Revolut Cryptocurrency Review (2023)

61 thoughts on “Revolut Cryptocurrency Review (2023)”

1. This is exactly what I was looking for today.

   I already got my crypto on Binance but thought to look into Revolut – as a means to automate a monthly buying – with the hope that I can just set an order – to take a % of salary and dedicate it – for crypto.

   Appreciate the proper breakdown – not to mention Lopp’s confirmation of it – solidified everything. Sticking to Binance.

   Reply

   • Glad you found this post useful, socialgnom!

     Check out Bottlepay if you’re looking for somewhere to setup automatic purchases of BTC. More expensive (1% fee) than using an exchange like Coinbase Pro or Kraken, but it’s convenient and quick.

     I still use Binance, but I would caution that you can’t currently deposit or withdraw GBP from it cheaply or easily. You might want to look at alternative routes for buying/selling cryptocurrency while they’re having these issues.

     Reply

2. In the Revolut app can you exchange XRP to euro and withdraw cash?

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   • Thanks for commenting, SB!

     You cannot currently deposit any cryptocurrencies, including XRP, into your Revolut account.

     However, you could buy XRP using GBP on Revolut, then exchange it back to EUR at a later date – and then spend that cash.

     Reply

3. What about using a Revolut (disposable) virtual card to make initial purchase / first deposit of ETH into a new Argent wallet i.e. in order to activate the Argent vault? I don’t want to give my everyday fiat debit card details to Argent’s payment partner MoonPay, and bank transfers are too slow. I’m wondering about setting up a Revolut premium account and using the virtual card so that my crypto purchases would not be stuck in the Revolut app, they’d be in my Argent wallet where I’d have access to DeFi and I’d just be using the Revolut virtual debit card to pay for the ETH purchase transaction. (Similar question to Kess, 29 September 2020). Thanks

   Reply

   • Thanks for commenting, Nic!

     I haven’t tested this myself, but this states that Revolut will allow you to make card transactions to MoonPay.

     But FYI, you will have to give MoonPay information about yourself to buy any cryptocurrency using them, as well as identification (e.g., driving license or passport) if you want to buy more than €50 in a single transaction or €150 per month. Even if you bought from somewhere else, you’d need to provide this information though.

     Fees are also quite high to buy crypto with a debit card on MoonPay: 4.5%, with a minimum charge of £3.99.

     Reply

4. I paid 3% fees for buying and then they are asking for another 3% when selling, that’s freaking 6%. It’s horrendous, they need to reform this asap! Looks really bad on them offering something like that.

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   • I get where you’re coming from, Joe. It gets worse too – as the exchange rates they quote aren’t the spot rate you’ll find on cryptocurrency exchanges like Binance or Coinbase Pro.

     With so many places in the UK where you can buy REAL Bitcoin (BTC) at much better rates (less than 1.5% is common), the only advantage Revolut provides is that it’s accessible and simple to use.

     But honestly? I don’t think it’s going to change – the fees have actually gone up last year by 1%, just when the marketplace was becoming more competitive. And they still don’t allow people to withdraw their cryptocurrency elsewhere…after launching three years ago!

     Check out this post for some alternatives. Much better options are out there in 2021.

     Reply

   • 95% my crypto in non custodial exchanges Revolut has been very useful for holding a little. I’m a premium member otherwise I would certainly not use it. It’s nice to sell instantly and instantly be able to blow the cash. If holding long term 1.5% not the end of the world.

     So yes I agree. It kinda sucks but for a small amount it is useful

     Colin 🌽Cornhole 🌽

     Reply

     • Thanks for sharing your thoughts, Colin!

       Reply

5. Great artificial and thank you!!

   I exchanged £2.5k to a number of Cryptos using Revolut and now the price of the Cryptos have gone up but the exchange on Revolut does not reflect the live prices, which really sucks! At the moment bitcoin is £33K but Revolut exchange is £27k… crazy!

   What I want to do is be able to hold the crypto and exchange at a later date based on live prices, to make the most of the price changes long term.

   How would you recommend to set up?

   I want to pull everything out of Revolut.. help!!

   many thanks

   Reply

   • Glad you found the review useful, Shuh!

     This is a consequence of Revolut using the volume-weighted average price (VWAP) – as well as “other factors”. As you’ve highlighted, this can make a huge difference in the buy and sell prices you’re being offered.

     Unfortunately, you cannot pull cryptocurrency out of Revolut and then sell it elsewhere. You’re locked into their ecosystem. If you want to stop using it, you’d need to just sell up at whatever price they’re offering and then re-buy on a fully functional cryptocurrency exchange.

     There are loads of places where you can buy Bitcoin (BTC) at the spot rate (i.e. best price available on exchanges) without paying more than about 1.5% in fees. To get an overview of places you could use, check out this post. For a more in-depth look at how to buy Bitcoin (BTC) cheaply, head over here.

     In short? You’ll get the most accurate exchange rates and pay the lowest fees if you use a cryptocurrency exchange. In these places, you’re free to withdraw YOUR cryptocurrency from their platform and take it wherever else you like at any time.

     But FYI, most cryptocurrency exchanges and brokers are getting an insane influx of new users. This might mean it takes you longer to get verified (something that’s necessary to buy on any exchange with GBP).

     Hope that helps a little – let me know if you have any other questions!

     Reply

   • That’s just not true, im looking at the exchange price now vs revolut now and there is a 50 GBP difference.

     Reply

     • Thanks for commenting, BC!

       The exchange rate varies day-to-day depending on market conditions, as Revolut use the Volume Weighted Average Price (VWAP) to set their exchange rates. During “normal” conditions, you won’t see much difference. However, during periods of higher volatility (i.e., the price jumps up), you might notice more of a difference in the exchange rates offered.

       Reply

6. Hi Dean,

   Great article! I’m looking to open a corporate bank account where I would be able to receive fiat currency (euro) and then make transfers to one of the large crypto exchanges such as Kraken in order to pay my vendors in btc. Do you know which banks specifically would be able/willing to provide this sort of functionality?

   Reply

   • Sorry, Adam – I don’t know if I can help on this one.

     It seems like banks are slowly becoming more crypto-friendly, but you’ll still have problems with many of them (e.g., fraud checks every time you make a transaction, frozen funds, bank closures, etc.) if you do anything crypto-related.

     I’ve heard that Barclays is good for personal accounts – but I’ve got no personal experience with them. Another one worth checking out would be Wirex (who provide a crypto debit card). They’ve just started to provide accounts to businesses by the looks of it.

     Sorry I can’t be of more help. I think you’d have more luck posting in /r/BitcoinUK or jumping on the UK discord channel. There are a variety of people lurking around who I know will be more helpful than this. Your other option might be to talk directly with Kraken (and whatever exchange you’re looking to send money to).

     Reply

     • Hi Dean

       Just to clarify, as some may find this as confusing as I did when I got my Revolut.

       Revolut if you actually have one of the premium accounts they charge 1.5%, but per transaction on the amount you exchange.

       Example £1000 into crypto will be £15 charge, let’s say to keep things simple you doubled your money and is now worth £2000, when you sell they will charge again 1.5% in this case £30.

       One thing, I would like your opinion/help with. Of all the platforms which is the cheapest, including any hidden fees for withdrawing your funds back to fiat CCY?

       The other question you say Revolut is not backed by the money scheme guarantee, is there any platform that trades crypto that is?

       Thanks for your help and knowledge.

       Kind regards

       Reply

       • Thanks for commenting, Piranha!

         Yep, that’s correct – you’ll be charged a fee when you buy AND sell any cryptocurrency on Revolut. But even if you went somewhere else to buy and sell cryptocurrency, you’d have to pay fees when you bought and sold.

         Check out this post for the cheapest way to buy Bitcoin (BTC), as well as many other cryptocurrencies. In short, it usually works out cheaper to use a cryptocurrency exchange like Coinbase Pro. However, they’re not that beginner-friendly.

         I don’t think there are any alternatives that have FSCS coverage. There are a few places that insure some, or all, of the cryptocurrency that they control against theft (cyber or physical) though (e.g., Coinbase Pro, Gemini, Coinfloor).

         Hope this helps!

         Reply

7. Hi Dean,

   Having just discovered Revolut want to charge me 1.5% to sell my XRP I suddenly felt at a loss and found this excellent article. I may pull them out fairly soon as a result.

   I also use eToro and really like the app. Only a £5 cash withdrawal fee and otherwise their fees are in the spread. However I notice you make no mention of them.

   Do you have a review of eToro or any thoughts of them?

   Regards

   James

   Reply

   • Glad you’ve found the review useful – thanks for taking the time to comment and say so!

     I have no review of eToro yet, but here are my thoughts.

     eToro is an interesting choice. If you only want to buy/sell BTC, then the spread (i.e. the fees) is 0.75%. That’s more than you’ll pay on a cryptocurrency exchange (like Binance or Coinbase Pro), but cheaper than cryptocurrency brokers (like CoinJar or Bittylicious).

     However, XRP has a 2.45% spread – with other cryptocurrencies having a higher spread than this. Here’s where I found that information. XRP has been delisted from some places recently, but it’s still available to buy cheaply in multiple places (e.g. Binance or Solidi).

     I don’t think it’s widely known, but you can also withdraw some cryptocurrencies (which includes BTC and XRP) from eToro to your own cryptocurrency wallet. Crypto withdrawal fees on eToro don’t look higher than most places right now.

     When I first checked it out, there were restrictions on cryptocurrency withdrawals if you used certain payment methods. This meant that you had to wait X numbers of days after you’d deposit money before you could withdraw the cryptocurrency you bought with that cash. Just checked again and it seems like this restriction has been removed if you deposit money with a local bank transfer.

     Hope that helps a little!

     Reply

     • Thanks Dean for the observations. I really appreciate your time. Thank you 👍🏻

       Reply

8. Rearding Revolut’s safety… there is a new plan now. Revolut’s new Plus service will cost £2.99 a-month and will include theft and accident coverage alongside purchase protection up to £1,000 for a year.

   Under new plans Premium customers will be protected up to £2,500 while Metal customers up to £10,000.

   Reply

   • Hi Martin,

     Thanks for sharing this. I’ve checked through Revolut’s website and it looks like this insurance only applies to your devices (if damaged/lost/stolen) and purchase protection. This doesn’t touch on the cryptocurrency you’re getting exposure to through their app.

     Reply

9. Hi thanks for the great article.

   If I didn’t want to leave my bitcoin on an exchange, where else could I store it please?

   Thanks
   Caroline

   Reply

   • Thanks for commenting, Caroline!

     If you don’t want to store Bitcoin (BTC), then there are lots of wallets that you can download to your mobile phone or desktop PC (any operating system you have). If you check out this site, you’ll find some of the more popular ones listed for each platform and operating system. These are “hot wallets” (i.e. they’re connected to the Internet) which are free and where I store small amounts of Bitcoin (BTC). However, I consider funds in these wallets to be more vulnerable – as the safety of these funds depends on the security of my device. I’m not that worried, just because I don’t store much in it.

     There are also “cold storage wallets”, where the private keys (necessary for spending the cryptocurrency) aren’t connected to the Internet. Paper wallets fall under into this category (also free), but you will find most places do not recommend them for absolute beginners – as you can make numerous mistakes which make your funds vulnerable. Hardware wallets also fall under this umbrella. These are well-recommended everywhere, as they’re a little device which makes it easy for everyone to securely store their cryptocurrency. However, these aren’t free. If you’re interested in these, then I have a small list where I’ve ranked my favourites here.

     Hope this helps a little! It can be a bit much for a beginner to take in all at once, so I would take it slow. Wherever you’re currently storing it online though, review the security settings and ensure there is at least two-factor authentication enabled.

     Reply

10. Happy nee year and thank you for the article! I agree with your points here but I would like to ask about another perspective. Some banks do not approve funds transferred from typical cryptocurrency exchange platforms and flag the transactions due to “possible relations with terrorism funding”. I figure using Revolut is safer in this case because the money does not travel anywhere and Revolut is aware of your transactions and won’t block you for trading on their own platform (vs transferring money from your typical back account, exchanging some crypto, sending back the profits and getting blocked). It might also be easier to deal with profit taxes as is the case in some countries because you’re not buying or selling anything, just speculating on the price. (In my country you would pay 15% profit tax or would need to have a freelance certificate and pay taxes even if the bank accepts such transactions. What is your take on this? Thank you.

    Reply

    • Thanks for commenting, Andrew!

      Some banks aren’t crypto-friendly, but it is possible to open a secondary account with one that is for doing this kind of thing. Lots of current accounts are free, have minimal requirements, and means you can send GBP elsewhere to pay lower fees and have real access to your cryptocurrency.

      But you’re right, it’s going to be easier and avoid potential banking issues to just use Revolut.

      Regarding taxes: Revolut recently changed their cryptocurrency terms and conditions (in July 2020). If you use their services, then you now own the (beneficial) rights to it. CTRL-F for “own” in this document and you’ll find some more detail. I would ask an accountant or tax professional for clarification if you’re unsure, but it does not appear that cryptocurrency purchases/sales on Revolut would be exempt from tax.

      Hope that helps!

      Reply

11. Hi Dean

    Thank You for the article. Very useful.

    Not knowing all the above I already purchased bitcoin worth €200 with my revolut account. Now I want to get out of this and I’m wondering what is the best way to do this.
    I guess I can convert the bitcoin in euro inside the revolut application and then direct the euro to coinbase or any other place from where I can buy bitcoin, but I would like to know if there is a different way to get out of this.
    Thank You

    Reply

    • Thanks for commenting, Sebastian!

      Because Revolut doesn’t support cryptocurrency deposits or withdrawals, you’re forced into buying and selling through them. There’s no other way to cash-out if you’ve bought using their platform (which means you have to pay their fees again).

      Reply

12. Interesting article as I was thinking about using Revolut to buy some crypto.

    Agreed there are (major) flaws with Revolut but it does look very convenient.

    If I was to buy from Revolut at the moment I will get an exchange rate of £20,503, and I am charged 2.5% fee.

    If I look on localbitcoin, where I have an account, the best exchange rate (for me) is £21,159. This is a 3.2% worse exchange rate.

    This sounds worse to me?

    It really is a shame Revolut don’t allow you to own the crypto

    Reply

    • Thanks for commenting, Graeme!

      In the past, I’ve typically found that I could find rates on Localbitcoins which were about 1-2% above the real exchange rate. I’ve just checked now and I’m seeing rates of 2% when logged in (which matches what I’m seeing on BittyBot). I’m not sure why this has changed, but perhaps it’s because of the recent price action that BTC has seen.

      Anyhow, you can get lower rates than this now – so check out this post: How to Buy Bitcoin in the UK

      Happy New Year!

      Reply

13. Hi,

    Thanks for your article.
    There are exchange rates and fees when you purchase cryptocurrency via credit card or bank transfer.
    What we should know about insurance?
    I can buy BTC online on internet and I can store offline or online, exchange to another crypro or trade. Ok but what about insurance? It is more important than free exchange. On the other hand I am not 100% sure the is free services at all. Somehow they must live on which need money. How I can figure about if my money is in a secure place and the website has insurance in case of any troubles to get my money back up to £10.000, £100.000 whatever?
    Thanks,
    Balint

    Reply

    • Thanks for commenting, Balint!

      Glad you found the article useful. In short, Revolut doesn’t appear to safeguard user funds and it wouldn’t be covered by the FSCS (see here).

      Various popular places claim to have insurance on their websites.

      For example,Crypto.com claims to hold 100% of funds in cold-storage and have $360m in insurance. What’s less clear is how much they’re storing. If they’re storing more than this coverage, than you wouldn’t be completely protected.

      But even if a provider has insurance coverage and something happened (e.g. theft, closure, etc.), I would imagine the process of getting your money back would be a drawn-out experience. I’m not comfortable with this risk, so I only leave a little on exchanges like Crypto.com, Coinbase Pro, or Binance.

      A few top-of-mind places which have some form of insurance include:

      • Coinbase
      • Gemini Custody
      • Crypto.com

      Hope this helps somewhat!

      Reply

14. Hey Dean,

    thank you very much for your insightful article 🙂

    I have a question on the FSCS bit.
    As you say:
    “Using Revolut is just like leaving your funds on any other cryptocurrency exchange. You shouldn’t do this, as cryptocurrency exchanges have been hacked in the past.”
    This is quite an issue if one is investing a substantial amount of money in crypto. From your words I’m understanding that this is a disadvantage of Revolut, but at the same time it seems common with other platforms.

    The question is: are there any other places (e.g. Crypto.com) where we could feel safer under this point of view?

    Reply

    • Glad you liked it, Thomas – thanks for commenting!

      You will absolutely face the same risk on cryptocurrency exchanges. The difference is that you can choose to withdraw your cryptocurrency from other platforms, whereas you’re restricted from doing so on Revolut. In other words, you can eliminate the risk if you use a normal exchange – whereas you can’t on Revolut (even three years after introducing crypto support).

      Is there somewhere where I’d feel safer? I’m not a fan of leaving cryptocurrency on exchanges. However, I would feel better leaving funds with an established, reputable, regulated company that has a good track record and ideally has some form of insurance. A few that come to mind are Coinbase, Kraken, and Gemini – but that’s not an exhaustive list. In particular, I like the look of Gemini’s Custody solution. If you want to learn more about Gemini (only recently available in the UK), check out my Gemini review.

      Hope that helps! Let me know if you have any other questions.

      Merry Christmas!

      Reply

15. Hi I just buy a cryptocurrency in revolut how can I I widraw or atleast transfer them to any other account

    Reply

    • Thanks for commenting, Shirley!

      No, Revolut still does not allow you to withdraw cryptocurrency you buy using their app. If you want real cryptocurrency, then you’ll need to look elsewhere. Check out this post for a list of just some of the options out there.

      Reply

    • You can exchange to GBP and send back to your offline bank account.

      Reply

      • Hi Balint,

        Thanks for commenting! Reading back over Shirley’s comment, it looks like she was referring to withdrawing cryptocurrency from Revolut – not GBP. Revolut’s functionality is currently limited to just buying, selling, and storing – but deposits and withdrawals of cryptocurrencies are not permitted.

        Happy Holidays!

        Reply

16. Hey Dean,

    So i opened a Coinbase account a couple of years ago…just before the ETH and BTC spike of January 2018.
    Back then, the KYC procedure was a little different if I recall correctly: and I provided a UAE (Dubai) phone number to get verified.
    Meanwhile, this UAE number is no longer active, and I haven’t been able to retrieve access to my account. There isn’t much..but it really sucks not to be able to get anyone from Coinbase to assist. Tried to access my account, but an error message pops each time. And I can’t seem to get hold of anyone from customer care (I don’t think they even have any dedicated customer care team) . Any thoughts or tips?. Thanks a lot!

    Reply

    • Thanks for commenting, Jamal!

      Awkward situation. The best thing you can do is to send them a ticket explaining this and wait for them to get back to you. Coinbase isn’t known for having great customer service, but the price action over the last few weeks will probably mean it’ll be even slower than usual.

      If they don’t resolve it via a ticket, then you could escalate it to a complaint. See here for information on that.

      Hope that helps a little.

      Reply

17. Today I bought one ETH @ 471 EURO and at the same time, the selling price was 440 euro. Is this normal this gap?

    Reply

    • Hi Yiannis,

      Yep, that’s normal – the fee that Revolut charges you are hidden in the exchange rate. This leads to a difference in the price you’re quoted when you buy or sell cryptocurrency on Revolut.

      Hope that helps!

      Reply

    • Is there any better exchange platform that accepts debit card deposits without a deposit fee?

      Reply

      • If you want to completely avoid fees, then you’ll have a wider range of choices if you use a UK bank transfer. Check out this post for more information on the best overall options.

        If you’re committed to using a debit card, then the place with the lowest fees that I know of is Crypto.com. This charges 1.49% if you buy cryptocurrencies using a debit card in the UK (see here).

        Crypto.com is a little clunky though. For something that’s a little slicker, check out Luno (my recent Luno review is here).

        Let me know if you have any other questions!

        Reply

        • After a chat with Revolut customer care, the conclusion is
          If you are a premium customer you have to wait for a 3% rise after you buy a cryptocurrency so as to have earnings
          For standard customers is 5%

          After that, I look for another platform

          Reply

          • Cheers for sharing, Yiannis!

18. Hi Dean,
    I’ve just started to invest in crypto through resolut and I’m reading all about the negativity about resolut. I’ve recently invested 1200€ in different crypto currencies and it’s seems to be doing ok. I didn’t look into the charges etc. At this moment Nov 24th 20/20 I’ve just accepted there rates and earning profit. Do you think I should take everything out resolut and move to coinbase? I want to invest long term. I live in Spain so I don’t know if that makes a difference. Thanks

    Reply

    • Hi Chris,

      Welcome to the wonderful world of crypto!

      Revolut gets a lot of negative press from the community (including me) because it doesn’t allow you to withdraw cryptocurrency to your own wallet. There are a few reasons why the community is against this (e.g. “not your keys, not your coins”).

      The fees have also continued to get worse (now 2.5%) and you’re locked into paying these once you use it to buy cryptocurrency. There are some great options in Europe with lower fees that allow you to withdraw it to your own wallet (should you wish to). Kraken is an option that has a good reputation and low fees – but there are alternatives like Luno which I really like (quick verification, easier to use, great mobile app).

      Hope that helps somewhat! Let me know if you have any follow-up questions I can help with 🙂

      Reply

19. hi can I ask a question I recently bought bitcoin on revoult ,,,can this be withdrawn whne sold

    Reply

    • Hi Ste,

      When I last checked, you could not withdraw bitcoin (BTC) from Revolut. They’ve been talking about adding-in this functionality for years, but I wouldn’t hold too much hope.

      If you want to buy BTC that you can withdraw to your own wallet, then check out this post. If you’re a beginner, I would also check out Luno – I haven’t written up a review yet, but my experience has been positive.

      Reply

20. hello. so i wanted to set up a revolut account for crypto buying/selling but i stumbled upon this post. i want to ask, is it possible to use your revolut card to buy crypto for other sites like crypto.com?

    Reply

    • Hi Kess,

      You still can’t buy cryptocurrency using a Revolut card on Crypto.com, as Revolut blocks the transaction. You should be able to transfer from Revolut to Crypto.com using a simple GBP bank transfer though (no fees, just takes longer to credit).

      Let me know if you have any other questions!

      Reply

      • How long does it take to credit. CA?

        Reply

        • Hi Yiannis,

          Can you elaborate a little? I’m a bit unclear.

          My GBP deposits credit quickly into Revolut and cryptocurrency exchanges are instant. However, it’s likely that deposits in other countries could take a few working days to process.

          Cheers!

          Reply

21. Hi,

    I made an account on Coinbase from the link you provided and I uploaded my ID but it requires me to send a document that has my address. Do you know if I can avoid this? I don’t have any documents with my current address that are in my name and it would be a shame to not be able to use this platform

    Reply

    • Hey!

      You can’t avoid this on Coinbase. You’re also going to find it difficult to find anywhere that doesn’t require ID and address verification, as KYC rules force anywhere that buys/sells to collect this information.

      If you’re just looking to buy a little, then Solidi and Bittylicious do allow small purchases with little, if any, verification.

      Hope that helps a little. Let me know how you get on with this!

      Reply

22. Do Revolut have any plans to improve on there current cryptocurrency options?
    As you’ve stated you can merely purchase it within the App but do you know if they plan to improve on any of the areas you have highlighted as flaws?

    I have purchased a modest amount of Ether & LTC via Revolut as I am quite new to this space, however I am now going to set myself up on coinbase based off of the information you have provided.

    Reply

    • Hi Chris,

      I haven’t heard anything about them changing this, but it could be in the pipeline.

      If you want something easy, then Coinbase is an excellent entry point for a beginner. If you do use this, consider sending money in via a bank transfer as it’s cheaper than using a debit card (1.5% vs 4%).

      Stay safe!

      Reply

23. My card was compromised and wanted to dispute some transactions. A real bank will help out the customer at any time but Revolut finds always a way NOT to help out the customer,I have been with them in touch every single day waiting in chats for hours and charge back team contacts me with some Terms and conditions that they cannot help me. So my money was lost. The transactions were Not 3d secured so a real bank would help me out to get back my money . I personally worked with chargebacks and the bank will always help out the customer but Revolut is obviously not a bank and they are not helpful and also greedy. I don’t recommend at all I’m sorry.

    Reply

    • Thanks for the comment, Alex.

      If you’re from the UK, then I’d recommend you escalate to the Financial Ombudsman after exhausting all communications with Revolut (incl. submitting an official complaint to Revolut and letting them know you’re intending to escalate if there’s not a resolution). I found some more details here.

      I’ve been through a similar situation with PayPal. It sucks. Record everything, go through the motions, and hopefully, it resolves in your favour.

      Best of luck and thanks for sharing 🙂

      Reply