It’s finally here! After months of blood, sweat and tears, Revolut customers will now be able to buy, hold and exchange Bitcoin, Litecoin and Ethereum in just 30 seconds at the best possible rates.
We wanted to open up cryptocurrency exposure to everyone and not just the enthusiasts. We’ve simplified the complex signup process, removed the high fees and brought cryptocurrency exposure to everyone at the touch of a button. 📲
But before you get started, we wanted to explain the process again, highlight the risks involved and spell out how we’re going to initially roll out the feature. 💸
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How to get instant access to crypto
The demand for cryptocurrency exposure has been overwhelming. To ensure that our onboarding process runs smoothly in response to high levels of demand, we’ve set up a temporary queue.
How to buy crypto through Revolut
Buying cryptocurrencies has never been easier. Simply download the latest version of the app for iOS or Android and then enable cryptocurrencies from the 'More' tab. Please ensure that you read the terms and conditions and understand the risks associated with cryptocurrencies before proceeding.
Once this has been done, you’ll then be able to exchange any of our 25 base currencies into Bitcoin, Litecoin or Ether, all in a matter of seconds at the best possible rates.
What can you then do with your crypto?
Once you have exchanged your fiat into crypto in the app, you can:
- Hold it securely, just like you would any other currency.
- Instantly transfer it to other Revolut users for free.
- Exchange it into any other crypto or fiat currency using the best possible rates.
What fees will we charge?
Most exchanges and brokers have imposed a complicated fee structure, usually involving multiple rates, deposit charges, spreads and sneaky hidden fees. This can end up costing consumers on average between 5-9% for exchanges.
In true Revolut fashion, we are being completely transparent with our users - we will only apply a small 1.5% markup with no other hidden fees or charges during the exchange process.
Which cryptos will Revolut support?
We’ll give customers exposure to Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH).
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Who can access the crypto feature?
Our cryptocurrency feature will be available to all customers within the European Economic Area.
How is Revolut able to offer crypto?
Revolut works with some of the most respected exchanges on the market to provide you with high liquidity, market-low rates and lightning fast execution.
For storage, Revolut uses a combination of techniques to ensure that your funds are safely and securely stored. The majority of funds are held in offline cold-storage vaults.
Why choose Revolut over traditional exchanges?
Revolut is the fastest and easiest way to gain exposure to cryptocurrencies. The exchange process is instant and, for the first time, Revolut users will be able to buy crypto in all of the 25 base currencies including Swiss Francs and Polish Zloty - a world’s first!
What are the risks of crypto?
Despite all the buzz, you should be aware that cryptocurrencies also involve a high degree of risk. You should therefore carefully consider whether trading or holding cryptocurrency is suitable for you in light of your financial condition. Here are the main risks to keep in mind:
Because cryptos are a relatively new breed of digital currencies, regulations are being drafted along the way, so there is always the potential for risk. Not to mention a high degree of uncertainty around how local regulators will respond to crypto in future. Funds received by us in relation to crypto currency 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 crypto currency we hold for you is not covered by the Financial Services Compensation Scheme.
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Cryptocurrencies are an ideal target for hackers, since they live inside computers and internet connected devices. In the past, a number of crypto exchanges have suffered attacks by hackers who have stolen millions worth of cryptos from client wallets.
Cryptocurrencies exhibit highly volatile price movements. The risk of loss in trading or holding cryptocurrency can be substantial. If you use cryptocurrencies to store value, or better said, to speculate on a crypto’s future value, you always run the risk of losing some or all of your money if the value of the digital currency suddenly drops.
If you are in any doubt about cryptocurrencies or the action you should take, we recommend you seek your own financial advice (including but not limited to tax) immediately from an appropriately authorised and independent financial adviser.
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