I have described the benefits of Revolut in my previous article. It was already a great time and money-saving app – move money fast and for free between international accounts. It just got much better – you can buy BTC, LTC and ETH directly in the app within a few seconds. Let’s review the process and all the benefits:
We will cover only the benefits of Revolut’s new feature: Cryptocurrency buying. Overall benefits and why I recommend Revolut are covered in this post.
The Revolut App gives you instant access to Bitcoin, Litecoin and Ether by exchanging to/from 25 fiat currencies
Buy and sell cryptocurrencies on your phone in seconds via Revolut:
You can set it up very quickly:
- install Revolut on your smartphone (10 seconds)
- setup security (login, pin code) (1 minute)
- add your EUR, GBP and/or USD accounts (1 minute – instant topup via a card)
- top up the originating account, let’s say GBP (1 minute)
- exchange in-app to your say EUR account (20 seconds)
- withdraw your money to your linked EUR account (10 seconds to initiate, 1-2 days to arrive)
And now you’re ready to buy BTC, LTC or ETH.
- the rates are good – actually cheaper than some other exchanges
- it’s very simple and transparent – go to the cryptocurrency section, select what fiat currency you want to exchange for what crypto currency – see the exchange rate and confirm
- or do it the other way round – have some BTC you’d like to sell quickly? Login to revolut on your phone, exchange it for EUR and send to your bank account in a minute.
- fast exchange fiat for cryptocurrency or vice versa
- good exchange rate
- quickly withdraw to your bank account (or quickly fund your revolut account to buy crypto)
- mobility – do it from your phone anywhere where you have internet access
- withdraw to various accounts (you can link many fiat currency accounts (25 world currencies supported + 3 crypto), withdraw to one or more of them – very handy international money management)
- good ratings and most of the negative ratings concern the revolut card you can apply for to pay for services, which in my opinion isn’t necessary. Key benefit is quick transfers between various currencies and very good exchange rates.
What could be improved:
- BIG ISSUE: currently there’s no way to move your cryptocurrencies to another wallet (you can withdraw fiat, but not crypto). This is described as a Phase 1 limitation on their blog, so hopefully it will be improved in the next phase. See also at the bottom of this post a comment by one of their moderators on a question of a user regarding this.
- this supports crypto-gambling – that is buying cryptocurrencies just to sell them later for a profit by anyone without any trading knowledge. Might be handy for some, but can become painful for others that will lose money this way.
- so basically, you can buy and sell, but not buy and store in another preferred wallet. A very important step is missing. Feels like Revolut is hoping people will just trade away like crazy and Revolut will make money on the exchange difference.
- what you can do though is buy BTC and if you need to, sell a portion of it and spend it via Revolut card.
- You don’t own your private key to the crypto wallet – Revolut does. This means that if they go bust, your money, crypto or fiat goes with them.
More details are in this Revolut’s blog post.
When you buy crypto via the Revolut app, you are quoted live rates on the exchange screen. These rates are streamed directly from the exchanges we work with and are calculated based on the current ask price.
Revolut is becoming a very versatile bank in your pocket
If they improve their card services (see some negative reviews on Trustpilot regarding this), remove the issues describe above and focus on stability and usability, they are heading to become the best pocket bank you can have today:
- easy, quick and cheap exchange between 25 fiat currencies
- easy, quick and cheap exchange between 3 cryptocurrencies
- get a virtual card and use it to pay for online services
- get a physical card and use it to pay for any service
- fast funding and withdrawal options
All in your phone. Isn’t this a great time to live :).
Revolut is perfect for those who want a quick, easy and frictionless way to transact in crypto.
ADDITIONAL COMMENT REGARDING NOT BEING ABLE TO WITHDRAW CRYPTO FROM HERE:
The main reason we do not allow external transfers in crypto is the fact that we are not an authorised exchange – we’re an authorised e-money institution – and as such, we do not have the necessary permissions to provide these services.
Furthermore, our offering is fully compliant with current FCA regulations. We are also actively monitoring the FCA’s position with respect to cryptocurrencies. We have documented discussions with the FCA, specifically around our existing offer structure – which they confirmed was not within their regulatory remit.
Separately, Revolut offers real exposure to cryptocurrencies and not a ‘synthetic equivalent’. We simply do not allow external transfers in and out for reasons described above. In addition, we were explicit on the matter from the moment we launched, as proof can be found in the risk disclaimers users must agree to before activating the account, the comprehensive Crypto FAQ section, specific T&Cs that all users must read and accept before proceeding to unlock the crypto offering.