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Revolut Crypto Review
Revolut is the perfect example of the kind of fintech companies that are challenging traditional banks by offering financial services in a user-friendly mobile app. Originally focused on the United Kingdom, Revolut is now also available throughout most of Europe and the United States. Revolut’s cryptocurrency integration combined with a focus on becoming a bank that can operate with low fees in any country around the world make this an interesting option for anyone looking for a crypto friendly banking option.
Revolut Crypto Overview
- Fintech banking solution with crypto features
- FDIC insured with a variety of cutting-edge security features
- Industry-leading savings vault technology
- Very popular disposable virtual cards
Revolut Pros & Cons
Pros
Users can spend in 150 different currencies with no hidden fees
No fees on international ATM cash withdrawals
No minimum deposit
Users who receive direct deposits into their Revolut account can receive that money early
FDIC insured with award-winning anti-fraud system
Spending analytics, savings vault and rewards
Disposable virtual cards
Cons
$300 per month cash withdrawal limit
Monthly fee for best features
Anti-fraud system sometimes freezes innocent users’ accounts
Availability somewhat limited outside of Europe and the United States
Custody fees
What is Revolut?
Revolut is a self-described “financial super app” based in the United Kingdom. The app operates in the grey area between traditional bank and fintech startup, which are two worlds that have been converging for some time now.
Users are able to open an account with Revolut in a matter of minutes with not much more than $20 to their name for an initial deposit. A key selling point of the app is the wide variety of fiat currencies that are supported, including a number of cryptocurrencies. The app also supports transferring value between different currencies without hidden fees.
How Does Revolut’s Crypto Feature Work?
Cryptocurrencies are integrated as just another asset type in the Revolut platform. Users are able to take positions in various cryptocurrencies with the money stored in their Revolut account at the click of a button. Additionally, Revolut funds obtained from selling cryptocurrency can be used on the Revolut debit card or transferred elsewhere instantly.
With the mobile app, users are able to setup alerts based on price movements in the cryptocurrency markets. For example, a user could be alerted when a specific cryptocurrency hits a specific price. The user is even able to setup an auto-buying option when a cryptocurrency reaches a certain price target.
Currently, Revolut’s cryptocurrency integration includes Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The fintech giant plans to add more digital assets in the future.
Which Currencies Are Available on Revolut
One of the key selling points of Revolut as a global crypto bank is that it works with a wide variety of traditional fiat currencies. This is what enables Revolut users to use their debit card in many different countries around the world without having to worry about large or hidden fees being attached to every payment. The full list of supported currencies (not including cryptocurrencies) are as follows:
- AED
- AUD
- BGN
- CAD
- CHF
- CZK
- DKK
- EUR
- GBP
- HKD
- HRK
- HUF
- ILS
- ISK
- JPY
- MAD
- MXN
- NOK
- NZD
- PLN
- QAR
- RON
- RSD
- RUB
- SAR
- SEK
- SGD
- THB
- TRY
- USD
- ZAR
Country Restrictions
Although Revolut’s financial services are able to work in nearly every country around the world, that does not mean people in any country are able to become Revolut customers. In terms of opening an account, potential users are mostly limited to Europe and the United States. Here is a full list of countries were customers can sign up for a Revolut account:
- Countries in the European Economic Area (EEA)
- Australia
- Canada
- Singapore
- Switzerland
- Japan
- United States
How to Sign up for Revolut
Like many other fintech companies these days, Revolut has made it easiest for new users to sign up via their associated mobile apps in the Apple App and Google Play stores. So, to get started with the creation of a new account, the first step is to download the Revolut app. Once it is downloaded, you can then open the app and enter your phone number and a 4-digit passcode when asked for this information. You will then be asked to confirm your phone number via a text message.
Once your phone number is confirmed, you can then enter all of your personal data to verify your identity. This is information like your legal name, social security number, mailing address, and email address.
Once you’ve entered your personal information, you can then review the Revolut cardholder agreement and complete the sign-up process.
Revolut Fees
Of course, one of the first things people look for when picking out a crypto friendly bank is how much they’ll be paying in fees on a monthly basis. With Revolut, the first thing you’ll want to look at is what kind of account you want to have in the first place because some of them come with a monthly fee attached to them. Additionally, the fees on specific types of financial activities will change depending on the plan chosen by the user.
With a Standard plan, there is no monthly fee. However, there is a $6,500 per month limit on trades between different currencies, and ATM withdrawals are free up to $300 per month (among other limitations). Additionally, there is a delivery charge for receiving your debit card associated with your Revolut account if you’re on a Standard plan. If you have a Standard plan, you’ll be paying a 2.5% fee on every cryptocurrency trade.
If your plan is bumped up to Premium, then you’ll be charged a base fee of $9.99 per month. There is no limit on trading with this plan, and ATM withdrawals are free up to $600 per month. Other perks include disposable virtual cards, overseas medical insurance, LoungeKey Pass access, and a higher APY on your savings. Premium users also get eight commission free currency trades per month, as opposed to the three that are reserved for Standard users. After those eight free trades, you’ll be paying a 1.5% fee per exchange of cryptocurrency.
The Metal plan is the Cadillac of Revolut account offerings. Surcharges related to ATM withdrawals are waived for up to $1,200 of cash per month with a Metal plan, and users get one free SWIFT transfer per month. Most importantly, Revolut users with a Metal plan do not have to pay commissions on most trades made on the platform.
When commission-free trading is not available, you’ll be looking at a flat rate cost of one euro per trade.
Those who are used to the world of cryptocurrencies may be turned off by Revolut’s custody fee, which is 0.01% per year charged on a monthly basis.
Once users have reached their monthly limit on free ATM withdrawals, a 2% fee will be charged to all additional ATM withdrawals.
Supported Crypto Wallets
Revolut is a closed system in terms of its support of cryptocurrencies. This means that users are not actually able to deposit or withdraw their cryptocurrency holdings via the base blockchain systems. Additionally, users do not hold the private keys associated with their crypto assets when they’re held in the Revolut bank.
Revolut Frequently Asked Questions
Yes. Although Revolut was originally launched in the United Kingdom, the app is now also available to Americans living in the USA. Additionally, the debit card associated with a Revolut account will work in almost any country in the world.
Although the Revolut debit card is not specifically targeted towards cryptocurrency users, the reality is the offering can work quite well for cryptocurrency users because of the platform’s integration with bitcoin and a few altcoins. If you’re mainly interested in the most popular crypto assets on the market, you’ll be able to hold value in cryptocurrency and spend it in the local fiat currency with ease and simplicity. You can even withdraw cash from an ATM.
Yes. In addition to trading between fiat currencies and crypto assets, Revolut users are also able to buy and sell traditional stocks at very affordable rates.
Revolut is definitely a crypto-friendly banking platform, and they’ve even enabled the ability for their customers to purchase bitcoin and other cryptocurrencies directly from their mobile banking application. Revolut users with a Metal plan are able to enjoy commission-free cryptocurrency trading.
