Revolut vs Coinbase | Why Coinbase Is The Much Better Option
Jack Moreau
Feb 2024
8 min read
Fact checked
Revolut vs Coinbase: Not sure if you should use Revolut or Coinbase to buy and sell cryptocurrencies? We've got you covered with our comparison that covers everything from supported countries, product range, cryptocurrency support, trading fees and much more!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Revolut was founded in 2015 and offers a range of digital banking and financial services through its mobile application.
With over 25 million users worldwide, Revolut has gained a reputation for its innovative approach to banking, competitive fees, and an extensive array of features.
Revolut crypto
The platform supports over 100 cryptocurrencies, including well-known ones such as BTC, ETH, XRP, DOT, ADA, ICP, and many others, making it a popular choice for crypto investors.
Revolut app
Coinbase on the other hand was founded in 2012 and is a global exchange known for its user-friendly interface, security, and regulatory compliance.
Coinbase offers a range of services such as spot trading, recurring buys, staking, and Coinbase learn & earn, an educational program that rewards users for learning about cryptocurrencies.
Coinbase exchange
With over 100 million users mainly based in the US and Europe, Coinbase is one of the biggest exchanges in the world. The exchange offers a decent range of over 200 cryptocurrencies, making it a popular choice for both retail and institutional investors.
Coinbase app
Revolut vs Coinbase Signup & KYC
When it comes to signing up for Revolut, the process taking longer than a regular cryptocurrency exchange.
Users will need to download the Revolut app and follow the instructions provided in order to create a bank account. Creating a Revolut Standard account is free and can be done in 5-10 minutes.
All users who want to create a bank account with Revolut must verify their identity and proof of residence before they can create a bank account.
This means going through a KYC process, which typically takes between 5-10 minutes to get verified by Revolut but which can take a few hours in some cases.
On the other hand, Coinbase has a quicker signup process and in order to open an account, users simply need to provide their full name, an email and a password. Once done, users then need to verify their email address and voila, the account has been created.
Coinbase signup
Similar to Revolut, KYC is also mandatory for trading on Coinbase which requires users to submit the necessary documents for verification.
This includes providing personal information about country of residence, address, a valid government iD etc. The verification process can take a few minutes to a few hours to get verified by Coinbase.
Revolut vs Coinbase Products & Services
Coinbase is one of the world's largest cryptocurrency exchanges and has tailored a range of products and services that cater predominantly to beginners and institutional clients.
Coinbase USPs
The exchange operates within the framework of strict U.S. regulations which has led to a more conservative approach in its offerings. Unlike many offshore exchanges, Coinbase does not provide highly leveraged products like 100X leverage.
Coinbase Dashboard
This limitation, while reducing the appeal for professional traders, simplifies the platform's offerings, making it more accessible and easier to navigate for beginners.
The platform provides two distinct user interfaces: the standard Coinbase version and Advanced. The standard version is designed with simplicity in mind, making it ideal for those new to cryptocurrency.
In contrast, the Advanced interface caters to the needs of more experienced traders with its comprehensive set of tools and features.
Coinbase supports the trading of over 240 cryptocurrencies. Users can engage in transactions using a user-friendly buy-and-sell feature or opt for spot trading in the Advanced section.
Coinbase Cryptocurrencies
Additionally, the platform accommodates those looking to gradually invest through a recurring buy feature, ideal for implementing a Dollar Cost Averaging strategy.
Coinbase Spot Trading
Recently, Coinbase expanded its offerings to include BTC and ETH futures, along with perpetual contracts for a selection of cryptocurrencies like BTC, ETH, LTC, SOL, XRP, and AVAX, offering up to 5X leverage.
While Coinbase is a major player in spot trading volumes, often ranking in the top three globally, it faces stiffer competition in the futures market.
Coinbase Trading Volumes
For users interested in earning interest on their holdings, Coinbase currently offers a lucrative 5% interest rate on USDC, a stablecoin tied to the U.S. dollar.
Another beginner-friendly feature is the learn-and-earn program, where users can gain knowledge about blockchain projects and earn token rewards.
Coinbase Earn
Exploring the fast growing NFT space, Coinbase has developed its own NFT platform. This platform allows users to mint, explore, buy, and sell NFTs on various blockchains, including Ethereum, Base, and Polygon.
Coinbase NFTs
For those wishing to use their cryptocurrency for everyday transactions, Coinbase has introduced a Visa Card. This card enables users to spend cash (USD) or crypto (USDC) and earn rewards on their spending.
Coinbase Visa Card
Coinbase also offers a Web 3 Coinbase Wallet, catering to users who prefer a non-custodial approach to managing their crypto assets.
The wallet supports the storage and management of thousands of coins and tokens and facilitates easy access to decentralized finance (DeFi) platforms across several blockchains like Bitcoin, Ethereum, and Solana.
Coinbase Web 3 Wallet
The recent launch of Coinbase One Membership at $29.99 per month offers members zero-fee trades, enhanced staking rewards, and priority support.
As a public company in the United States, Coinbase adheres to strict regulations and accountability standards, making it one of the safest exchanges to use.
Coinbase One Membership
This high level of security and reliability is why major institutions like BlackRock and Grayscale choose Coinbase for trading and custodial services for a wide range of crypto assets, including Bitcoin, Ethereum, and Solana.
Coinbase Institutions
Furthermore, Coinbase Prime provides high-net-worth individuals and institutions with access to advanced trading, financing solutions, cold storage, staking services, and more, ensuring a comprehensive and secure crypto asset management experience.
Coinbase Prime
On the other hand, Revolut offers basic buying and selling of over 100 cryptocurrencies, staking rewards for 4 cryptocurrencies, and a "Learn and Earn" program where users can learn about cryptocurrencies and earn tokens.
Revolut learn and earn crypto
Revolut also allows users to use their spare change to buy cryptocurrencies or buy items in the real world with cryptocurrencies in their wallet. However, the user experience for buying and selling cryptocurrencies on Revolut is not as good as on Coinbase.
Revolut vaults
For Revolut, cryptocurrency is simply an additional feature in their banking app and not the main focus.
Overall, Coinbase is a more comprehensive option for those looking to trade cryptocurrencies, while Revolut is a good option for those who are new to the cryptocurrency space and want a simple way to buy and hold a few popular cryptocurrencies.
When it comes to trading fees, however, the two platforms differ significantly. Let's start with Coinbase. This exchange charges a spot maker fee of 0.40% and a spot taker fee of 0.60%. While these fees are not the lowest in the market, Coinbase's trading fees are still reasonable.
Coinbase spot fees
In terms of discounts, users can lower their trading fees on Coinbase if they exceed monthly trade volumes of $10,000.
It is also worth noting that there are no discounts for high volume trading on Revolut, meaning that everyone pays the same fee irrespective of how much they buy and sell. Overall, while Coinbase may not have the lowest fees in the market, they are still reasonable and much lower than Revolut.
When it comes to deposit methods, there are some notable differences between the two.
Revolut is a bank that offers a convenient way for users to buy and sell cryptocurrencies using the funds they already have in their account.
As such, there is no need to deposit any funds into the platform specifically to buy crypto. While this is a convenient option for users, it does come with high fees as we have previously discussed.
On the other hand, Coinbase supports three fiat currencies including USD, EUR, and GBP. Deposits can be made via ACH, wire (USD), SEPA (EUR) and Swift (GBP).
ACH deposits are free, while wire deposits have a $10 USD fee. SEPA deposits have a 0.15 EUR fee, and Swift deposits are free.
Coinbase fiat deposits
Overall, while Revolut offers a convenient way for users to buy and sell cryptocurrencies, it does come with high fees. Coinbase, on the other hand, offers more deposit options and lower fees.
While there is no need for users to withdraw fiat currencies from Revolut, users who buy cryptocurrencies can withdraw them to external wallets.
The cost for users to withdraw their cryptocurrencies is more expensive than if they were to use a traditional cryptocurrency exchange.
On Revolut, users will have to pay the network fee plus a service fee on top which is added by Revolut.
The service fee charged by Revolut depends on the amount being withdrawn, which can result in much higher fees than traditional crypto exchanges.
On the other hand, Coinbase offers fiat withdrawals via ACH, Wire, SEPA, and Swift. ACH withdrawals are free, while wire withdrawals cost $25 USD, SEPA withdrawals cost 0.15 EUR, and Swift withdrawals cost 1GBP.
Coinbase fiat withdrawal
For cryptocurrency withdrawals, Coinbase charges 0.00003 BTC for those that wish to withdraw Bitcoin, 0.003 ETH for Ethereum withdrawals and 0.008 SOL to move your Solana of the platform.
As such, Coinbase is the much cheaper platform compared to Revolut when it comes to moving your cryptocurrencies of the platform.
In conclusion, Revolut and Coinbase are two major players in the world of cryptocurrency exchanges.
Revolut is primarily a fintech bank that also offers cryptocurrency services, while Coinbase is a dedicated cryptocurrency exchange with over 100 million users around the world.
Revolut offers a smaller range of 100 cryptocurrencies compared to the over 200 offered by Coinbase.
And when it comes to trading fees, Coinbase charges a spot maker fee of 0.40% and a spot taker fee of 0.60%, while Revolut charges a flat fee of 1.99% for buying and selling cryptocurrencies.
Needless to say, the fees charged by Revolut are very high and users who care about their return on investment should think twice before paying such high fees.
In terms of deposit methods, Revolut is a bank that allows users to buy and sell cryptocurrencies using the funds they already have in their account, while Coinbase supports three fiat currencies in USD, EUR and GBP.
The user experience on both Revolut and Coinbase is good and suitable for beginners who just want a simple way to buy and sell cryptocurrencies.
For users who want additional services, they have to turn to Coinbase as Revolut does not offer much beyond buying, selling and staking.
Coinbase is thus more comprehensive option for those looking to trade cryptocurrencies, while Revolut is a good option for those who are new to the cryptocurrency space and want a simple way to buy and hold a few popular cryptocurrencies.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
