By James Davis
Most of us think of crypto exchanges when we want to purchase cryptocurrencies. However, a number of apps that provide traditional banking services are now offering their users access to these decentralized currencies. Among them is Revolut. This guide explains in detail how to buy crypto using the Revolut app. You will also get to understand the fees charged and whether the platform is better than centralized crypto exchanges. Stay tuned.
What’s Revolut?
Launched by ex-bankers Vlad Yatsenko and Nikolay Storonksy in 2015, Revolut is a financial technology (FinTech) firm headquartered in the United Kingdom. Through its app, you can make international fund transfers for free and pay for online shopping using debit cards.
Do you want to store funds in various currencies? Well, as a multi-currency app, Revolut makes that possible. Besides the United Kingdom, the FinTech platform operates in several other countries, including Romania, France, Poland, Spain, Ireland, Italy, the United States, Germany, and many more.
Revolut introduced its European users to cryptocurrencies last November. Since then, the app has seen massive adoption, reaching 20.4 million users as of this writing, data from Statista shows.
How to Buy Crypto With the Revolut App
Here is how you can acquire Bitcoin, along with over 90 other crypto assets using Revolut:
Step 1: Set up a Revolut Account
After downloading the Revolut app from App Store or Play Store, you are required to register an account in order to access the platform’s banking services. To do this, click “Sign Up” and enter your phone number. A code will be sent via SMS to verify the number. Next, you need to create a new PIN to protect your funds.
Step 2: Deposit Fiat to Your Newly Created Revolut Account
After successfully registering your account, Revolut will give you access to all its features and services, including the option to deposit funds into your account. Here is how you do it. On the app’s homepage, press “Add Money” and select the type of payment method. You can deposit via bank card or bank transfer. Enter your account details and the amount you wish to transfer, then confirm the transaction. If you use a bank card, funds will arrive instantly, but bank transfers might take a day or two.
Step 3: Buy Crypto With the Revolut App
Once the fiat money transfer is complete, it’s time to purchase crypto. Go to the main menu and click the “Crypto” button to open a page featuring your transaction history, investments, and portfolio value. Now press “Trade,” select the cryptocurrencies you wish to purchase, then click “Buy.” Enter the amount of fiat money you want to spend on crypto and confirm the transaction. Expect the digital currency to reflect in your account within a few minutes.
Is it Possible to make External Crypto Transfers From Revolut?
After buying your Bitcoin, you do not have to store it in Revolut. You can always transfer the digital asset to an external wallet. Here is how:
On the home menu, click “Crypto” and then “More.” A “Send” option will appear, and after clicking it, you will be required to enter the recipient address and the amount of crypto you wish to transfer. Click “Send” to initiate the crypto transaction.
Is Buying Crypto With Revolut Better Than Using Crypto Exchanges?
Revolut plays a significant role in promoting crypto adoption. However, the biggest disadvantage of using this app is that it charges higher fees than most crypto exchanges. These fees are charged based on the user’s product plan. Those on the Premium plan pay a 1.5% fee, while Plus and Standard users are charged a 3.5% fee.
Is Acquiring Crypto via Revolut Safe?
Revolut is a regulated FinTech company registered with the United Kingdom’s top-tier watchdog, the Financial Conduct Authority. That means the platform is safe for users to deposit their funds as they are guaranteed certain protections.
However, it is worth highlighting that you could still lose money when buying crypto due to high market volatility. Therefore, only spend what you’re comfortable losing.