Quick Warning: Avoid Purchasing Crypto on Revolut!

Do Not Buy Crypto on Revolut: Exploring the Limitations

Revolut, a popular digital banking platform, offers its users the ability to buy and sell cryptocurrencies. However, there are several limitations and concerns that arise when using Revolut for crypto transactions. In this article, we will delve into the issues surrounding Revolut’s crypto services and explore alternative options for those looking to invest in cryptocurrencies.

The Problem with Revolut’s Crypto Services

One of the main drawbacks of using Revolut for crypto transactions is that users do not actually own the cryptocurrencies they purchase. Unlike traditional crypto wallets, Revolut does not provide users with a unique piece of code or a crypto wallet associated with their purchases. Instead, Revolut pools all the purchased cryptocurrencies into one account, making it difficult for users to claim ownership of their assets.

Furthermore, the essence of blockchain technology and cryptocurrencies lies in the ability to own and use them without the need for a third party, such as a bank. By using Revolut to buy crypto, users are essentially defeating the purpose of decentralization and ownership that cryptocurrencies offer.

Can You Withdraw Crypto from Revolut?

Contrary to popular belief, it is technically possible to withdraw cryptocurrencies from Revolut. The terms of service state that eligible users can withdraw their cryptocurrency balance to an external wallet owned or controlled by them. However, the lack of detailed guidelines and instructions on how to do this raises concerns.

While the option to withdraw crypto exists, there are limitations imposed by Revolut. Users can only withdraw a maximum of £500 per day or £1,000 per month. This restriction can be problematic for those looking to withdraw larger sums of money, as it would take several months to complete the process.

High Fees and Premium Plans

Another drawback of using Revolut for crypto transactions is the high fees associated with buying cryptocurrencies. Revolut charges a hefty fee of 2.5% for buying crypto, which is higher than many other crypto exchanges. Typically, other exchanges charge around 1.5% to 2% for the same service.

Although Revolut offers a lower exchange fee of 1.5% for users with premium or metal plans, this benefit is only applicable to those who are already paying for these plans. If you are not a premium or metal user, the reduced fee does not apply to you.

Considering Your Goals and Convenience

Despite the limitations and drawbacks of using Revolut for crypto transactions, it is important to consider your specific goals and convenience. If you are looking to buy crypto for fun or in small amounts, Revolut can be a convenient option. Setting up a Revolut account is easy, and if you already have a premium or metal plan, the lower fee can be an added incentive.

However, if you are serious about crypto and plan to invest larger sums of money or have long-term goals, it is advisable to skip Revolut and opt for a dedicated crypto exchange. These exchanges offer greater security, the ability to withdraw your crypto, and provide you with your own unique wallet addresses.

Alternative Crypto Exchanges

There are several reputable crypto exchanges available for those looking to invest in cryptocurrencies. One popular option is Gemini, which offers a secure platform, the ability to withdraw crypto, and a user-friendly interface. coinbase and crypto.com are also well-known exchanges that provide similar services.

It is important to conduct thorough research and choose an exchange that aligns with your specific needs and preferences. Each exchange has its own advantages and disadvantages, so it is crucial to consider factors such as fees, security, user experience, and available cryptocurrencies.

Frequently Asked Questions

Can I withdraw my crypto from Revolut?

Technically, it is possible to withdraw your cryptocurrency balance from Revolut. However, there are limitations imposed by Revolut, such as a maximum withdrawal limit of £500 per day or £1,000 per month.

What are the fees for buying crypto on Revolut?

Revolut charges a fee of 2.5% for buying cryptocurrencies. However, users with premium or metal plans can enjoy a reduced fee of 1.5%.

Are there alternative crypto exchanges to Revolut?

Yes, there are several alternative crypto exchanges available, such as Gemini, Coinbase, and Crypto.com. These exchanges offer greater flexibility, security, and the ability to withdraw your cryptocurrencies.

Which crypto exchange is recommended for serious investors?

For serious investors or those looking for long-term investments, it is advisable to use dedicated crypto exchanges like Gemini, Coinbase, or Crypto.com. These exchanges provide a more comprehensive range of services and greater control over your crypto assets.

In conclusion, while Revolut offers convenience and ease of use for buying cryptocurrencies, it falls short in terms of ownership, withdrawal limitations, and high fees. Depending on your goals and the amount you plan to invest, it may be more beneficial to explore alternative crypto exchanges that offer greater security and control over your assets.