Revolut Review | Any Reason To Buy Crypto With Revolut?
Jack Moreau
Feb 2024
8 min read
Fact checked
Are you looking for a reliable and user-friendly digital banking app? If so, you may have come across Revolut. Our review of Revolut covers its features, fees, security measures, and more to help you decide if it's the right choice for your financial needs. Keep reading to learn all about Revolut and how it stacks up against its competitors.
Revolut is a London-based fintech company founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. It offers a range of digital banking and financial services through its mobile application. The company's mission is to provide innovative and accessible banking solutions to people around the world.
Revolut crypto
With over 7,000 employees, Revolut has established itself in over 60 countries and is available in Europe, the US & UK, Australia, Singapore, Japan, and Switzerland. Revolut has been widely recognized for its competitive fees, extensive array of features, and innovative approach to banking.
The company boasts over 25 million users worldwide, with the Revolut app having been downloaded over 10 million times and receiving a fantastic 4.8 rating based on over 2 million reviews.
Revolut app
One of the features that sets Revolut apart from other cryptocurrency exchanges is its support for over 100 cryptocurrencies, including well-known digital assets such as BTC, ETH, XRP, DOT, ADA, ICP, and many others.
This extensive range of supported cryptocurrencies makes it easy for users to diversify their investments and take advantage of market opportunities.
Revolut Signup & KYC
To create a bank account on Revolut, users must first download the app from the Google Play or App Store. Once the app has been downloaded, users can open a Revolut Standard account for free in just a few minutes. However, KYC is mandatory on Revolut and no user can create an account without getting verified.
To verify your identity and proof of residence, you will need to follow the instructions provided by the app. Verification time on Revolut can be as quick as 5-10 minutes, although in some cases, it may take a few hours. Once the verification process is complete, users can start using the app to transfer money, buy cryptocurrencies, and more.
Revolut Products & Services
Revolut is a fintech bank that offers users simple banking with features such as multi-currency accounts, money transfers, debit cards, budgeting and analytics, and saving vaults. In addition to these traditional banking features, Revolut also offers a range of cryptocurrency products.
For total beginners, Revolut also offers learn and earn, where users can learn about cryptocurrencies and earn tokens.
Revolut learn and earn crypto
Revolut even allows users to use their spare change to buy cryptocurrencies or buy items in the real world with cryptocurrencies in their wallet.
Revolut crypto vaults
The user experience for buying and selling cryptocurrencies on Revolut is decent. Although crypto is not the main focus of the app, Revolut has made it easy for its over 25 million users to quickly and easily get exposure to cryptocurrencies like Bitcoin and Ethereum.
Revolut crypto card
The process is simple and straightforward, making it a great option for beginners who are just starting to dip their toes into the world of crypto. Overall, Revolut is a great option for those who want to combine traditional banking features with access to a range of cryptocurrency products.
Revolut charges a trading fee of 1.99% for buying and selling cryptocurrencies, which is considerably higher than other exchanges such as Binance and OKX. There are no discounts for high volume trading, meaning everyone pays the same fee.
Revolut is a bank that offers a convenient option for users that want to buy cryptocurrencies without needing to deposit any funds. Since Revolut is a bank, users can simply use the funds that they have to buy cryptocurrencies.
As such, users will not need to worry about any deposit fees when they use Revolut to buy cryptocurrencies. However, it's worth noting that Revolut does come with high fees, so users who are concerned about fees may want to consider other options.
Overall, Revolut is a good choice for users who want a simple and hassle-free way to buy cryptocurrencies without needing to deposit any funds.
Revolut Withdrawal Methods
Revolut offers a unique approach to withdrawing funds as it is a bank in itself. While there is no need to withdraw fiat currencies to a bank, users can still withdraw cryptocurrencies from the app. However, users 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. So, while Revolut offers a convenient way to withdraw funds, users should take note of the added fees.
Revolut stands out as one of the most innovative and accessible banking solutions available to people worldwide. With its user-friendly mobile app and support for over 100 cryptocurrencies, including well-known assets like BTC, ETH, XRP, DOT, ADA, and ICP, the company has amassed over 25 million users globally.
Additionally, Revolut offers a range of cryptocurrency products, including staking rewards, a learn and earn program, and the ability to use spare change to buy and sell cryptocurrencies.
However, it's important to note that Revolut charges relatively high spot fees of 1.99%, which may be a significant drawback for cost sensitive users.
Despite this, Revolut provides a straightforward process for purchasing and selling cryptocurrencies, making it an excellent decent option for beginners who already have Revolut and who don't mind paying high fees.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
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.
