Summary: Revolut offers a selection of 25 major cryptocurrencies for purchase but does not support crypto staking services. Additionally, the platform's trading fees are among the highest in the industry.
For those seeking a more cost-effective and comprehensive trading experience, eToro is a suitable alternative, regulated by the Financial Conduct Authority (FCA), which can provide more security and a broader asset range. If you're contemplating investing in cryptocurrencies, it's essential to compare these platforms to find the one that aligns best with your flocal regulatory requirements.
- Financial Conduct Authority (FCA) regulated broker with over 30 million users.
- Buy, sell and trade over 3,000 Cryptocurrencies, Stocks, ETFs and more.
- Deposit methods include Bank Transfer, Debit Card, Credit Card, Sofort and more.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Can I Buy Bitcoin with Revolut?
You have the option to purchase a range of cryptocurrencies like Bitcoin, Ethereum, and Solana using Revolut, which is a widely used digital banking application. But it's crucial to consider the cost implications. Revolut charges trading fees starting at a steep 2.5%, which is considerably higher than the industry norm, which ranges from 0.5% to 1%. In addition to this, there's a recurring monthly account fee of $9.99, making it a pricier choice for trading cryptocurrencies when compared to other available platforms.
How to Buy Crypto with a Revolut Alternative
If you're considering alternative platforms to Revolut for diving into cryptocurrency, eToro stands out as an excellent choice. With a broad portfolio of over 3,000 digital assets and some of the lowest trading fees in the industry, eToro offers both diversity and affordability for crypto traders. Being regulated by reputable entities like the Financial Conduct Authority (FCA) further elevates the platform's trustworthiness and security.
To begin trading on eToro, you'll need to follow these straightforward steps:
- Register for an eToro account and go through the verification process.
- Choose the currency you'd like to use for deposits, with various options available, including EUR, USD, and many more.
- Connect a bank account, either from the UK or elsewhere in Europe, to effortlessly deposit your chosen funds.
- Lastly, search for the specific cryptocurrency you have in mind, and go ahead and place your trade.
By following these steps, you can enjoy a trading experience that is both secure and cost-effective, thanks to eToro's FCA regulation and competitive fee structure.
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Can I Stake Crypto on Revolut?
Unfortunately, Revolut doesn't offer cryptocurrency staking services. As a result, you won't be able to deposit proof-of-stake (PoS) assets such as Ethereum, Solana, or Avalanche to earn interest or staking rewards through network validation. The app's crypto functionalities are limited to purchasing, selling, and holding a selection of 25 different cryptocurrencies.
Additional constraints with Revolut include the inability to transfer your crypto holdings to an external wallet or to receive digital assets from third-party sources. All transactions related to cryptocurrencies have to be executed within the Revolut app itself, limiting your options for external transfers and staking activities.
Revolut Crypto Fees Explained
If you're contemplating investing in cryptocurrencies through Revolut, it's crucial to understand their fee structure for informed decision-making:
- Trading Fees: Revolut has relatively high trading fees, starting at 2.5%, which is considerably above the industry norm of 0.1% to 0.5%. This could impact your overall returns.
- Monthly Account Fee: Revolut charges a $9.99 monthly account fee. This additional cost makes their crypto services more expensive in comparison to other platforms.
- Deposit Fees: Deposit fees vary depending on the method. Bank transfers are typically the cheapest, while debit or credit cards deposits cost over 2.49%.
In contrast, eToro, regulated by the Financial Conduct Authority (FCA), offers a more cost-effective and comprehensive crypto trading experience. Its average trading spread is around 1%, and it provides a broader range of digital assets. This makes eToro a strong alternative to consider for your crypto investing needs.
Is Revolut a Good Crypto App?
No, Revolut is not a good crypto app for those looking to maximize profits and ensure regulatory protection. The platform charges some of the highest fees in the industry, which can significantly eat into your returns. Additionally, their cryptocurrency product is not regulated by the Financial Conduct Authority (FCA), making it a less secure option compared to other platforms.
About Revolut Bank
Revolut is a fintech firm headquartered in the UK, specializing in a diverse array of financial services accessible through its mobile application. Co-founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, the company has witnessed rapid growth, boasting a customer base of over 10 million across 30 countries. While it offers features like prepaid debit cards, currency exchange, and peer-to-peer payments, it's important to note that Revolut is not a conventional bank in all jurisdictions where it's available. The company holds a European banking license in Lithuania and functions under an e-money license in the UK.
Final Thoughts
In conclusion, while Revolut offers a convenient entry point for purchasing a variety of cryptocurrencies, its high fees and lack of regulatory oversight in the crypto sector make it less appealing for long-term investments. For those prioritizing cost-efficiency, security, and a diverse asset range, eToro emerges as a compelling alternative. Regulated by the FCA, eToro offers lower fees and a broader cryptocurrency portfolio, making it a preferable option for those serious about crypto investing.
Andrew Chen is a lead editor and auditor of content for Buy Crypto Bank, with a Masters of Computer Science and extensive knowledge in cryptocurrency and blockchain technology. He has helped ensure the accuracy and quality of the platform's educational resources for new and experienced investors in the crypto space.
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