Revolut is a mobile bank headquartered in London. It is a great app for buying cryptocurrencies while working as your bank account. This article is a Revolut review. We will explore how suitable this app is for cryptocurrency trading. You will also find our Revolut experiences.
An overview of Revolut
Revolut is a combination of a traditional bank and an e-wallet. According to its slogan, Revolut has started a financial revolution. It is true that Revolut is difficult to put in a traditional financial category.
Revolut is kind of a bank. All users of the platform get their own IBAN account after registration. Revolut operates under a license granted by the central bank of Lithuania. Hence, all the IBAN accounts start with the letters LT.
You can transfer money to a Revolut bank account the same way you’d do with any other bank account. Lithuania is part of the SEPA area, which means that transfers from SEPA banks to the Revolut account are almost instant.
In the beginning, Revolut was only available via the mobile app. Nowadays, it is also possible to log into your account via a standard web browser on your laptop. Though, most features are still available only through the mobile app.
Revolut’s goal idea is to minimize customers’ expenses and make money transfers unprecedentedly easy. For example, currency exchange is free of charge between more than 25 currencies. With a Revolut payment card, you use and withdraw money from an ATM cheaply no matter where you are.
In addition to banking, Revolut offers a range of services, including insurance and the possibility of trading shares and cryptocurrencies. If you want, you can also save money on Revolut’s savings vaults or make donations to charity.
Opening a Revolut account is easy. To register, you must first download the Revolut app, which you’ll find from the Google Play and Apple Store.
The pillar of your user account is your phone number, which will be used to log into the app. So, register a phone number that you know you will use in the future.
After entering the country code and phone number, you’ll receive a six-digit verification code. You must then accept the general terms and conditions of the service, enter address information, your name, and date of birth.
As Revolut is an official bank, you will be asked to provide a photo of your passport, a document to confirm your address (utility bill), and a selfie to confirm your identity. This information will be sent to Revolut as soon as you register.
All the features of the app will not be available until all the documents you have submitted have been verified. This usually occurs within less than 24 hours.
Revolut banking, insurance, and investing
Revolut works like any other bank. After registering an account, you will receive a personal IBAN account number for sending money.
What is exceptional about Revolut compared to other banks, is that you can also deposit money into your Revolut account using payment cards. When transferring money to a Revolut account, for example, a Norwegian credit card shows the transfer in the card details as a regular card payment.
You have only one bank account, but you can keep multiple currencies in the same account. If you are traveling to England, you can exchange euros in your account for pounds and use your payment card directly in local currency. Switching between different currencies is free in Revolut, which makes the service very popular among those who travel a lot.
See the video below for a quick overview of Revolut.
If you want, you can get travel or device insurance from Revolut. The terms are generally reasonable and prices are affordable. Like travel insurance, the option offered by Revolut is excellent.
You can also invest in stocks and other assets via Revolut. The best-known U.S. exchanges, the NYSE and Nasdaq, are included. It is also possible to buy fractions of shares. This feature is popular these days. It makes it possible for small investors to buy stocks like Tesla and Amazon.
In addition, you can trade commodities and cryptocurrencies. You’ll find more information about cryptocurrency trading later in this article.
Revolut payment card and fees
Revolut offers its customers the opportunity to purchase a Visa or Mastercard connected to a bank account. It is free for all customers to get a card, but it costs a few euros to ship the card.
The Revolut card works like any other payment card. In addition to physical payment cards, there is a virtual card you can use for online payments.
The standard version of Revolut is free. This includes an IBAN bank account, one plastic debit card, €200 worth of monthly automatic withdrawals, and €1000 worth of currency exchanges each month.
Premium and Metal packages are also available. These packages cost €7.99/month. The €13.99/month package includes more free monthly withdrawals, unlimited currency exchanges, and travel insurance.
In the Metal package, you will receive a cool aluminum payment card instead of a plastic card. In addition, the Metal package generates 0.1% cashback in the EU and 1% outside the EU of all the purchases.
Different packages have different fees in the stock and cryptocurrency trading. Cryptocurrency trading fees are 2.5% in the free version. Fees are 1% lower at Premium and Metal levels. Share trading is also one percent cheaper for Premium and Metal accounts.
Revolut and cryptocurrencies
Revolut is also ideal for cryptocurrency investing. The currency selection has also grown fast.
At the time of writing, Revolut has more than twenty different cryptocurrencies. In addition to major currencies such as Bitcoin and Ethereum, the list includes altcoins like Orchid, UMA, The Graph, Synthetix, and OMG Network.
Buying cryptocurrency is easy. Once you find the desired cryptocurrency, click the Buy button, enter the amount in fiat currency, and confirm the payment. The purchased cryptocurrency will appear in your portfolio instantly.
The selling process is as easy. Choose the cryptocurrency you want to sell, click on the Sell button, and set the amount in either cryptocurrency or fiat.
Crypto trading fees depend on your Revolut account level. The free version has a 2.5% fee for buying and selling. For paid members (Premium & Metal), trading fees are 1.5%. An active trader should definitely consider a paid membership.
When you purchase cryptocurrencies via Revolut, you don’t receive “actual coins”. You get a position on cryptocurrencies. The value of your position goes up and down when the crypto prices move. This means you can’t withdraw your coins out of Revolut to an external wallet.
Revolut does not report the transactions to the tax authorities. On the cryptocurrency page, you can request a really easy-to-read bank statement of the transactions you have made within a specified time frame. You can save the file in PDF format and deliver it to the tax authorities.
Revolut’s platform is extremely easy to use. Anyone can make crypto purchases with this app. Revolut also collects news from the crypto market, so you can easily stay up-to-date with the latest events.
Is Revolut safe?
Revolut is a properly licensed bank whose operations are supervised by financial authorities. Revolut has operated for several years and it has a clean reputation. Users have mostly positive experiences with the service. Financial authorities have also found the service safe for storing funds.
The Revolut app can only be accessed with a fingerprint scanner or passcode. Larger transfers, payments, and currency transactions must also be confirmed separately. Sometimes when making money transfers, Revolut also performs additional security measures by sending a verification code to your phone.
If you are planning to keep large amounts of money in Revolut, the so-called SOF process (Source Of Funds) is to be expected. This check is done when the traffic of your Revolut account exceeds a few thousand euros.
The following image capture is from Revolut.
During the process, your account functionality may be limited, but Revolut will process the documents you provide without delay. The SOF process is a one-off and there is no reason to fear it. Standard paychecks are accepted as documents.
It’s easy to close a Revolut card through the app and you can limit its geographical use. Another handy option is that your card does not work unless your phone is located nearby.
The writer of this article has been using Revolut as the main bank service for several years.
Compared to traditional banks, Revolut is flexible and convenient, especially for those who spend a lot of time traveling. Revolut has successfully blocked card payments on several occasions when the payment card information has been copied by thieves.
For cryptocurrency investing, Revolut is suitable for a user who wants to buy Bitcoin with a small amount, for example, monthly. This can be done conveniently with automatic purchases.
Though, Revolut is quite pricey as a trading platform. In addition, some users might not like the fact that it is not possible to transfer cryptocurrencies to an external wallet.
In conclusion, Revolut can be warmly recommended – especially when the basic version is completely free of charge. With numerous financial monitoring tools and other great features, you may suddenly find yourself using Revolut more and more in your daily life!