Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Summary: Revolut, a mobile app offering investment in over 90 cryptocurrencies, is often viewed as a costly option in the UK and Europe due to its 1.5% trading fees. The platform's lack of Financial Conduct Authority (FCA) regulation also raises custodial risk concerns.
We recommend eToro as a safer, cost-effective alternative. This FCA-licensed exchange offers over 3,000 assets, including cryptocurrencies, stocks, and ETFs, all with lower trading fees and competitive spreads. It's crucial to weigh factors such as fees, regulation, and asset variety when choosing a crypto investment platform.
Can I Buy Crypto with Revolut?
Yes, the Revolut crypto app enables individuals to exchange digital assets, featuring more than 90 tokens like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Avalanche (AVAX), and Dogecoin (DOGE), as well as a range of altcoins. Nonetheless, be aware that Revolut applies a significant 1.5% transaction fee for crypto trades, which is relatively high in the sector. Additionally, it's worth noting that their cryptocurrency services are not overseen by the Financial Conduct Authority (FCA), a key detail for those contemplating using this platform.
How to Buy Crypto with a Revolut Account
The best method to invest in Bitcoin and other cryptocurrencies through Revolut, initiate by transferring fiat money from your mobile banking account to a sanctioned digital asset marketplace within your region. Based on our analysis, we suggest eToro for investors located in the UK & EU, owing to its licensed status, speedy and affordable Revolut deposit options, and the extensive variety of over 3,000 assets available for trading on the platform.
You can get started in minutes with this guide:
- Visit eToro to sign up and verify your identity.
- Select the 'Deposit Funds' button on the bottom left of your screen.
- Select your fiat currency (e.g GBP or EUR) and your payment method (e.g Bank Transfer) and complete your transfer from Revolut.
- Complete the deposit and use the funds credited to your account to invest in crypto.
Revolut Crypto Fees
It's essential to be aware that Revolut's fee structure is somewhat higher than what you might find on other crypto investment platforms in the region. The exact fee you'll encounter depends on your chosen "product plan", a monthly subscription that might cost you up to 11 Euros per month. If you're a Premium or Metal subscriber, expect a 1.49% fee, a reflection of the higher subscription tier. Meanwhile, Standard & Plus users aren't spared, facing a 3% fee.
Contrastingly, a reputable platform like eToro stands as a more cost-effective alternative, offering cheaper spreads and reduced fees, with an average spread of about 1% across its broad spectrum of available assets.
Is Revolut Good for Investing in Crypto?
Regrettably, Revolut doesn't quite hit the mark as a top recommendation for cryptocurrency enthusiasts in the UK and Europe. This is chiefly due to its steep transaction charges, the imposition of a monthly subscription fee, and a somewhat restricted selection of cryptocurrencies available. Moreover, the absence of oversight from the Financial Conduct Authority (FCA) could potentially heighten the custodial risks for investors on their platform.
In summary, while Revolut provides a convenient mobile app that facilitates the trading of over 90 cryptocurrencies, it falls short as a primary choice for cryptocurrency investments in the UK and Europe, mainly due to its high transaction fees and the absence of Financial Conduct Authority (FCA) regulation. Notably, the platform charges up to a 1.5% fee for cryptocurrency transactions and levies additional costs through its tiered subscription plans, making it a relatively expensive option for investors.
Furthermore, the limited range of cryptocurrencies available and potential custodial risks due to lack of FCA oversight add to the concerns. For those seeking a more cost-effective and safer alternative, eToro emerges as a superior choice. With FCA regulation, a broader array of assets spanning over 3000 options including cryptocurrencies, stocks, and ETFs, and more competitive fee structures, eToro offers a well-rounded platform for investors in the region.