app, have gone through all of the registration and identity verification processes (KYC), and have found yourself on the main dashboard of the app. What’s next?
Well, allow me to guide you through the process of purchasing your first cryptocurrency on the Revolut exchange! Note, however, that the process might be slightly different for Revolut USA customers – I’m using the European version of the app. That said, it shouldn’t be much different, either way.
Step 1: From your main Revolut dashboard, navigate to the bottom of the screen and click "Crypto".
Step 2: You'll see two main options – "Portfolio", meaning your current cryptocurrencies, and "Discover", a place where you can see crucial information about the most traded cryptocurrencies, new coins, and more.
Step 3: Once here, you'll be able to go through a short series of Instagram story-like notifications once you click on the "Get started" button. They serve the purpose of informing you about the Revolut exchange and crypto, in general.
Step 4: Once you’re done with informing yourself, you'll be able to pick the cryptocurrency that you’d like to purchase, and enter the amount of money you’d like to spend on it. After placing an order, all that’s left is to wait for the amount to be credited to your account. That’s it!
Frankly, it’s obvious that Revolut has managed to optimize this process very well. With the company extending its services into Revolut USA, United States-based investors can expect to follow through a very similar process.
Take your time when it comes to exploring the platform itself, though, get to know the intricacies of how Revolut works, and check to see whether or not the app is going to suit your wants and needs.
Traditional stock and commodity trading works in a very similar fashion to crypto trading, but you should also spend some time on the banking interface, too. Also, get to know the benefits that you’d receive whilst using the different plans of Revolut.
If you want to sell your cryptocurrency, you should note that the process is similar to purchasing it. From the "Crypto" screen, you can simply open your portfolio, and then pick and choose what you’d like to sell. All in all, as far as the actual crypto purchasing process goes, Revolut is definitely a leader in regards to simplicity and user-friendliness. It'd truly be amazing if the exchange wasn’t custodial, too!
- Very low trading fees
- Exceptional functionality
- Mobile trading app
- Very competitive trading fees
- An intuitive mobile app
- Up to 100x leverage available
- A very well-known crypto exchange platform
- More than 500 different cryptos available
- Two-factor authentication
- Over 500 different cryptocurrencies available
- Strong security
- Small withdrawal fees
- Fully reserved and transparent
- Multiple tradable asset classes
- Early new token support
- 265 supports cryptocurrencies
- Secure & transparent
- Fully reserved
Conclusions
So, then – we’ve reached the very end of our Revolut crypto review.
This specific platform is a unique cryptocurrency trading solution. This is mainly the case because it wasn’t intended as a crypto trading (or, rather – investing) app, but rather as an online, mobile-based banking solution.[2]
However, what’s the final verdict to be drawn here? Would I personally recommend trying the Revolut exchange?
Honestly, I'd say - there are much better alternatives out there, specifically for crypto enthusiasts.
Revolut might be a good solution if you're a complete beginner, have no actual interest in the technology behind cryptocurrencies, and are only looking to make a quick buck by trading cryptocurrencies. There are quite a few user Revolut crypto reviews that would agree with this sentiment, too.
That said, you should mind the high fees and withdrawal limitations, though. These two things are the main disadvantages and make Revolut an unfavorable option for crypto enthusiasts.
On top of that, many long-term crypto investors will recommend you choose other well-known and dedicated crypto exchanges. In most cases, they have lower fees, faster transactions, and a wider selection of cryptocurrencies you can trade. Platforms such as Coinbase and Binance are perfect examples.
All of that said, I do hope that this Revolut crypto review was useful to you and helped you make up your mind on whether or not Revolut is the right choice for you. Good luck, and until next time!
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
Scientific References
1. A.M., Banu, N.S., Mohamed, S., Parayitam: 'Online banking and customer satisfaction: evidence from India';
2. M., Polasik, P. Widawski, A., Lis: 'Challenger bank as a new digital form of providing financial services to retail customers in the EU internal market: The case of Revolut.'
About Article's Experts & Analysts
- + Extremely simple to use
- + Supports various crypto coins
- + A fast-growing platform
- + Many additional features
- - High fees
- - Withdrawal limitations
See BETTER-RATED Exchanges
An interesting cryptocurrency trading alternative that will most certainly not suit everyone.
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