Profile Photo

BenasOffline

  • Benas
Quick Warning: Avoid Purchasing Crypto on Revolut!

Quick Warning: Avoid Purchasing Crypto on Revolut!

Do not do not do not do not buy crypto on revolut but it's not that simple let me explain so my biggest issue with revolut is that you don't actually own your crypto so there's actually no crypto wallet associated with revolut when you buy crypto they buy it on yourBehalf on basically i think like one account or whatever that you have and you throw it all in one pool but you don't own that crypto you don't have the piece of code you don't have the crypto wallet there is sort of nothing there that makes it yourOwn and can the whole point of the blockchain and crypto is that you can actually own it and use it without the need of the third party such as a bank so this kind of beats the purpose if you use revolut to buy crypto so before making this video i thought that youActually cannot withdraw crypto from revolut but apparently technically you can so there is a section on terms of service that says that you can actually withdraw crypto from revolut so it reads like this if you are on an eligible plan or in an eligible location please refer to faqs you can withdrawYour cryptocurrency balance to an external wallet owned or controlled by you well the first problem is that i tried looking at the faqs and they don't provide any additional detail regarding this yes they have the section yes you can withdraw but there is no guidelines toDo that so i'm a bit worried about that and even if you manage to get through all the processes and become eligible to actually withdraw your crypto there's a problem you can only withdraw 500 pounds per day or a thousand pounds per month which is not a lot imagine you'rePutting like up to like two three thousand pounds in crypto well guess what it's gonna take you three months to withdraw all of that from revolut which is just insane besides that you actually have to pay a hefty fee to buy crypto on revolut it's two and a half percentWhich is actually quite a lot other exchanges usually have one and a half percent maybe up to two percent so two and a half percent i think it's on a bigger side and i would rather use some other crypto exchange to lower my fee especially ifYou're buying a lot however if you have their premium of or their metal plan yes you can get a lower exchange fee which is one and a half percent but you already have to pay for the plan so if you're not a revolut premium or metalUser it doesn't really apply to you so this is all the kind of the bad stuff of why i would avoid buying crypto and revolut however as i said in the beginning it's not that simple even though there are things that as i mentioned there are kind of restrictionsOf owning and buying and selling and withdrawing crypto it depends on what is your actual goal so first of all it's very convenient and easy to buy crypto if you already have a revolut or even if you don't have a relevant account it's really easy to setUp and if you already have a medal or a premium plan it's even more incentive for you because the fee is lower but generally speaking it's very convenient compared to doing your own researching finding some other crypto exchange signing up and it's just a whole other process so if you're looking at cryptoAnd you want to buy it for fun or in kind of a small amounts and just kind of play around i think actually revolut is pretty good for that specific purpose and personally this is my personal opinion but i suggest if you are trading up to like 500 euros in total for cryptoI think revolut is totally fine and you don't need another exchange to do that however if you are serious about crypto and you want to put more than i don't know let's say a thousand euros in total or per month or whatever in crypto or you're kind of looking in into this longTerm i would suggest actually skipping revolut and going with a real exchange so personally i use gemini to buy all of my crypto i there are many reasons for it and i actually have made a video like reviewing the whole platform but basically i would use that instead ofRevolut it's more secure you can withdraw your crypto you have your addresses it's simple to use has a great app tons of benefits and i also use coinmarketcap.com to actually track my portfolio gemini one thing that it's bad off it's it's actually seeing how much your portfolio grows or goes down there's aWhole problem with that but i use coinmarketcap.com to actually see mohammed portfolio moves and actually track the percentages of each different crypto that i buy or you can use other popular exchanges such as coinbase quantum bases one of the biggest uh exchanges out there crypto.com is the new upcoming cryptoExchange as well so there are a lot of options out there by the way i'm going to leave links in the description for every exchange and everything that i just mentioned but if you are interested about gemini the exchange that i use i actually made a whole review video rightHere which i go very in-depth showing you how the desktop works how the mobile app works and in general the pros and cons of using gemini but that's it from me ciao

Read More
Please wait...
User Balance 310 / coins
Crypto Newbie

User Badges

Media

Top