When we think of buying crypto, we first and foremost consider doing so via crypto exchanges. However, some banking apps have opened the doors to decentralized currencies, now providing a way for customers to buy crypto. Revolut, for example — a global financial app that offers banking services — offers its users an option to buy crypto with fiat currency. So it is worth buying on this platform as opposed to on an exchange. This guide demonstrates how to buy bitcoin with Revolut, plus looks at the fees and limitations of this method.
Yet, you might be wondering if it’s worth buying on this platform as opposed to a cryptocurrency exchange. In this article, we focus on bitcoin and show you how to buy bitcoin with Revolut as well as go over its fees and limits for consideration.
What is Revolut?
Revolut is a UK-based FinTech (financial technology) company that was launched in 2015 by two former Credit Suisse bankers, Nikolay Storonsky and Vlad Yatsenko. The application acts as a banking platform that offers various banking services, including free international money transfers, budgeting tools, and prepaid debit cards.
The Revolut app is attractive to users thanks to its multi-currency capabilities, allowing you to open accounts in any currency you choose. In addition, Revolut’s fees tend to be much lower than an average bank. Revolut now offers exposure to bitcoin and 100+ additional cryptocurrencies like ethereum, solana, and more. Since it launched its crypto offering, the number of app users has grown exponentially.
Below is a chart revealing the number of Revolut bank app downloads worldwide as of February 2023 by country.
How to buy bitcoin with Revolut
If you want to use Revolut as a crypto trading platform, then follow the steps below. Keep in mind that Revolut is a mobile app only; however, the company has recently introduced its Revolut Web App, which allows you to access your account from a desktop web browser.
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Step 1: Register an account on the Revolut app
Go to your mobile device app store and search for the Revolut Mobile Finance app. Click download. You will be prompted to either login or sign up for an account. In this case, click on “Sign up.” You will need your phone number to register, so the app will ask you to input your number. Then you will need to provide a 6-digit code to confirm your registration. After the setup, you will be prompted to set up a PIN.
Step 2: Top up your account with fiat currency
You will be able to access all the features the app provides after your registration is set up. From the menu, you can access your accounts, transaction history, conduct a transfer, and manage your Revolut debit cards. However, to buy crypto on the platform, you will need to add fiat currency to your account first. From the home screen, click on “Add Money.” Choose the type of bank transfer or bank card to add the money. Follow the on-screen instructions to add your account details.
Step 3: Buy bitcoin with Revolut
When you add fiat currency to the Revolut app, the total amount will show on the home screen under your accounts. Now you will be able to buy crypto. Click on “Crypto” from the menu. From this page, you can access your total portfolio value, transaction history, and investments. Next, click on “Trade” and choose bitcoin from the list of cryptocurrencies. Click “+ Buy.” Then, you will be prompted to add in how much bitcoin to buy from the total amount of fiat in your account.
Can I send bitcoin from Revolut to another wallet?
You don’t have to keep your bitcoin on the Revolut app after purchasing. In fact, it’s possible to send your crypto from Revolut to another wallet. To do this:
- Go to the “Crypto” section on the Revolut home menu and tap “More”
- Next, tap “Send”
- Select from one of the available wallets or tap “New” to add a new address
- Enter the amount you want, then tap “Send”
Alternatively, you can also paste a new wallet address in the search bar instead of choosing from the list. Also, if this section isn’t available, you may not be eligible for blockchain withdrawals due to your location or the selected currency.
Things to consider when buying bitcoin with Revolut
One of the most vital things to keep in mind when buying digital currency is its volatility. Cryptocurrency prices can make sudden moves without warning just because of the unstable market. However, when it comes to Revolut specifically, make sure you understand the fee structure when buying crypto.
The app has expensive fees compared to the majority of cryptocurrency exchanges. Revolut charges fees depending on your product plan, and monthly fees can go as high as €11. Premium members pay 1.49% for paying a higher subscription tier. Standard and Plus users incur a 3% fee.
Did you know? The Revolut app is not immune to threats. Recently, a flaw in its payments system in the U.S. allowed criminals to steal €21 million of its funds, which was drained over a period of several months. The company recovered some of its loss, but is still left with a net loss of roughly £16 million.
Is it safe to buy bitcoin with Revolut?
Revolut is a trusted app for buying crypto. Note that it is registered with the FCA (Financial Conduct Authority) in the United Kingdom. This means that buyers have certain protections. However, just with any cryptocurrency exchange or platform, caution should always be taken. The crypto market is extremely volatile, so you can easily lose all your funds in a single trade. Always do your research into any before investing, and only ever spend what you can afford to lose. Note also that while the guide has explained how to buy bitcoin with Revolut, it doesn’t necessarily advise you to do so. Many crypto exchanges offer lower fees and are also beginner friendly.
Frequently asked questions
Can I buy and send crypto on Revolut?
What is the Revolut fee for buying crypto?
What is the limit of Revolut bitcoin?
Does Revolut work with Binance?
How long does Revolut BTC withdrawal take?
Can I transfer my crypto out of Revolut?
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