Revolut

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Revolut is a Fintech company that offers a variety of non-bank, app-based consumer finance products, among which is a cryptocurrencies exchange. Registered in the UK, Revolut was launched in 2015 and has attracted significant private equity and venture capital investment from some of Europe’s best known investors. Over the course of its relatively short history, Revolut has managed to attract over 1 million customers and process over 50 million transactions with an overall value of more than $7 billion.

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Revolut Website

As well as traditional financial services such as insurance and money transfers, Revolut’s app offers a cryptocurrencies exchange service. An additional bonus to Revolut’s cryptocurrencies exchange product is that the company’s contactless debit Mastercard means account holders can make payments wherever they are from cryptocurrency holdings. The card automatically converts the cryptocurrencies to the local currency at the current exchange rate.

Exchange Platform

Revolut’s cryptocurrency exchange is a hugely simplified app-only experience. Users download the general Revolut app, which is available as an Android app and an iOS app and activate the cryptocurrencies exchange functionality from the ‘More’ menu.

The current spot price offered for Bitcoin, Ethereum and Litecoin against one of the 25 fiat currencies Revolut supports will be then visible. There is no other cryptocurrencies exchange in the world that supports 25 base fiat currencies. To buy or sell, users simply input the value of the transaction requested and execute the order in the same way as if buying or selling euros or dollars.

Revolut has partnered with several big exchanges to be able to provide its users with good liquidity and fast execution. One major plus to the Revolut crypto exchange service is that fees are significantly lower than on other exchanges. Market averages range from 5% to 9% while Revolut charges a flat 1.5%.

At present the cryptocurrencies exchange service is available to account holders from the European Economic Area.

Revolut Mobile App

Exchange Markets

At present Revolut supports Bitcoin, Ethereum and Litecoin purchases and sales. However, while the cryptocurrencies markets available are relatively limited, the 26 different base currencies they can be bought and sold in is an unrivalled selection.

Support

Revolut provides its users with support via both a UK-based telephone number and an in-app customer support functionality. User feedback on customer support is generally very positive and as a young, forward looking Fintech company, building a solid reputation is obviously key to Revolut.

Security & Fairness

Revolut holds users’ cryptocurrency funds offline in cold-storage wallets, keeping them out of the reach of potential hackers, which the company does remind account holders is a risk attached to cryptocurrency exchanges. The company is registered with and regulated by the Financial Services Authority in the UK, which as one of the most stringent international regulatory regimes provides users with a significant degree of protection.

However, it should also be understood that cryptocurrencies do not fall under the remit of the FCA. This means that while fiat currency deposits are ensured up to a value of £85,000, in the worst case scenario this would not apply to cryptocurrency holdings. However, this is the case with any exchange and FCA regulation means that users can feel confident that Revolut is a well-run financial services company.

Revolut is very transparent and upfront in spelling out the risks of users trading cryptocurrencies.

When it comes to the commissions Revolut charges for executing cryptocurrency exchanges (a flat 1.5%), the exchange service is one of the cheapest services available and significantly cheaper than any of the major exchanges.

Revolut Pros

  • Flat 1.5% commission the lowest of any cryptocurrencies exchange
  • Direct exchanges between cryptocurrencies and 26 fiat currencies
  • Debit card that converts cryptocurrencies into local currency to pay for goods and services
  • Simple, intuitive interface

Revolut Cons

  • Bitcoin, Ethereum and Litecoin are the only cryptocurrencies supported
  • Lack of any more advanced cryptocurrencies trading features
  • Margin trading not supported

Conclusion

Revolut may not offer a wide range of different cryptocurrencies over its exchange and will therefore not meet the requirements of more dedicated cryptocurrency investors or traders who require greater choice or more advanced functionalities. However, its hugely simplified and efficient cryptocurrencies exchange service, as well as unrivalled low prices, mean that for anyone who wants to buy or sell on Bitcoin, Ethereum or Litecoin, Revolut is a very solid option. Other significant advantages are the fact that these three cryptocurrencies can be directly bought and sold in 26 different fiat currencies, a breadth no other cryptocurrencies exchange is able to facilitate.

The option of being able to use the Revolut debit card, which automatically converts cryptocurrencies into over 100 different local currencies while paying for goods or services locally is also a huge plus.

Revolut FAQs

How Much Does it Cost to Trade Cryptocurrencies using the Revolut App?
Revolut charges a flat 1.5% commission on all cryptocurrency exchanges. This is much cheaper than on major cryptocurrency exchanges where charges are typically between 5% and 9%.

Is the Revolut Cryptocurrency Exchange Safe?
While cryptocurrencies are not a regulated financial product, Revolut is regulated by the FCA. This means the wider company must generally adhere to one of the strictest international regulatory regimes. Revolut holds the majority of client cryptocurrency holdings in cold storage offline vaults to maximise security.

Which Fiat Currencies Does the Revolut Cryptocurrencies Exchange Support?
Revolut supports 26 different base fiat currencies including all national European currencies and a wide variety of Asian and American and major African currencies.

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Trading Charts
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