By George Ward
The cryptocurrency market has experienced unprecedented growth in recent years, attracting investors from all walks of life. With the emergence of innovative financial technology companies like Revolut, trading cryptocurrencies has become more accessible than ever before.
This comprehensive guide will walk you through the process of trading Crypto in the UK using Revolut X, Revolut’s advanced crypto trading platform.
Revolut’s Journey into Cryptocurrency
Revolut ventured into the cryptocurrency market in 2017, enabling users to buy and sell a few cryptocurrencies directly within the app. However, Revolut unveiled Revolut X in February 2024 as a cutting-edge crypto trading platform designed specifically for experienced traders.
Revolut X offers competitive fees and enhanced market insights. Although the exact number of users for Revolut’s crypto services is not publicly disclosed, the company’s overall user base has exceeded 30 million, indicating a substantial market for its crypto offerings.
Advantages of Trading Crypto with Revolut
One of its standout features is fractional trading, which allows users to buy fractions of a cryptocurrency with as little as £1. This feature makes crypto investment accessible to individuals with limited budgets, democratizing access to the market.
Also, the Revolut app’s design makes it easy for anyone to navigate and perform transactions. Revolut integrates its banking services with its crypto offerings, providing a seamless experience for users to manage their fiat and digital assets in one place.
Revolut has undergone significant regulatory scrutiny to ensure it operates within the bounds of financial regulations. Thus, it can provide an additional layer of security for users trading cryptocurrencies on its platform.
Limitations to Consider
As a newer player in the crypto space, Revolut X provides a smaller selection of cryptocurrencies compared to established exchanges like Coinbase and Binance. Additionally, the platform only supports typical markets and limits orders, which may not suit experienced traders seeking more advanced trading tools and strategies.
Also, Revolut’s app does not have a yield feature that allows users to earn on their cryptocurrency holdings through staking. Consequently, Revolut users can’t generate passive income on their crypto assets.
Trading Crypto Using Revolut’s Banking Application
For users looking to trade cryptocurrencies using Revolut’s banking application, here’s a step-by-step guide:
Access the Revolut Mobile App: Open the Revolut app on your mobile device and log in with your Revolut account details.
Navigate to the Crypto Section: Locate the “Crypto” section within the app. Depending on the app version, this section may be found under the “Wealth” tab or similar.
Select Cryptocurrency: Choose the cryptocurrency you wish to trade. The app will display its current price and trading chart.
Choose Buy or Sell: Decide whether you want to buy or sell the cryptocurrency. Enter the amount you wish to trade in fiat currency or cryptocurrency.
Review Transaction Details: Check the transaction details, including the total cost and any applicable fees.
Confirm the Transaction: The crypto purchase or sale will be processed once confirmed.
Trading Crypto Using the Revolut X Platform
Here’s how to trade using Revolut X:
Access Revolut X: Go to [Revolut X] (https://exchange.revolut.com) and log in using your Revolut account details.
Deposit Fiat from Revolut App: Click on “Deposit” to view your fiat balance from the Revolut banking app. Transfer the desired amount of fiat currency to your Revolut X account. If you already hold cryptocurrencies in Revolut X, you can also use them for trading.
Start Trading: Once your deposit is approved, you can begin trading on Revolut X.
Place Orders: Revolut X supports basic market and limit orders. So, place your buy or sell orders accordingly.
Manage Portfolio: Click the “Portfolio” tab to check your assets and portfolio performance.
Conclusion
Trading cryptocurrencies in the UK using Revolut and Revolut X offers a convenient and integrated approach to managing fiat and digital assets. With its user-friendly interface, regulatory compliance, and innovative features like fractional trading, Revolut makes it easy for users to start their crypto investment journey.
However, the platform’s limitations, such as a smaller selection of cryptocurrencies and basic trading features, may not fully meet the needs of advanced traders. The platform’s focus on user experience, combined with Revolut’s established presence in the financial technology sector, enables it to attract a diverse range of users, from casual investors to more serious traders.