If you have a Revolut account, you might be wondering if you can buy crypto with it. The answer is yes; you can buy and sell crypto with Revolut, but there are some limitations and fees that you should be aware of.
In this article, we’ll explain how to buy crypto with a Revolut account, what the Revolut crypto fees are, and whether Revolut is a good option for buying crypto.
Can you Buy Crypto with Revolut?
Yes, you can buy crypto with Revolut, a popular digital banking app that offers a range of financial services. Revolut allows you to buy, sell, and send over 100 crypto tokens, such as Bitcoin, Ethereum, Solana, and Dogecoin, using 30+ currencies. You can also make any card a crypto card and pay with your preferred cryptocurrency for anything, anytime.
However, Revolut’s cryptocurrency service is not regulated by the FCA, nor is it protected by investor compensation schemes. You should also be aware that Revolut’s crypto services are not very economical because they charge high fees for trading, starting at 2.5%, which is much higher than the usual range of 0.1% to 0.5% in the industry. Moreover, their crypto trading services become even more expensive because of their monthly account fee of $9.99.
How to Buy Crypto with a Revolut Account
If you want to buy crypto with Revolut, you will need to follow the following steps. Revolut is only available as a mobile app, but you can also use the Revolut Web App to access your account from a computer browser.
Step 1: Download the Revolut app and register for a free account if you haven’t done so previously to start buying cryptocurrency tokens. Create an account on the Revolut app Download the Revolut Mobile Finance app from your app store.
Open the app and choose “Sign up.” Enter your phone number and verify it with a 6-digit code. Then, set up a PIN for your account.
Step 2: Add fiat currency to your account After you sign up, you can use all the features of the app. You can view your accounts, transactions, transfers, and cards from the menu. To buy crypto on the app, you need to have some fiat currency in your account.
Tap on “Add Money”. Select the bank transfer or card option to add money. Follow the instructions to enter your account details.
Step 3: Buy the crypto of your choice with Revolut When you have fiat currency in your account, you can buy crypto on the app. For example, if you want to buy BTC with Revolut, tap on “Crypto” from the menu. You can see your total crypto value, history, and investments on this page.
Tap on “Trade” and pick Bitcoin from the crypto list. Tap on “+ Buy.” Then, enter how much bitcoin you want to buy with your fiat currency.
Revolut Crypto fees
Revolut’s crypto fees depend on your subscription plan and the type of transaction you make. The fees for exchanging cryptocurrencies on Revolut range from 0.99% to 1.99%, depending on the plan you are on.
- Standard or Plus plan: 1.99%
- Plan premium: 1.49%
- Metal plan: 0.99%
Here is a summary of the fees you need to know:
Crypto-buying fee: This is the fee you pay when you buy or sell crypto on the app. It ranges from 0.99% to 1.99% per transaction, depending on your plan. For example, if you buy $100 worth of Bitcoin on a Standard or Plus plan, you will pay a fee of $1.99 (or 1.99%). If you buy $100 worth of Bitcoin on a Metal plan, you will pay a fee of $0.99 (or 0.99%).
Exchange fair usage fee: This is the fee you pay when you exchange more than your monthly account exchange limit. It is 0.5% of the amount that exceeds the limit. For example, if you have a Standard plan with a monthly exchange limit of $1,000 and you exchange $1,500 in one month, you will pay a fee of 0.5% on the extra $500 (which is $2.50).
Crypto-spending fee: This is the fee you pay when you use your Revolut card to pay with crypto. It varies according to your plan, and it is added to the exchange rate at the time of the transaction. For example, if you have a Standard or Plus plan and you use your card to pay with Bitcoin, you will pay a fee of 2.5% on top of the Bitcoin-to-fiat exchange rate.
Delivery charge for Revolut cards: This is the fee you pay when you order a Revolut card that supports crypto spending. It depends on the type of card and the delivery option you choose. For example, if you order a Special Edition card with express delivery, you will pay a higher fee than if you order a Standard card with standard delivery.
Is Revolut good for buying Crypto?
Your answer to “Is Revolut a good option for buying crypto?” depends on your needs and preferences, but here are some of the pros and cons of using Revolut for crypto.
Pros of using Revolut for crypto:
- Convenience: You can buy and sell crypto with Revolut in just a few taps, using your existing Revolut balance or any of the 30+ currencies supported by the app.
- Variety: You can access over 100 crypto tokens with Revolut.
- Speed: You can buy and sell crypto with Revolut instantly, without waiting for network confirmations or deposits.
Cons of using Revolut for crypto:
- Fees: You have to pay fees when you buy or sell crypto with Revolut, which range from 0.99% to 1.99% per transaction, depending on your subscription plan. These fees are significantly higher than the industry average of 0.1% to 0.5%.
- Regulation: Regulation: Neither the FCA nor investor compensation schemes have any jurisdiction over Revolut’s service.
- Ownership: You do not actually own the crypto tokens that you buy or sell with Revolut.
- Payment options: You can only buy and sell crypto with Revolut using fiat currencies or other crypto tokens that you already have on the app.
Bottom Line
Buying crypto with Revolut is a convenient and easy way to get started with crypto, but it also has some limitations and risks that you should be aware of. This is why, you should consider your needs and preferences before deciding whether to use Revolut for crypto.
