In this Pangolin review and tutorial, we’ll take a look at the Pangolin decentralised exchange or DEX which is run on the Avalanche network. We’ll take a look at the fees, supported tokens, how to connect up a MetaMask wallet. Plus how to claim your free PNG tokens from the Pangolin airdrop.
What is the Pangolin Exchange?
Pangolin is a community-driven cryptocurrency decentralised exchange (or DEX) supported by Ava Labs for Avalanche and Ethereum assets.
The platform uses the same automated market maker (or AMM) model as the likes of Uniswap. However, it is built on the Avalanche network. By using the Avalanche network instead of the likes of Ethereum, not only is fully compatible with Ehtereum assets and tooling but it helps to improve the user experience by being faster, with higher throughput and reducing fees.
Etheruem based assets can be transferred to Avalanche via the Avalanche/Ethereum Bridge. This allows users to yield assets such as Uniswap, Aave, ChainLink and Wrapped Bitcoin across 2 blockchains.
What is Avalanche Network?
Avalanche enables people and enterprises around the world to build decentralised solutions at scale. Whilst Ethereum is “currently” using proof-of-work, it’s struggling to scale participation without incurring massive fees and network congestion.
However, Avalanche is the first smart contracts platform that confirms transactions in under one second. It supports the whole of the Ethereum development tool kit, and enables millions of independent validators to participate as full block producers.
Their native token Avalanche (or AVAX) is then used to secure the network through staking, to transact peer-to-peer and pay fees.
Pangolin Supported Wallets
At present, you can only connect a MetaMask wallet to the Pangolin platform. However, this MetaMask account must be connected to the Avalanche Network.
How to Connect Metamask to Avalanche Network
To use the Pangolin exchange you’ll need to have a compatible wallet. One of which is Metamask, however you will need to manually connect Metamask to the Avalanche network as this does not come with Metamask.
To setup the avalanche network on your MetaMask wallet;
First, open your MetaMask account and click where it says Ethereum Mainnet”. Then choose to add a “Custom RPC”
Enter the following details:
Network Name: Avalanche Network
New RPC URL: https://api.avax.network/ext/bc/C/rpc
Chain ID: 0xa86a
When you’re ready you can then save.
With Pangolin, the trading fees are 0.3%. All tokens are distributed to the community and Pangolin direct trading fees (0.3%) to liquidity providers.
As there are no order books there are no deposit or withdrawal fees, but you will need to pay transaction fees for interacting with the Avalanche Network. These transaction fees are paid in AVAX but are currently low, especially compared to the likes of the gas fees on the Ethereum network.
Pangolin PNG Tokens
The Pangolin token (PNG) is capped at a supply of 538 million tokens. The first 95% of PNG are dedicated to the community treasury, where they will be used to fund liquidity mining. The remaining tokens are dedicated to the community airdrop which is valid 1 month after Pangolin’s launch.
If you held either Uniswap (UNI) or Sushiswap (SUSHI) tokens in a wallet before December 7th 2020, you could be in for a free airdrop. During the airdrop, you’ll be able to get free PNG tokens.
To qualify you’ll need to have held UNI or SUSHI on Ethereum on December 7, 2020, and you’ll need access to that wallet. Plus you have to own one UNI or SUSHI on Avalanche with the same wallet that held the tokens. Which you can get either through the Pangolin Exchange or Bridge.
Also the claim must also be made within one month of Pangolin’s launch.
Pangolin PNG Airdrop Step by Step Guide
To get started, you’ll need to do is locate the wallet where you had your UNI or SUSHI stored on December 7th 2020. This wallet, will need to be connected to the Avalanche network. If you’re not too sure how to do this, please see my guide above.
Then head across to Pangolin.exchange, connect your wallet and click onto the Airdrop tab to see if you qualify for any PNG tokens as part of the airdrop.
In order to claim your PNG, you need to have one UNI or SUSHI on the Avalanche network which you may not already have. However, unfortunately, you cant just send across 1 SUSHI or 1 UNI straight over to our address as we’re on the Avalanche network.
There are a few different ways around this. One way is to transfer your tokens across is using the avalanche bridge. However this does interact with Ethereum and with the gas fee being so high, it might not make claiming this airdrop worthwhile for some people.
Alternatively, you can trade for one UNI or one SUSHI on Avalanche using the Pangolin site. But first, you’ll need to have some tokens on the Avalanche network to trade with (and some AVAX to pay for the fees). AVAX can be found on exchanges such as OKex, Binance or Bitfinex.
When you have your AVAX you’ll need an Avalanche Wallet to withdraw your tokens to. Which you can create over at wallet.avax.network.
Once that’s created, you have 3 address (X,P and C). You’ll need to using the X chain address to receive your funds which is where you’ll send your funds to.
When the transfer to your Avalanche wallet is complete, head to “Cross Chain” on the left. From here we are going to be transferring our tokens between Exchange and C which is contracts.
The source chain will remain the same (as X chain) as that’s where our tokens are, but the destination will need to be changed to C chain contract. Then send across you tokens, which will export from the X chain and imported onto the C chain.
Once complete, choose “Send” on the left and from the source chain you click from “X” to “C”. Copy your address (that’s on the Avalanche Network) from within MetaMask. And send your tokens across.
Please note that when sending on the Avalanche network the gas price MUST remain at 470 otherwise this transaction won’t process.
Next you need 1 UNI or 1 SUSHI on the Avalanche network, which you can swap using your AVAX tokens. Just make sure you have enough to account for slippage and to pay for the fees.
Then finally, head across to the Airdrop tab and claim your free PNG tokens!
If you have a support query, they have a detailed FAQ section with tutorials and step by step guides for you to follow. You can also contact Pangolin via their social media channels, such as Telegram, Discord, Github or Twitter.
In this 1inch DEX review, I take you through the decentralized exchange aggregator, available on both the Ethereum (ERC20) and Binance Smart Chain (BSC).
If you want to find the best crypto trading prices on the DeFi market, 1inch Exchange will help you to find the best rates. 1inch offers cheap trades and low slippages across nearly every token on the ERC20 and BSC networks. Whilst also allowing users to earn high rewards by staking, providing liquidity, and farming their crypto assets.
What is 1inch?
1inch is a DEX aggregator created during the ETH New York Hackathon in June 2019. The platform allows users to access dozens of DEXes such as the likes of Uniswap and Sushiswap to trade for Ethereum-based tokens to get the best prices.
The platform is non-custodial, with all trades being performed within a single transaction from a user’s Ethereum-based wallet.
1inch Expands to the Binance SmartChain
1inch originally launched on the Etheruem network and allowed their user to access dozens of DEXes such as the likes of Uniswap and Sushiswap to trade for Ethereum-based tokens to get the best prices.
However, with Ethereum gas fees being so high, it made trading on Etheruem based platforms overly expensive for smaller investors. Therefore 1inch has now expanded over to another blockchain and is now live on Binance Smart Chain (BSC). Meaning that their trades can now also include BSC tokens, plus it should bypass some of those sky-high fees.
1inch Supported Wallets
With 1inch, you can connect a wide range of wallets such as the likes of MetaMask, Wallet Connect, Ledger, MEW, Torus and Portis. However, the available wallets to connect will only be determined when the network has been selected.
If you are connecting the likes of MetaMask and want to use the Binance Smart Chain, you’ll need to connect this up manually. If you’re not too sure how to do this then follow my guide below.
1inch exchange released its own governance and utility token (1INCH) on December 25th, 2020. There is a circulating supply of 73 million coins and a max supply of 1.5 billion tokens.
Users who stake their 1INCH tokens, as well as liquidity providers in the 1inch Liquidity Protocol, can vote directly on major protocol parameters. Such as the “price impact fee”, “swap fee“, “governance reward”, “referral reward“, and the “decay period”.
The token is available to trade on exchanges such as Binance, 1inch and Uniswap and can also be claimed via their recent airdrop.
As 1inch is a DEX aggregator, the exchange rates include the various fees charged by DEXes. 1inch do not add anything to these charges as otherwise, they would not be able to provide the best rates. Therefore the trading fees you pay with 1inch will depend on the DEX or DEXs you use to fill your order. For example, Uniswap charges trading fees at 0.30% per trade which is provided to the liquidity providers.
As there are no order books there are no deposit or withdrawal fees, but you will need to pay transaction fees for interacting with either the Ethereum or Binance Network. These transaction fees can vary and you’ll find cheaper fees on the Binance Smart Chain.
How to Swap Crypto
With 1inch you can swap between 2 tokens on the same network at the best possible rates.
To swap your tokens on 1inch, choose the coin you want to swap “from” and enter the amount. Then simply choose the coin you want to swap to.
You’ll be then shown the rates and the estimated fees, with the option to select from the maximum return or the lowest gas cost.
If you’ve not interacted with the token in swaps before, you’ll be prompted to unlock your token before you can go ahead and swap.
How to Provide Liquidity
You can earn rewards by providing liquidity to pools on 1inch. To get started you’ll need to have an equal share of 2 tokens that you’d like to deposit.
Then head across to the DAO and Pools. From here you’ll find a lot of different pools with APY rates and their returns. To add liquidity, click onto the “+” icon beside the pool you want to add liquidity too.
First, you’ll need to unlock your tokens, to allow the smart contract to spend your tokens. Then select the number of tokens you’d like to deposit and it’ll automatically match the amount 50/50 in the other token field.
Now when you add liquidity, you receive pool tokens called liquidity provider or LP tokens. These tokens essentially track your contribution to the pool and you’ll earn fees proportional to your share of the pool, which can be redeemed at any time.
The liquidity that you provide is then used when someone makes a trade (in this example) of BnB and 1inch on the exchange. Therefore, its worth mentioning that the ratio of your tokens might change over time. Meaning you could end up with more BnB or more 1inch depending on which way people are trading.
How to Yield Farm
With 1inch you can farm your staked LP tokens. This locks up your LP tokens in a process that will reward you with 1inch tokens.
To start earning, click onto the DAO and choose ”farming” from the left-hand side of the screen. From here you will see any 1inch farming pools that are available. Click on the ”deposit” button to stake your LP tokens.
When you enter the amount of LP tokens that you’d like to deposit, it will then provide you with a breakdown of your daily, monthly and yearly earnings.
How to Stake 1inch
As well as staking your LP tokens, you can also stake your 1inch tokens. When staking your tokens on the 1inch protocol you can collect governance rewards.
To stake 1inch, head across to the DAO and choose “Governance”. On the right of the screen, you can manually etner the number of 1inch tokens you’d like to stake or you can select 25, 50, 75 or 100% of your 1inch balance.
You’ll then need to unlock the 1inch tokens. Then choose to “Stake Token”.
Once you’ve staked your tokens, you’ll see your share displayed under “Voting Balance”. Plus you’ll also see your “Voting Power”.
Chi Gas Token
As you’re most likely aware by now, every transaction on the Ethereum network requires a processing fee, called “gas”. These fees can fluctuate with network usage, often getting really expensive when the network is running close to maximum capacity.
1inch saves on transaction costs by around 40% by utilizing the Chi GasToken. This is an ERC20 token which stabilizes the price of gas (similar to how a stablecoin works) and is meant to be used on 1inch exchange to pay transaction costs. The idea is similar to the GasToken token concept but it has some improvements. Chi is pegged to the Ethereum network’s gas price.
When the gas price is low, the Chi price is also low, and the opposite. Just like GasToken, Chi is tokenized gas on the Ethereum network. The only difference is that Chi is used on 1inch and Curve, while GasToken is used across the entire Ethereum network.
How to Mint CHI Tokens
If you want to get hold of some Chi tokens, you can easily mint these on the 1inch exchange. Please note that before you go ahead the maximum minting amount is 140 CHI, which equals to half of a block. An attempt to mint a larger amount would increase the execution time.
Step 1: Select ETH/CHI
When you are on the “Swap” tab at the top of the screen, select ETH from the “From” dropdown and CHI from the “To” field.
Step 2: Deactivate all DEXes
From the list of DEXes, deactivate all of these except for the CHI Minter so that its states 100%.
Step 3: Confirm and Swap
Confirm the transactions and swap using a fast gas time from your connected Ethereum wallet and perform the swap.
1inch Token Airdrop
1inch users who interacted with the platform prior to December 2020, may be eligible for free 1INCH tokens. As part of the launch of their governance and utility token the platform has airdropped 90 million 1inch tokens to users who previously traded on exchange.
Eligible users can get these tokens for free, as long as they’ve made at least 1 trade before September 15 2020, or at least 4 trades in total or trades for a total of at least $20.
Plus liquidity providers to the 1inch Liquidity Protocol (Mooniswap) will also receive their 1INCH tokens based on the liquidity mining program’s stages 1 and 2, announced earlier this year.
This drop will apply to every qualifying account or wallet thats been connected and traded with on 1inch, which is great as means you could be eligible for more than 1 claim too!
How to Claim your Free 1INCH Tokens
In this video, I show you how to claim your free 1INCH tokens as part of the platform’s 90 million token airdrops. Users must have interacted with the platform BEFORE December 24th 2020 and made at least 1 trade before September 15 2020, or at least 4 trades in total, or trades for a total of at least $20.
Plus liquidity providers to the protocol can also receive their 1INCH tokens based stages released last fall.
Decentralized Finance or DeFi continues to explode in popularity in 2021, causing Ethereum GAS fees to increase to an all-time high. This has allowed competitors like BakerySwap and PancakeSwap to take full advantage. Offering similar products to UniSwap and SushiSwap, but with faster transactions and lower fees. This can all be done as BakerySwap.org is built on the Binance Smart Chain (BSC) and not Ethereum.
So, in this BakerySwap review, we’ll take a look at how you can save on transaction fees when exchanging tokens. Plus how to stake and provide liquidity to earn rewards staking their own BAKE tokens.
What is BakerySwap?
Similar to the likes of PancakeSwap, BakerySwap is a decentralized exchange (DEX) that is based on the Binance Smart Chain. If you’re familiar with the likes of UniSwap or Sushiswap you’ll have no problem understanding BakerySwap.
The main difference is that you’ll be connecting to the Binance Smart Chain, as opposed to the Ethereum Network. You’ll also be trading BEP20 tokens as opposed to Etheruem or ERC20 tokens. At the time of writing this BakerySwap review, the Ethereum network is very congested and gas fees are very high.
Many users are trying to find ways to reduce their fees when interacting with DApps or Defi. One way to reduce fees is by using applications that work on the Binance Smart Chain, where the fees are currently far lower, plus in my experience, it’s faster.
BakerySwap uses an (AMM) automated market maker model. Meaning there are no order books, instead, they use liquidity pools. But BakerySwap isn’t just an exchange. You can also earn by becoming a liquidity provider and add your tokens to the liquidity pools, you can farm your LP tokens and stake your bake to earn rewards, get involved in ETH 2.0 staking and start collecting NFTs.
BakerySwap (BAKE) Token
The BakerySwap token (BAKE) is a BEP-20 token that was launched on Binance Smart Chain in October 2020. The BAKE tokens are available for trading in Bakeryswap, Binance, HotBit and BSCswap.
BakerySwap Supported Wallets
To start using BaskerySwap you’ll first need a supported wallet that is connected to the Binance Smart Chain. These currently include MetaMask and WalletConnect.
If you select Metamask, you’ll need to manually connect your wallet to the Binance Smart Chain.
How to Connect Metamask to the Binance Smart Chain
Unfortunately, MetaMask does not automatically come with the Binance Smart Chain already configured. Therefore, to use the Metamask wallet with the Binance Smart Chain, you’ll need to manually add the Smart Chain Mainnet.
With BakerySwap you can trade BEP20 tokens, a token standard that is on the Binance Smart Chain. Similar to the likes of ERC20 tokens that are used on the Ethereum blockchain.
With BakerySwap, the trading fees are 0.3%. Because there are no order books there are no deposit or withdrawal fees required. However, you will need to pay transaction fees (in BNB) for interacting with the Binance Smart Chain.
Mind you, these fees are minimal, especially compared to the likes of the gas fees on the Ethereum network.
With BakerySwap you can stake your tokens to earn rewards. This can be done in a few different ways.
Firstly, you can deposit your Liquidity Provider or LP tokens and lock them up in a process that will reward you in BAKE. These tokens can be unstaked at any time with zero holding time.
Secondly, you can earn more rewards by staking your BAKE in further liquidity pools. There are several tokens you can earn by staking BAKE which include WEAPON, BRY and SHIELD.
ETH 2.0 Staking with BakerySwap
If you’re interested in participating in ETH 2.0 but find that request of 32 ETH is too high or that the staking period is too long. Binance staking provides users with a 1 click staking service and 100% on-chain staking income that is distributed to users.
BETH is an ETH2.0 staking token issued by Binance on BSC and Ethereum. So that users can stake their ETH in a 1:1 ratio to get BETH. They were also the first platform to support BETH liquidity farming.
BakerySwap has an NFT Supermarket built into the platform. This is where you can get your hands on non-fungible tokens and filter by artists, pets and weapons.
Plus they also have Gamification, which allows BAKE holders to bake a meal of their choice. These meals are called “Combo Meals.” Unlike most NFTs, Combo Meals aren’t collectables, it can also be used to farm BAKE coins. This is because every meal carries a staking power, allowing it to earn more BAKE when staked.
The meal can be traded, or its ingredients can also be decomposed back to BAKE. In this way, you will get 90% of the BAKE used to prepare the meal.
This feature was recently paused in order to maintain the uniqueness and scarcity. However users were unwilling to sell them. Therefore the bakery has now re-opened NFT combos again for a limited time (until March 12th 2021) to increase the ROI of these combos.
Is BakerySwap Safe?
At the time of this writing there have not been any reported issues with BakerySwap. A CertiK audit has been conducted of the BakerySwap smart contract which can be viewed here.
However, always tread with caution when using DEFI and never put in more than you can afford to lose.
If you have a support query, you can contact BakerySwap via their social media channels, such as Telegram or Twitter. Plus there’s a contact us link which will allow you to copy their email address; [email protected]
In this review, I take you through the Elrond Network, which is a highly scalable, fast, and secure blockchain, supported by their own Elrond eGold (EGLD) token.
Firstly, I’ll provide an overview of the Elrond Network, then explain how to safely buy Elrond EGLD tokens and store them in their own Elrond Web Wallet, Maiar wallet, or Ledger device. Plus, I’ll also explain how to stake Elrond EGLD tokens to earn +20% rewards.
What is Elrond?
The Elrond Network is a public blockchain with smart contract support. Their goal is to create a decentralized network that can provide the same (or in fact a better) performance when compared with centralized networks. Whilst also providing users with greater privacy.
In 2018, the Elrond team, who are made up of experienced entrepreneurs, engineers, and researchers created a technical paper. This paper was around a scalable blockchain using complete sharding for state, network, and transactions. Whilst employing an efficient and secure proof of stake consensus mechanism. Since then, Elrond now has investors including some big names such as Binance Labs and Woodstock Capital, and was also backed by the Binance Launchpad.
The Elrond blockchain is ideal for decentralized finance (DeFi) developers to use their apps, as well as other kinds of decentralized apps (Dapps). Another key feature of the Elrond network is its lightning speed transaction performance, and they state that they can give anyone, anywhere easy access to the digital economy, by bringing a 1000x improvement in blockchain speed, scale, cost, and user experience.
What is Elrond (EGLD) Token?
Elrond uses the Elrond eGold (EGLD) token throughout the network. It is used by developers to pay for using the network and validators take the fee for their services. It is also used for governance, staking and smart contracts.
Before the main net launched in July 2020, Elrond previously used the ERD token. However, the launch brought the Elrond eGold (EGLD) token at which point Elrond allowed users to swap 1,000 ERD for 1 EGLD.
How to Buy Elrond (EGLD)?
Elrond (EGLD) can be purchased on popular cryptocurrency exchanges such as the likes of Binance, Crypto.com and eToroX. Where you can trade with a variety of tokens including; BTC, BNB, BUSD, CRO, IDR, USD, and USDT.
Plus you can also buy Elrond via card or banks transfer through their website using their third-party providers. Although this will not be the cheapest way to purchase your Elrond as the fees start at 4% for card payments.
How to Store Elrond eGLD?
If you’re holding the Elrond eGold (eGLD) token you’ll need to find a wallet that supports it. It’s not recommended that you keep your crypto on an exchange which is a far more likely target for hackers. Also you won’t have control over your crypto unless you have access to your private keys.
Below are a few different wallets where you can store your EGLD tokens;
Elrond Web Wallet
This is the official wallet of the Elrond blockchain community. The Elrond Web Wallet is a crypto wallet where you can securely send, receive and store your Elrond Gold tokens while interacting with Elrond Dapps.
With the Elrond wallet, you also stake and claim your rewards. Plus you can directly Buy eGold from your wallet, using your credit card via the MoonPay fiat gateway.
To create an Elrond web wallet, users have to generate a secure password and keep the passphrases and private keys protected for future use. Users can then access the wallet with the Keystore file, which is provided on the creation or via a Ledger.
Ledger Nano X
Elrond now integrates with the popular hardware wallet Ledger Nano. To hold your Elrond eGold tokens safely within your device, you simply need to install the Elrond eGold app via Ledger Live.
Your Ledger device can also be connected to the official Elrond wallet. This is so that you can send/receive tokens and earn rewards by staking. Plus you can check your transaction history and fund balance in the Ledger wallet.
Maiar is powered by the Elrond blockchain and is a decentralized alternative to mobile payments apps. It is a digital wallet and global payments app that allows users to exchange and securely store money on your mobile phone.
The Maiar wallet is completely decentralized and non-custodial. They don’t have access to your funds and you own the private key giving you full control over your assets. Plus the wallet can be created in seconds there’s no username, password, or recovery phrase to backup. You just simply use your phone number.
At the time of writing this Elrond Review, Maiar supports Elrond Gold (eGLD), Elrond (ERD ERC20 and ERD BEP2), Binance (BNB) and Ethereum (ETH). With plans to add more over time, including the likes of BTC.
With Maiar you can send, spend and stake your Elrond Gold tokens using Maiar.
Elrond eGold (EGLD) holders are incentivised to support the Elrond network. They do this by staking and locking their EGLD into a smart contract whilst earning rewards by delegating a minimum of 10eGold or running a validator node plus a 2,500 eGold stake.
Validator rewards are distributed automatically. Whereas the delegator rewards are claimable once per day, with no time limits. You can use their calculator to calculate your yearly return as a percentage. As well as giving you the daily, weekly and monthly breakdown based on the number of tokens you stake.
You can withdraw your staked EGLD at any time. Although there is a 10 days unbonding (holding) period that will apply.
What is the Minimum eGold Stake?
For delegators that are staking their Elrond eGold tokens, there is a minimum of 10 eGold (EGLD), with no maximum.
What is the Elrond Waiting List?
The Elrond Network is currently in bootstrapping mode and staking options are gradually enabled. At the time of writing this Elrond review, your tokens initially go into an incentivised queue, called the “Waiting List” where you can up to 20% APR.
This will reserve your spot and start your reward tracker. Once a previous delegator signals their intent to un-delegate, the funds you’ve registered in the queue will replace those of the user that wants to un-delegate.
You can find out more about the Elrond staking phases here.
If you need a banking app where you can manage your money and track your expenses from your mobile phone, Revolut is a great option. Not only that, but the Revolut card is a great travel companion. You can exchange money at the real market rate, commission-free and you can get even get their standard account for zero monthly charges. In this Revolut review, I’ll take you through the digital banking app and show you its features and plans.
What is a Revolut Card?
Revolut is a digital-only banking app and card that is different from traditional banks due to its low fees and flexibility. It is a pre-paid Mastercard that is specifically aimed at those that travel. Offering international money transfers and spending abroad with no hidden fees.
They are a UK based company who launched in 2015 and now have over 10 million customers. Making 35 million transactions with a total of over £40 billion.
Their goal at Revolut is for you to be able to manage your entire financial life from a single app. From everyday spending and budgeting to foreign currency exchange and easy-access stock trading. So that you can get more out of your money.
They also have their business account platform “Revolut for Business”. This is for domestic and international payments, designed to save you time and money.
Using Revolut Abroad
One of the great advantages of using Revolut is the fact you get to spend fee-free at the Interbank rate in 150 countries. Usually, when you spend abroad you get hit with transaction or hidden charges. However, using Revolut abroad is much like using in the UK. However, just don’t forget that withdrawals are capped at £200 per month. After that, you are charged a 2% fee regardless if you are abroad or in the UK. Although there are no spending limits on card payments.
How to Create a Foreign Currency Account
If you want to create an account in a foreign currency such as the likes of a USD, Euro, Sterling account, etc. Then you can easily set one up within Revolut.
Within your App, go to your “Dashboard” and click onto “Show more” under “Accounts“.
Choose “Add Account“
Select a currency from the list or search and select your currency.
The account will then be created for you.
How to Exchange Your Currency
Exchanging is really easy to do within your Revolut Banking App, simply open the App.
From the “Accounts” screen, click onto Exchange in the centre of your screen.
Select the currency you would like to exchange From and enter the amount.
Select the currency you would like to exchange To and the amount will automatically populate for you.
Weekend Markups for Foreign Exchanges
Now one thing to be aware of is that if you make a currency exchange during the weekend, you’ll be charged a markup. That’s because the interbank rate is always fluctuating. Therefore, may not be the same on a Monday as it was on the previous Friday. The markup is 0.5% for the 15 major currencies and 1% for the others.
Also just keep in mind that card payments, ATM withdrawals and money transfers abroad all imply a currency exchange. Therefore, the weekend markup applies in all of these cases. The solution to this is to exchange one of the 29 currencies that Revolut supports, in advance (i.e. on a weekday). Then you won’t have to pay this fee.
Is Revolut Banking Free?
Revolut Banking Accounts come in three different plans in Europe and 2 plans in the US. There is a free version as well as two paid versions with more advanced features such as insurances, cashback bonuses, and concierge services. Most users will find that the Standard Plan is sufficient. But may opt for paid plans depending on the features required. Below is a list of services that are currently included in each plan.
UK Revolut Pricing & Plans
Extra fees include; 2% on withdrawals over £200 and charges 0.5% for bank transfers over £5,000 a month.
European Revolut Pricing & Plans
US Revolut Pricing & Plans
This kids account “Revolut Junior” is for ages 7-17. It is available through a parent or guardian with a Revolut Premium or Metal subscription. It’s aimed to help children learn about responsible spending and budgeting, and build healthy, lifelong money habits. Its an account and prepaid card for your kids to use, controlled by you.
How Safe is Revolut Bank?
One of the downfalls, in my opinion, is that Revolut in the UK is not FCS Approved. The account you hold with Revolut is an electronic money account (and not a standard bank account). Therefore your money is not covered by the Financial Services Compensation Scheme.
However, Revolut are reportedly preparing to apply for a UK banking licence, enabling the firm to offer FSCS-protected deposits and lending services for their customers. The app was granted a European banking licence by the Bank of Lithuania in 2018. But in the UK has operated as an FCA authorised e-money institution. At the moment Revolut only “safeguard” the money they receive for their customers.
If you’re In the US though, Revolut have partnered with Metropolitan Commercial Bank for the banking infrastructure. Which is great as it means that deposits are FDIC insured up to $250,000.
Some of the great features enabled on the Revolut banking app are around security.
Freezing Your Card. If you think you’ve lost or misplaced your card you can freeze your card instantly without having to speak to your bank. Then if you happen to find it again, you can simply just unfreeze your card from the app!
Location-Based Security. You can enable this feature to block any payments if your card is used in a different location to where you currently are. Please be aware though that your location will be tracked when it switched on.
Controlling Your Card. You can control the features that your card uses such as turning off contactless, swipe payments online payments and ATM withdrawals from your app. Putting you back in control of your account.
Revolut Virtual Cards
WIth the Revolut banking app, you can create Virtual cards to protect you against online card fraud. With these disposable virtual cards, details are automatically cleared after every online transaction. Then new card details are instantly generated in your app too.
How to Create a Virtual Card
To generate a virtual card, within your app, go to “Cards” and then click onto the “+” icon in the top right hand corner.
Select “Virtual” and “Get Virtual Card” or “Get Disposable Virtual Card“.
Trading with Revolut
With trading on Revolut, you can own a piece of some of the world’s most well-known companies including Google, Facebook, Amazon and Tesla. You can invest into a company with as little as 1 dollar with fractional shares. And a great advantage is the fact there are no account minimums. Plus you can withdraw at anytime for free!
Revolut and Cryptocurrency
With Revolut, you can immediately exchange any currency into some of the most popular cryptocurrency assets such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ripple. However, you do not have access to your private keys, your funds are not safeguarded by Revolut or covered by the FSCS and you can only send your crypto to other Revolut users and not to another wallet where you would have more control.
Revolut has now launched its app and service in the US and now anyone can sign up and get a Revolut debit card. In the US Revolut has partnered with Metropolitan Commercial Bank for the banking infrastructure. Meaning that deposits are FDIC insured up to $250,000.
Previously in the US, customers were able to sign up to the waiting list but now they’ll be able to access all of Revolut’s core or basic features. Unfortunately, functionality such as the ability to purchase cryptocurrencies and invest in the stock market which is currently available in Europe, is yet to come to the US.
Revolut Bank Address
Revolut is based in London, England. For those looking for the Revolut Bank Address it is; 7 Westferry Circus, Canary Wharf, London E14 4HD.
Revolut vs Monzo
Both Revolut and Monzo are great apps for travelling, allowing you to manage your money better with spending insights and real-time notifications. Revolut’s focus is on international payments and you’ll find that international money transfers are by far the cheapest option available. However, Monzo does have a full banking license and provides overdrafts and savings accounts.
Revolut vs Starling
Revolut and Starling both offer apps that are designed to help you budget. Both automatically categorize your transactions and give you insights into where you are spending your money.
Where they differ is that Revolut uses the Interbank exchange rate which is usually cheaper than the Mastercard rate which is used by Starling. Starling is free with no £4.99 delivery charge, Starling offers an interest rate of 0.5% as opposed to 0% with Revolut and the big plus is that Starling has a full banking license.
Revolut vs TransferWise
Both TransferWise and Revolut offer very cost-effective international money transfer providers. In my personal experience, I found currency exchange cheaper over on Revolut although Weekend Rates are definitely more expensive. Both platforms are FCA and not FCSC regulated like Starling or Monzo. However, TransferWise offers access via a platform and an app whereas Revolut is only accessible via the app.
With many pros and cons on both sides, take a look at my TransferWise Review and Tutorial to decide for yourselves.
Revolut vs Trading and Exchange Platforms – Robinhood, Coinbase and Uphold
The conclusion of the Revolut Banking App is that Revolut is great for tracking expenses. And perfect for traveling abroad and will certainly save you on fees whilst away. Once Revolut has obtained its banking license in the UK, I will certainly feel safer in storing my funds on it and I think it will then be a force to be reckoned with!