Revolut Crypto A Detailed Overview of the Fintech Platform's Cryptocurrency Services
What Is Revolut Crypto?
Revolut is a UK-based fintech company known for offering a wide range of financial services including banking, currency conversion, investing, and cryptocurrency trading. Launched in 2021, Revolut Crypto quickly gained attention for allowing users to buy, sell, and trade over 200 cryptocurrencies. The platform has grown in popularity, attracting more than 40 million users globally. Initially, Revolut's crypto services only allowed derivative trading, meaning users couldn't directly own the cryptocurrencies they traded. Instead, the trading was based on contracts tracking the price of assets. However, Revolut has since updated its platform to allow users to purchase and hold real cryptocurrency assets like Bitcoin BTC, Ethereum ETH, Ripple XRP, and other popular tokens.
Revolut positions itself as a crypto on- and off-ramp, offering users a way to exchange fiat currency such as GBP, USD, or EUR into crypto, as well as withdraw or transfer their assets to an external crypto wallet. This makes it an attractive option for those looking to invest in cryptocurrencies in a simple, integrated manner.
How Does Revolut Crypto Work?
Revolut Crypto is fully integrated within the Revolut app, allowing users with a Revolut account to easily access crypto trading features. The platforms custodial wallet means that users store their cryptocurrencies within the app, and access them only through their private keys. When users deposit funds into their Revolut wallet, they can trade, sell, or buy various cryptocurrencies.
Revoluts crypto services are protected by bank-grade security measures, with all customer funds stored in cold storage, which helps safeguard against potential network attacks. Users can access over 200 cryptocurrencies on the platform, ranging from well-known, high-cap assets like Bitcoin and Ethereum to smaller tokens. However, there are transaction fees involved, which can vary depending on the cryptocurrency and network involved. Revolut also charges a variable service fee for withdrawing assets to external wallets.
How to Use Revolut Crypto
To get started with trading cryptocurrencies on Revolut, follow these simple steps
- Open the Revolut app Launch the app and navigate to the "Crypto" section at the bottom of the screen.
- Choose your option Youll have two main options
- Portfolio View the cryptocurrencies you already own.
- Discover Explore trending cryptocurrencies and market news.
- Select a cryptocurrency Choose the crypto you want to buy from the list.
- Enter the amount Enter how much youd like to spend on the selected cryptocurrency.
- Place your order After placing the order, wait for the crypto to be credited to your account.
Pros and Cons of Revolut Crypto
Pros
- Wide range of supported cryptocurrencies Revolut offers access to over 200 cryptocurrencies, including popular coins like Bitcoin, Ethereum, and Ripple, as well as smaller tokens.
- All-in-one platform It integrates crypto trading with banking and traditional investment services, allowing for a seamless user experience.
- Cold storage security Customer funds are stored securely in cold storage, providing added protection from cyberattacks.
Cons
- High transaction fees Due to varying blockchain requirements, users may incur higher fees for crypto transfers, especially when sending funds to external wallets.
- Limited withdrawal options Users can only withdraw or transfer certain cryptocurrencies, which may restrict access for those with more diverse portfolios.
- Mobile-only platform Revoluts crypto services are available exclusively through its mobile app, meaning users cannot manage their crypto investments on a desktop.
