Revolut Cryptocurrency Review (2021)

Revolut Cryptocurrency Feature
  • Ease of Use
  • Beginner Friendly
  • Speed
  • Fees
  • Functionality
3.4

Summary

Revolut 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. This is just a way for people to speculate on cryptocurrency prices (but not actually use them). The fees aren’t that great either (2.5% if you don’t have a premium account).

I will 100% NOT be using Revolut’s cryptocurrency exchange. Check out the link below to find lots of fully functional (and cheaper) alternatives where you can buy Bitcoin (BTC) and other cryptocurrencies.

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

There’s no doubt: Revolut is a fast, simple, and easy way to buy, sell, and hold cryptocurrencies. But I think Revolut’s crypto exchange sucks.

Want to know why? Read my full Revolut cryptocurrency review to find out more.

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

How Does Revolut’s Crypto Feature Work?

Revolut has made it fast, simple, and easy to buy and sell cryptocurrency inside their app.

Check out this quick video to see how it works.

This type of intuitive process is exactly what the market needs to onboard newcomers and usher wider adoption.

Supported Cryptocurrencies

You can currently buy, sell, and hold the following cryptocurrencies on Revolut:

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)
  • Stellar Lumens (XLM)
  • EOS (EOS)
  • Tezos (XTZ)
  • OMG Network (OMG)
  • 0x (ZRX)
Will Revolut support forked cryptocurrencies?

It’ll be decided on a case-by-case basis.

I wouldn’t hold out much hope, as I imagine that it’s largely dependent on whether their partner exchange (Bitstamp) supports them.

Supported Countries

Revolut’s in-app cryptocurrency exchange is available to all users who are residents in the following countries:

  • United Kingdom
  • Australia
  • Canada
  • Singapore
  • Switzerland
  • United States
  • European Economic Area (EEA)
What countries does the EEA include?

  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Republic of Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • Slovakia
  • Slovenia
  • Spain
  • Sweden

Cryptocurrency Fees

Revolut’s cryptocurrency prices are calculated using the volume-weighted average price (VWAP).

Translated into plain English, this means that the price is weighted in favour of the price that has seen the most volume in a defined time period. This is all based on price data from Bitstamp, who is Revolut’s cryptocurrency exchange partner.

Using the VWAP means that short-lived price movements are not reflected in cryptocurrency prices. If you’re intending to trade, even casually, then this is awful.

Revolut adds a 2.5% markup to the VWAP price “to account for volatility” – which seems like a poor excuse. If you’re a Premium or Metal Revolut user (which both require a paid subscription), then this fee is reduced to 1.5%.

But wait, there’s more! If you’re a standard user and exchange more than £1000 worth of any currency using Revolut, you’ll be categorised as a “high-frequency” customer. If you fall into that category, you’ll then be charged an additional 0.5% in fees when you buy or sell cryptocurrency using Revolut.

You’ll be charged no other fees besides this. However, this isn’t the cheapest way to buy cryptocurrency in the UK.

Find out about the cheapest and easiest alternative ways to buy Bitcoin (BTC) and other cryptocurrencies in the UK.

How does Revolut calculate rates for non-traded pairs? (e.g. BTC/PLN)

Bitstamp doesn’t support many fiat currencies – just GBP, EUR, and USD.

Because of this, Revolut handles all the necessary currency conversion behind the scenes. This is all handled at the interbank rate during normal working hours on weekdays. Revolut will add an extra 1% markup to major currencies outside of normal working hours and on weekends.

Cryptocurrency Wallets

Revolut doesn’t support individual cryptocurrency wallets. Instead, your cryptocurrencies are stored in a ‘pooled’ virtual account. Your balance is recorded on their internal ledger.

You also can’t send (or receive) cryptocurrencies outside of Revolut.

This means you:

  • Are locked into the buy or sell price which they dictate.
  • Can’t take control of your cryptocurrency (i.e. withdraw it).
  • Can’t actually use your cryptocurrency (this is just a speculation vehicle).

Will Revolut allow you to deposit and withdraw cryptocurrency in the future?

Revolut originally launched its in-app cryptocurrency exchange in December 2017. I thought it might begin to support deposits and withdrawals within a year, but we’re still waiting over three years later.

A recent article I found highlights that it is something they’re looking into, but there’s no ETA.

Can I spend cryptocurrency stored on Revolut?

Although posts like this have popped up on Reddit, you cannot pay in cryptocurrency when using your Revolut card.

Here’s what happens: If the only funds in your Revolut wallet are cryptocurrency (e.g. Bitcoin) and you buy a coffee at Starbucks, Revolut will automatically exchange the cryptocurrency back into the local currency and then send that over to Starbucks to pay for your coffee.

However, Revolut removed this functionality on 27th July 2020. This means that if you only have cryptocurrency in your Revolut account and attempt to make a purchase, it will be declined.

And it gets better!

Funds received by us in relation to cryptocurrency transactions will not be safeguarded (as is the case for fiat currency transactions pursuant to our obligations under the UK Electronic Money Regulations 2011). Any cryptocurrency we hold for you is not covered by the Financial Services Compensation Scheme. (Source)

So if your funds are lost or stolen, you’ll have no legal recourse for compensation! Great stuff.

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. Hell, it happens every year!

Summary: Revolut’s Crypto Exchange Sucks

Run away from this bullshit. Get real Bitcoin (BTC).

Let’s not walk circles around this. Revolut’s in-app cryptocurrency exchange sucks.

It’s telling that Revolut frames their in-app cryptocurrency offering as Cryptocurrency Exposure. It’s just a vehicle for you to speculate on cryptocurrency prices. Nothing more.

It might be an easy on-ramp for your initial purchase – something which motivates you to find out more about Bitcoin (BTC) and other cryptocurrencies. But I’m not convinced by that. There are real cryptocurrency exchanges that are just as easy to setup and use.

In short, I’m staying away from Revolut’s cryptocurrency exchange. 

Revolut Cryptocurrency Alternatives

I’ve reviewed some of the most popular cryptocurrency exchanges and brokers in the UK and ranked the best ways to buy Bitcoin (BTC) in the UK in this short and sweet list.

But if you’re looking for the easiest way to buy your first Bitcoin (BTC)?

Here are three great alternatives (all great for beginners):

  • Coinbase: Pay fees as low as 1.49% if you buy Bitcoin (BTC) with GBP deposited with a UK bank transfer.
  • Luno: Has a superb mobile app. This allows you to pay just 1.5% in fees when you buy Bitcoin (BTC) or a few other popular cryptocurrencies with GBP deposited via a UK bank transfer. Check out my Luno review to learn more.
  • CoinJar: Allows you to buy Bitcoin (BTC) and an ever-growing number of cryptocurrencies with GBP deposited via a UK bank transfer. Check out my CoinJar review to learn more.

For the absolute cheapest way to buy Bitcoin (BTC) in the UK though? Check out this popular post.

Anything to add?

Thanks for reading this Revolut cryptocurrency review!

Have a question about it? Or want to share your thoughts about it?

Let me know in the comments section below!

Extra: Walkthrough

If you’re interested in seeing buy bitcoin on Revolut looks like, check out this album.

40 thoughts on “Revolut Cryptocurrency Review (2021)”

  1. 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
  2. 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
  3. 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
  4. 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
  5. 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
  6. 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:

      Hope this helps somewhat!

      Reply
  7. 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
    • 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
      • 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
  8. 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
    • 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
      • 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
  9. 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
    • 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
  10. 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
  11. 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
  12. 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
  13. 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

Leave a comment