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Revolut, a British Fintech company is specialized in providing digital banking services. The platform, as you all know, is popular amongst tech enthusiasts wanting to avail promising digital banking services.
The platform lets you transfer money to over 29 countries worldwide. Revolut’s prepaid debit card allows you to withdraw money from about 120 countries. The Crypto exchange platform also allows you to convert your Fiat Money into Cryptocurrency.
It provides good business services as it understands your money-saving legacy and budget issues. Its Crypto services come with several advantages to benefit its customers. However, Crypto services are not FCA approved.
Being a UK establishment, it has extended its services in the US and Europe. It is a private startup with a high budget. However, it was later licensed as a bank. However, it’s only by the European Central Bank, and it needs to be acquired from the UK. Moreover, the platform is not FCA-approved.
Revolut and Cryptocurrency
In recent times, Crypto has become so popular that all the traders have shifted their focus from conventional trade to cryptocurrency. Frequent and massive fluctuations in real-time lead users to invest more as it leads to greater bitcoin profits in the upcoming time.
Keeping in view, Revolut has also started providing Crypto services; however, those are not FCA approved. Moreover, Revolut charges huge Crypto fees that decrease the profits you fetch from the Crypto trade.
Still, Revolut could yield you higher gains on Crypto also if the trade is carried on smartly. For Revolut Crypto, you need a subscription plan with lower fees, and you can trade on Crypto. However, I recommend using eToro instead. All thanks to its risk management features.
In the recent few years, i.e., in 2018, Revolut had introduced cryptocurrency on its platform. Initially, users could only purchase a limited number of coins.
However, now with more currencies, the variety of Revolut has grown in size. Even it continues to add new types of crypto coins regularly. You can use its Crypto List to get an insight into the type of Cryptocurrencies it provides. But there are only limited things you can do with your business assets in the app.
The platform is more like an online broker who sells or buys crypto on your behalf. When it comes to paying fees for your crypto asset activities, there is no doubt that Revolut is not a low cost platform.
Revolut Crypto Fees 2022
To calculate crypto buying and selling fees, the amounts from all types of exchanges in the app are added together. For example, “Standard” and “Plus” types of business accounts allow you to exchange assets of up to 1,000 GBP monthly without costing you any additional amount.
The x-factor charges you the same amount of fees whether you live in the United Kingdom, Europe, or anywhere else. If you exceed your limits, then you have to be an additional 0.5 percent fee for the amount that you exceeded. The transaction surpasses your monthly fair usage limits of 1000 GBP.
Moreover, if you exchange more than the limits, then it costs you more is a fee of 0.5%. If it grabbed your attention, you must consider it again before choosing Revolut as your Crypto platform.
Revolut’s monthly subscription plans consist of a variety of things. It includes a bonus plan of 0 pounds, 2,99 pounds bonus, premium bonus subscription for 799 pounds, and metal plan at 13,99 pounds.
Moreover, the basic monthly exchange limits excluding additional costs are 1000 pounds. The standard crypto buying and selling costs are 2.5% for the basic plan 1.5% for premium and metal plans.
Summing up, it charges a 5% commission for a single deal if you don’t store your crypto coins for a longer time. It seems crazy, and there are certainly cheaper options to choose from. Moreover, paying a 5% commission if you don’t store your coins on a platform is an expensive deal, but you can choose cheaper options available out there.
Transfer crypto to a wallet
You can withdraw your Crypto to an external e-wallet through the Revolut platform. It has Trezor and Ledger at its support. It charges additional fees if you withdraw money from crypto. The charges are in the form of a “network fee.”
You have to pay the fee as a part of the transaction costs to BTC miners. Though withdrawing Crypto to Revolut wallets may seem different than other platforms, the fee is not charged by Revolut in particular.
Moreover, the minimum Crypto withdrawal amount on the Revolut platform is 10GBP. However, now users could even withdraw upto 500GBP per day and 1000GBP per month for Crypto. Revolut is a cryptocurrency that offers a variety of services on different platforms.
Revolut is just a Cryptocurrency platform that can be used for the digital currency platform. However, there are no restrictions to using Revolut as your Cryptocurrency Trading Platform.
Several platforms are available like eToro, Coinbase, Binance, and much more. Revolut puts your Crypto at risk as the FCA does not approve it. You can choose eToro, Binance, or Coinbase, whichever you find convenient.
I recommend you should choose one that suits your prerequisites. Your funds are precious, so you should even choose FCA-approved. This ensures that your funds and assets are safe. Your earnings and assets are safe, so make sure while investing.
Frequently Asked Questions?
Q.1. Does Revolut charge any fees?
A.1. When buying or selling Bitcoin on Revolut, you need to pay a fee of 2.5% for each transaction. However, if you have Premium and Metal accounts you will have to pay a fee of 1.5% for each transaction.
Q.2. Is Revolut cheaper than Coinbase?
A.2. So, the answer is yes. Revolut is cheaper as it does not ask for any fees when you buy Bitcoin. However, one thing that disappoints you is Revolut doesn’t allow you to withdraw BTC.
Q.3. Is buying Bitcoin with Revolut safe and easy?
A.3. Well, Revolut is one of the easiest, fastest ways to buy, hold and exchange Bitcoin. However, lack of safety and security is still a concern.