Is Revolut Good for Crypto? HODLer’s Overview

With a flood of new people coming into crypto, all are searching for the easiest, least confusing place to invest in crypto assets.

Some finance platforms and banking apps have already started including crypto options in their offering, and Revolut is doing that. They already have a huge customer base, and their app operates like any banking app, nice and user-friendly!

However, is it a good platform to use? In this article, I will provide you with the low down on Revolut… is it good for crypto? Let’s find out.

Revolut Background

Nikolay Storonsky and Vlad Yatsenko founded Revolut in 2015; Revolut is registered as Revolut Bank UAB in Vilnius, Lithuania.

Revolut is an all-in-one banking app featuring innovative financial products, including its famous Revoult card, accounts, and savings. Their crypto offering sits on top of this. 

The platform offers trading in crypto, stocks, and commodities. It boasts over 100 cryptocurrencies. 

As of June 2023, Revolut had over 30 million customers globally.

Revolut has five plans, each offering an increasing amount of benefits. The Basic plan is free to use. I will refer to the free plan throughout this article unless stated otherwise.

Note: As of October 2023, Revolut does not offer crypto products for US residents.

Is There Crypto in Revolut?

Among many other features, Revolut can buy and sell crypto currencies within its platform. There are over 100 different cryptos available. 

It is worth noting that while the 100 on offer is only a tiny percentage of the over 9000 cryptos listed on the crypto data platform CoinMarketCap, it does feature all of the most well-known and larger cryptocurrencies available, like Bitcoin and Ethereum.

Revolut Crypto Fees

• Trading fees: 1.99% Basic and Plus plans.
• Trading fees: 1.49% Premium, Metal, and Ultra plans.
• Withdrawal Fees: Withdrawals to a separate crypto wallet will incur a network fee and a variable service fee.

Revolut Crypto Trading Fees

Revolut charges a flat fee of 1.99% (Basic and Plus plans) or 1.49% (Premium and higher plans) for all crypto transactions on its platform. 

While this may seem insignificant, with more significant value transactions, this can amount to quite a large sum. Another platform may be suitable if you make larger investments (see below).

Revolut Crypto Withdrawal Fees

Withdrawing crypto from the Revolut platform to an external crypto wallet incurs a two-part fee: a network fee and a Revolut fee.

• Network fee: The network fee is paid to the blockchain miners or validators who process the transaction (this occurs with any crypto transaction, regardless of the platform used.
• Revolut fee: The service fee is paid to Revolut for processing the transaction.

The variable network fee depends on the speed of the transaction and the amount of traffic on the blockchain network at the time. Revolut calculates the anticipated network cost, adds the service fee, and displays the transaction breakdown and total cost in-app. The amount displayed will never be more than you are charged.

Revolut Crypto List 

The following is a non-exhaustive list of some of the most traded crypto on Revolut. I haven’t listed stablecoins, but USDT and USDC are both available.

Bitcoin	Ethereum	Polkadot	Solana
XRP	Cardano	Shiba Inu	Avalance
Dogecoin	Polygon	Internet Computer	Algorand
COTI	Litecoin	Bitcoin Cash	Stellar
Chainlink	Arbitrum	NEAR Protocol	Hedera

Note: It is common for popular crypto investing platforms to offer only a limited selection of cryptocurrencies, which usually reflects how well-vetted each crypto is. This increases the trust I have in the platform.

Is Safe to Buy Crypto From Revolut

Yes, Revolut is a legitimate company and has never been hacked, although some users have reported being targeted by phishing attempts. These, however, have had nothing to do with the Revolut platform.

It is worth noting that while the Relut platform is as safe as they come, you are only as safe as the weakest link. In this case, the weakest link is usually the user, so if you are new to crypto, always take the time to learn what you are doing.

Do I Own Crypto on Revolut?

The short answer is yes. Revolut recently changed its terms and conditions to reflect this; however, let’s look into this further.

When you buy or sell crypto on the Revolut platform, you instruct them to trade them for you on the open market. Revolut uses third-party custodians to hold your crypto, and it is shown in your Revolut account, but you own it.

Revolut Crypto Wallet

You may have read the saying “Not your keys, not your coins” before, and if you’ve spent any time researching crypto, you will feel like this quote is everywhere.

So, if Revolut uses a third-party custodian to hold your crypto, how are they yours?

The Revolut wallet is a custodial solution like a wallet on a centralized exchange works. The security is at the mercy of the custodian; if anything happens to them (hacking, company going bust, etc), you lose your crypto.

However, as I mentioned earlier, Revolut has never been hacked. If you are uncomfortable with this, many non-custodial wallets are available where you hold the keys and completely control your crypto. Before moving your crypto to them, I suggest you thoroughly research these and keep your keys safe and offline. (your keys usually refer to a “seed phrase” of 12 to 24 words.)

How Does the Revolut Crypto Feature Work?

So, you’ve decided to buy your crypto on Revolut, but you’re not sure what you’re doing? Don’t worry; Let’s walk through it together. Just follow these steps, and you’ll be fine.

Step 1: Download the Reolvut app and Sign up.

Search for the Revolut Mobile Finance app on the app store. Click download. Once it is installed, open the app and click Sign Up. Enter your phone number and enter the code you receive. You will then need to set up a PIN. After this, you must answer a few simple questions; then you’ll be set.

Step 2: Top up your account with fiat currency

To buy crypto on the platform, first, you must add fiat currency ($, £, € etc) to your account. From the home screen, click on “Add Money.” Select the bank transfer or bank card to add the money. Then, all you need to do is follow the on-screen instructions to add your account details.

Step 3: Buy your crypto

After you’ve added your fiat currency, the total amount will show on the app’s home screen. Now, it’s time to buy your crypto. 

Click on “Crypto” from the menu. Click “Trade” from this page and choose whichever crypto you want to buy from the list. Click “+ Buy.” At this point, enter the amount you want to spend; the app will convert this to an amount of crypto and display any fees. Check this screen carefully. If all looks good, click “buy.” Congratulations, job done! Your purchased crypto will be shown in your portfolio.

Source: Revolut app

Best Crypto Alternatives to Revolut

If Revolut isn’t the platform for you, here are some other notable options.

#1: Swissborg

Swissborg might not be the biggest, but they are a strong contender for the best platform for new users. SwissBorg is more than just a crypto exchange. It is a multi-functional crypto investing platform that provides users with everything they need to invest in digital assets and easily manage their portfolios. Swissborg is the one that I have used most and will continue to do so.

Pros of using Swissborg

• The easiest-to-use interface in the industry.
• Lightning-fast fiat on and off-ramping (UK banks)
• Strong community-centric ethos
• Cutting-edge products not available anywhere else
• Good customer support

Cons of using Swissborg

• Higher loyalty tiers are unattainable for average users
• Native BORG tokens must be locked for 1yr, earning no yield for higher-tier access.

Key Takeaways

Swissborg offers a wide range of crypto and is very easy to use. Unlike `Revolut, it isn’t an all-in-one financial app; it only focuses on crypto. If you are just looking for an app to invest in crypto, you can’t go far wrong with Swissborg.

Swissborg Walkthrough

Source: Swissborg app

#2: Nexo

Nexo is another top player in crypto, not just for its exchange but also for its lending and borrowing products. They have a significant following worldwide, particularly in Europe (and the UK). 

Nexo has diverse financial products, including buying, lending, trading crypto, and accruing interest on investments. A standout feature is their Instant Crypto Credit Lines, enabling customers to secure loans against their crypto holdings at an interest rate of 0%, thus providing liquidity without the need to liquidate their cryptocurrencies.

Pros of using Nexo

• Easy-to-navigate user interface (for web and mobile)
• Wide range of simple features (great for new users)
• Very strong and responsible team
• Highly secure
• Lower fees than most CeFi platforms

Cons of using Nexo

• There is less crypto for trading than other platforms
• High NEXO token buy-in requirements to qualify for the highest loyalty levels

Key Takeaways

Nexo is another fantastic CeFi platform that is well-trusted in the industry. It is easy to use and has excellent customer support if needed. It has a wide selection of crypto, and its added borrowing feature is fantastic. After Swissborg, Nexo is the platform I’d use.

Nexo Walkthrough

Source: Nexo app

#3: eToro

eToro is a huge trading platform offering crypto, stocks, and commodities. Its strength comes from its position as a social trading platform; it’s large community of users who can learn from each other. It has an extensive library of academy articles, courses, and webinars to educate you on how best to buy and trade crypto.

Pros of using eToro

• Vast range of investment options
• Great Academy and education library
• The social aspect and copy trading feature

Cons of using eToro

• Higher than average withdrawal fees
• Questionable customer support
• Limited trading options for experienced investors

Key Takeaways

eToro is an excellent platform for those who want a dedicated investment platform and may wish to have broader options than just crypto. The social aspect of the platform is a big selling point. Overall, it is a great option for newer investors or those with experience. 

Is Revolut Good for Crypto? The Verdict

Revolut is a good option for new investors who want to buy some crypto but want to do something other than go all-in on investing. However, anyone who wants more investment products should look at Swissborg, Nexo, or eToro.

It is a secure and trustworthy platform with great non-crypto financial products.

On the Flipside 

While Revolut is a great financial app, its crypto offering is only a tiny part of its offering. If you are a more experienced trader, choose a centralized exchange like Binance , OKX , or Coinbase . However, If you aren’t interested in its traditional banking options and only want a crypto platform, you should check out some centralized finance apps like Nexo and Swissborg.

Why It Matters

Understanding what a platform offers and whether it fits your intention is essential when choosing a crypto investment app. Diving into a platform without research is nearly as bad as buying crypto without knowing anything about it.

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