Is Revolut Safe For Crypto (Revolut User Review)

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Is Revolut Safe For Crypto (Revolut User Review)

Revolut is a mobile banking application that has been in the market for 3 years. It is a cross-border payments app that allows users to transfer money to other Revolut users and bank accounts at the real exchange rate.

The company recently announced its crypto feature which allows customers to buy, sell, and hold cryptocurrencies via their mobile banking app.

Revolut’s crypto feature is one of the first in Europe to offer this service. What makes it different from other cryptocurrency apps is that it charges no commission on transactions and offers the best exchange rates on the market.

Revolut’s crypto feature also works as a wallet for Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and XRP. This means that users can have all their cryptocurrencies in one place.In October, the company announced that it is now accepting Bitcoin Cash, Ethereum and Litecoin for payments in the app. Users can also pick a specific card to link with their Revolut account, so they can use these coins when travelling abroad or topping up from a card issued by a different bank.

Unsurprisingly, Revolut has been quick to attract crypto enthusiasts with its service. The company even had a chatbot on Facebook Messenger, which allowed users to send Bitcoin and Ether to each other directly. The company’s latest blog post indicates that it has “built up a large community of crypto enthusiasts” with the help of tools such as these.

Users can also track their cryptocurrency holdings through the app. What does the future hold? This company hasn’t released any information as to what they’re working on next, but it would be great to see some integration with hardware wallets like TREZOR and Ledger Nano S in the future.

Revolut is a digital banking company that offers a card and app for customers. The app has been designed to make banking easier and more accessible.

The Revolut Card is a physical card that can be used to spend money anywhere in the world at the interbank exchange rate. This means that customers are not charged any fees when they use their card abroad.

Revolut Crypto is a feature of the Revolut App that allows users to buy, hold and exchange three cryptocurrencies: Bitcoin, Ethereum and Litecoin. Users can also send these cryptocurrencies to other Revolut users or withdraw them in fiat currency (GBP, EUR, USD).

This video below gives you a step-by step guide how to buy BTC on revolut

One reason for which people are not using the market is that they find it difficult to start – this intuitive process can help solve that.

What are the Supported Cryptocurrencies

Revolut is a digital banking alternative that allows you to buy, sell, and hold Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and more than 50 other cryptocurrencies. You can even use the app to exchange from one cryptocurrency to another. Revolut offers an all-in-one banking solution by enabling users to send money abroad at the real exchange rate and with zero hidden

What are the benefits of using revolut to buy crypto

Revolut is a multipurpose banking platform that allows users to purchase and exchange cryptocurrencies. Revolut has over 2 million customers in Europe and offers the best rates on crypto transactions.

Revolut is a mobile-first banking app that allows customers to buy, hold and exchange crypto with no added fees. It also offers a pre-paid debit card that can be funded using crypto. This cashless payment method lets users spend their digital currency across the world, in over 25 different fiat currencies, at the current market rate. No more worrying about converting your cryptocurrency back into fiat when you want

Cryptocurrency Fees

Revolut provides prices for cryptocurrencies by using the volume-weighted average price (VWAP)

It means that the price is currently weighted in favour of the price that has seen the most volume over a specific time period. All based on data from Bitstamp, which is Revolut’s cryptocurrency exchange partner.

If you’re using the Revolut app and have the Premium or Metal subscription plan, then you’ll only have to pay a 1.5% markup fee when buying cryptocurrency. If you’re free version and haven’t yet upgraded, then you’ll pay a 2.5% markup fee

If you exchange more than £1,000 worth of any currency with us then you’ll be charged an additional 0.5% when buying or selling cryptocurrencies.

The fee for this is a one-off payment. This isn’t the cheapest way to buy cryptocurrency, with binance and other exchanges being cheaper.

Cryptocurrency Wallets

The Revolut card does not support individual cryptocurrency wallets. They instead have a virtual account called the ‘pooled’ account that records your balance on their internal ledger.

If you’re a standard Revolut user, you can’t send (or receive) cryptocurrencies outside of Revolut.

The issue here is that you are trading speculations on other people’s projects, rather than actually using your cryptocurrency. For example, you can’t take your bitcoins and withdraw them as fiat money.

Good points about revolut coming

Revolut has announced that the Revolut Metal subscription provides the opportunity to withdraw a limited sum of Bitcoin. This can reach a maximum of £1000 per month.

If you’re not a Revolut Metal subscriber, then you won’t have access to cryptocurrency withdrawals yet. Will Revolut let everyone withdraw them in the future?

If this beta testing period goes well, then Revolut might:

  • They are rolling out this functionality to more users (i.e., standard Revolut users). You’ll soon be able to withdraw other cryptocurrencies. As of now, Ethereum and Ripple are available.

Cons of Revolut

Revolut’s cryptocurrency exchange was originally set up way back in December 2017.

We’ve been waiting for 3+ years and it doesn’t seem like this will happen anytime soon. There is still no support for cryptocurrency deposits or withdrawals

This remains a point of criticism in the crypto community as this service is not available.

Can I spend cryptocurrency stored on Revolut?

You cannot pay in cryptocurrency when using your Revolut card.

Here’s a recap of how the old mechanism worked: If you only had cryptocurrency (e.g. Bitcoin) in your Revolut wallet and bought a coffee at Starbucks, Revolut would automatically exchange it into the local currency and then send that amount to Starbucks.

However, Revolut removed this functionality on 27th July 2020. This means that if you only have cryptocurrency in your Revolut account and attempt to make a purchase, it will be declined and the funds will remain frozen in your account.

Can I send cryptocurrency to other people who are using Revolut?

Yes! Revolut recently enabled cryptocurrency transfers to other customers. This can be really useful if you want to send friends Bitcoin, Litecoin etc. without paying transaction fees or waiting for days (or weeks).

Summary: Revolut’s Crypto isnt the best option right now but it has some good points and one to watch for the future.

In conclusion, Revolut isn’t perfect but there are some good points about it that make it worth considering if you want an alternative to traditional banking services.

Revolut positions its cryptocurrency offer as “Cryptocurrency Exposure” within the app. This is just a speculative vehicle for cryptocurrency prices – there’s nothing else to it.

Setting up a cryptocurrency wallet might seem like a good thing. It is not. There are much more reliable exchanges that will make it easy to buy any cryptocurrency without all the hassle

All in all, I am not very optimistic about Revolut’s cryptocurrency exchange at the moment. I will have to wait and see how things play out before giving my final verdict on it.