A few years ago, more precisely back in December 2017, the company Revolut officially launched a feature that allowed users to buy, sell, and even hold cryptocurrency. The only thing people needed to be able to do this was their Revolut mobile app. It was marketed as a fast, easy, and accessible way of handling crypto coins without any prior experience in this area.
The whole process of achieving that was extremely intuitive and a lot of people came on board. It was also a smart way of drawing a lot more people in and allowing them to consider cryptocurrency, even if they hadn’t done that before. So, in order to help you understand how the deal with Revolut crypto actually works, we’ve come up with this article. Keep reading to find out more!
More about Revolut crypto
Firstly, it’s important for everyone to know what are the accepted cryptocurrencies in the case of Revolut. Some of the most important ones that people can sell, buy, or hold are Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Cardano, and many others. You can find the full list on the official website of the company.
When it comes to their in-app crypto exchange, it must be noted that it’s only available to people who are residents of the UK, Australia, the USA, Canada, Singapore, Switzerland, and the EEA (European Economic Area) which includes almost all countries situated on the European continent.
Another very important thing that people need to know about Revolut crypto is the way they calculate their fees. Their crypto prices are done using the VWAP, which means the volume-weighted average price. More clearly, the price is decided considering the price that has had the most volume over a certain amount of time. Bitstamp, who is Revolut’s crypto exchange collaborator, is the one who provides all the data for this.
About Revolut crypto fees and costs
It’s also worth noting that Revolut adds a markup that’s 2.5% to the price which, in their terms, accounts for volatility. This fee is diminished to 1.5% only for Premium or Metal Revolut users, both of which require a paid subscription. As you can see, not much difference there other than semantics.
Besides that, in case you are exchanging over 1,000 GBP worth of a currency, then you automatically become a high-frequency client. This adds an extra 0,5% in fees whenever you sell or buy crypto using the Revolut service. The company also only supports GBP, EUR, and USD as fiat currencies.
Other important details
Revolut also doesn’t provide clients with a virtual crypto wallet. Instead, each client can store digital assets in a pooled virtual account. Also, their internal ledger is the one recording your balance. Besides that, as a Standard Revolut user, you cannot send or receive crypto to or from outside the service.
Recently, the company made the announcement that Metal clients can withdraw a maximum of 1,000 GBP worth of Bitcoin per month and add them to an external wallet. The Metal subscription on Revolut costs 12,99 GBP per month. The plan is for everyone to be allowed to withdraw crypto in the near future. However, this feature is still in the beta testing phase.
One final important detail is that you cannot make normal purchases using your Revolut card if you only have crypto stored on it. The company will not turn your crypto coins into fiat and send them to the store because this feature was removed last year.