Since its launch in 2015, the digital banking alternative Revolut, has quickly become a favourite especially for the millennial. Allowing customers to sign-up through its app and providing an array of attractive features, such as free international exchanges and withdrawals.
I assume if you’re reading this you’re already bought into the concept of the Revolut app, but should you buy Bitcoin and store it on Revolut? In this post, I will hopefully answer all your questions and any concerns you may have and if I don’t, please feel free to put them in the comments below.
What is Revolut?
Revolut was founded in 2015 in the UK as a digital payments service. 5 years on, the company now aims for you to be able to have your whole financial life at your fingertips within their mobile banking app. This includes your budgets, banking, investments and payments all hosted in one platform.
Users can open an account in minutes. With the standard (free) accounts, users get zero fees on exchanging in 30 currencies and withdraw from cash machines for free (up to £200 a month).
Revolut & Crypto
Revolut was very early in the adoption of Crypto, back in 2017. Allowing its users to buy likes of Bitcoin, Ethereum and Ripple easily through their mobile banking app.
However, Revolut has been slow in expanding their list of tokens and are missing some of the more recent altcoins such as the likes of Cardano, Chainlink, Polkadot and UniSwap which have seen huge surges in the latest bull run. Having such a limited list of cryptocurrencies available to buy, will be a disadvantage.
Revolut Supported Cryptocurrencies
Revolut has a limited selection of cryptocurrencies available on its app. However, you can buy two of the most popular cryptos; Bitcoin and Ethereum. Currently, the cryptocurrencies that you can buy within Revolut include
- Bitcoin – BTC
- Ethereum – ETH
- Ripple – XRP
- Bitcoin Cash – BCH
- Litecoin – LTC
- Tezos – XTZ
- Stellar – XLM
- OMG Network – OMG
- 0X – ZRX
Revolut Supported Countries
Unfortunately, Revolut isn’t available worldwide and is currently limited to users who are residents in the below;
- European Economic Area (EEA)
- United Kingdom
- United States
Revolut charge a fee of 2.5% on all crypto transactions, which can add up if you are making larger purchases through the app. You can always check the fee prices by clicking on the ‘i’ button next to the fee rate when exchanging.
There are also 2 options for upgrading that allows free trades;
- Option 1 is to upgrade to their Premium account for £6.99 monthly. This will give you a range of benefits, protections, insurances, and also 8 commission-free stock trades per month.
- Option 2 is to upgrade to the Metal account for £12.99 per month. This gives you all the benefits of Premium but extended and also offers unlimited free stock trading.
How to Sign up for an account with Revolut
Step 2: Once the app is downloaded, Revolut will ask you for your phone number, ID and selfie (for verification) when setting up.
Step 3: You will then need to deposit funds using the ‘Add money’ button on the home screen. You can deposit via by bank transfer, Apple Pay, or credit or debits card or can even get your salary paid into the app.
How to Buy Bitcoin with Revolut
Once your funds have been deposited, navigate to the wealth tab at the bottom of the screen.
Here you can to select whether you would like to choose from stocks, crypto, commodities, or vaults.
Navigate to the “Crypto” tab and tap on the “Invest” button.
Then choose BTC from the crypto list. At this stage, the app gives you an overview of the prices of Bitcoin, news, transactions, and your recurring buys.
There are 2 options when buying Bitcoin through Revolut. This is buying with a “Market Order” or setting up a “Recurring Order”.
If you are making a one-time purchase, use a “Market Order”. This will allow you to buy Bitcoin using any of Revolut’s supported currencies. Then enter the amount you would like to spend and Revolut will show the exchange rate and fees before you choose to “Buy”.
For “Recurring Buys”, select this option on your Bitcoin page and choose a future date you want to start buying. You can then select whether you would like this order to recur daily, weekly, or monthly.
Can I Send Bitcoin from Revolut?
Revolut does not support the transfer of cryptocurrencies outside of the platform. This is one of the negatives when buying Bitcoin with Revolut, you don’t have control. You are then essentially tied into Revoluts buy and sell prices and cannot transfer to an external wallet.
Is Revolut a Bitcoin Wallet?
No, Revolut is not a Bitcoin or crypto wallet. You are unable to send or receive Bitcoin (or any other supported cryptocurrencies that Revolut Support from the Revolut app. When hold your crypto it’s important to have access to your private keys, unfortunately Revolut does not provide this.
I personally love the Revolut App and it has some great features. Plus, its slick design makes the app really easy to use. However, I don’t personally hold any large amounts of funds or assets in my Revolut app (for more than a few days). Therefore, wouldn’t look at holding or buying crypto on Revolut.
If you’re serious about investing in crypto it’s best to sign-up for an exchange, such as the likes of Coinbase, Gemini or Binance. Then safely store your crypto in a cryptocurrency wallet such as a Ledger or Trezor which you do have to pay for. However, there are also free wallets such as Exodus or Argent where you can access your private keys. But I understand even by mentioning “private keys” I may have lost some of you already!
Another option (if you don’t want to look after or manage your private keys) is using platforms where you can earn an interest such as BlockFi or Celsius. Where you can currently earn 6% on Bitcoin or 5.25% on Etheruem with BlockFi.
One thing I do use the Revolut app for, is being an intermediary between my bank and crypto exchanges such as Coinbase or Gemini. as some of you may know, some banks do not allow transfers to crypto platforms however Revolut is a crypto-friendly app.