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Revolut Cryptocurrency Review (2018)

Revolut Cryptocurrency Feature
  • Ease of Use
  • Beginner Friendly
  • Speed
  • Fees
  • Functionality
3.8

Summary

This makes buying and selling cryptocurrency fast, easy, and simple. However, there is a BIG downside: you can’t send any cryptocurrency you purchase on Revolut outside of their platform. That sucks.

I would 100% NOT recommend Revolut’s cryptocurrency exchange (in its current state).

In December 2017, Revolut rolled out a new feature which allows you to buy, sell, and hold cryptocurrency from within their mobile app.

While this is clearly a fast, simple, and easy way to buy, sell, and hold cryptocurrencies, I do not recommend it.

Want to know why? Read on for the full review of Revolut’s cryptocurrency feature.

Note: This post only refers to Revolut’s in-app cryptocurrency exchange, not the popular process detailed here.

What Do You Need to Know?

The main points:

Pros & Cons

Pros

  • Makes buying and selling cryptocurrency fast, simple and easy (see this video). This is exactly what the market needs to onboard newcomers and usher wider adoption.
    • I was able to figure this out and complete a purchase in just a few minutes. That’s awesome.
  • Can avoid paying excessive currency conversion fees (as BTC/EUR trading pairs are more common than BTC/GBP trading pairs).
  • You can send cryptocurrency to other Revolut users (details here).
  • Great for small-value long-term speculation by newcomers with little or no knowledge of cryptocurrency.

Cons

Should you use this feature?

The main drawback of this new cryptocurrency exchange feature is that it does not allow you to transfer cryptocurrencies outside of Revolut. Newcomers might not appreciate the necessity of storing cryptocurrencies in their own wallet, but it is absolutely critical for larger sums. You cannot trust a 3rd party with decent chunks of cryptocurrency.

For a newcomers first (small) cryptocurrency purchase, it might be a suitable on-ramp which motivates them to find out more about cryptocurrency. It also removes the annoying barriers to entry, such as the delays faced by new customers attempting to sign up to exchanges like Coinbase/GDAX and Bitstamp.

I want to like this, but I would NOT recommend it in its current state. Newcomers might find it valuable to use temporarily while waiting for Coinbase to fully activate their account, but I don’t see the appeal of this beyond that. It’s still better to just follow the 1st route detailed in this guide.

What’s the Best Way to Buy Bitcoin the UK?

Want to know the best way to buy bitcoin in the UK?

Check out this short and sweet list I’ve put together.

Walkthrough

If you’re interested in seeing what this looks like, check out this album.

Anything to add?

What do you think of this new feature?

Let me know in the comments section below.

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