Summary: Revolut provides users with the opportunity to buy more than 20 different cryptocurrencies, but it ranks as one of the most expensive platforms for investing. The trading fee for regular users stands at 2.5%, almost quintuple the industry average.
If you're looking for an alternative broker dealing in multiple assets, including stocks and cryptocurrencies, Uphold might be worth considering. Uphold is a licensed, regulated platform that doesn't charge trading fees and offers access to over 250 crypto assets. Furthermore, it's among the few exchanges that provide audited proof-of-reserves and daily transparency reports.
- Trade over 220 Crypto Assets with fast and cheap multi-currency deposits (EUR, GBP, USD, AUD & More).
- Regulated and Licensed by the Financial Conduct Authority (FCA), FinCEN and has audited Proof-of-Reserves for customer funds.
- Offers multiple asset classes including Crypto, Stocks, ETFs, Metals and more.
Can I Buy Crypto with Revolut?
Yes, you can buy Bitcoin, Ethereum, Solana, and 20 other cryptocurrencies via Revolut, a popular digital banking app. However, keep in mind that Revolut's crypto services may not be the most cost-effective due to their high trading fees, starting at 2.5%—significantly above the industry average of 0.1% to 0.5%. Also, their $9.99 monthly account fee makes their crypto trading services notably more expensive compared to other platforms.
How to Buy Bitcoin and Crypto with Revolut Bank
The best way to buy Bitcoin and crypto assets with your Revolut Bank account is by signing up to a regulated third-party exchange. With this method, investors can easily deposit Euros (EUR), GBP and other currencies to buy, sell and trade a wider variety of crypto assets with significantly lower fees. Based on our analysis, we found that Uphold was the best alternative to Revolut with over 250 cryptos and zero fees for investors in Europe.
Here is a simple 4-step guide to get started with our recommended broker:
- Sign up to the Uphold exchange with your email and complete the verification process.
- Connect your GBP or EUR Bank account (or debit card/credit card) to Uphold by selecting the fiat currency you want to deposit on your dashboard.
- You can then select the 'connect bank' button to link your bank account to the platform and deposit any currency.
- Once the funds arrive, find the cryptocurrency you want to purchase and execute your trade.
Can I Stake Crypto on Revolut?
No, Revolut does not support cryptocurrency staking. This means investors cannot deposit proof-of-stake (PoS) assets like Ethereum, Solana and Avalanche to earn interest and staking rewards by participating in network valudation. Their cryptocurrency services include buying, selling, and holding a 25 cryptocurrencies only.
Some other limitations of the Revolut App include the fact that users cannot transfer their cryptocurrencies to an external wallet or receive cryptocurrencies from outside sources. Instead, any cryptocurrency bought in the Revolut app must also be sold within the app.
About Revolut Bank
Revolut is a UK-based fintech company offering a variety of financial services via a mobile app. These include a prepaid debit card, currency exchange, cryptocurrency transactions, and peer-to-peer payments. Established in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut has experienced remarkable growth, now serving over 10 million customers across 30 countries worldwide.
Revolut isn't a traditional bank everywhere it operates. It has a European banking license in Lithuania and operates under an e-money license in the UK. Services can vary by region, so it's best to check for updates directly from Revolut.
In conclusion, while Revolut allows the purchase of over 20 cryptocurrencies, it's not the most cost-effective choice due to its high trading fees and monthly account charges. If you're seeking a more affordable alternative, Uphold provides a regulated platform with no trading fees, access to over 250 cryptocurrencies, and offers transparency through audited proof-of-reserves.
However, remember that Revolut does not support staking or external transfers of cryptocurrencies, which may limit your flexibility in managing your crypto assets. Always consider these factors before selecting the right platform for your crypto investments.