Revolut Cryptocurrency Fees: An Essential Guide to Costs and Charges

When diving into the world of digital assets, the fees associated with buying, selling, and exchanging cryptocurrencies can significantly impact an investor’s portfolio. Revolut, the financial technology company, offers users a streamlined way to engage with cryptocurrencies such as Bitcoin and Ethereum. Their service allows customers to begin trading with as little as £1, though it’s important to note that additional fees may apply depending on the type of account you hold with them. For example, exceeding certain limits can incur a fair usage fee on top of the standard charges. To manage these costs effectively, understanding the structure of these fees is essential for users of Revolut’s platform.

The cost to buy or sell cryptocurrencies with Revolut depends on the account plan—a critical detail for anyone considering using their services for crypto trading. Fees can range, and they’re tied to whether a customer has a Standard, Plus, Premium, or Metal plan. Each tier has different fee percentages that can affect the overall cost of each transaction. What’s more, these exchange rates are determined by market factors, meaning that they can fluctuate and affect trading margins.

Security is another pivotal element that must be weighed when trading cryptocurrencies through any platform. As crypto is not regulated or protected in the same way as traditional finance, the volatility of its value and the security measures in place are as vital to understand as any fee.

Key Takeaways

• Revolut offers structured fees based on varying account plans for cryptocurrency transactions.
• An understanding of the market-driven exchange rates and tier-related fees is crucial for Revolut users.
• Security measures and the unregulated nature of cryptocurrencies are key considerations for traders.

Understanding Revolut Cryptocurrency Fees

When trading cryptocurrencies through Revolut, it is important for users to be aware of the various fees that apply. These can affect the overall cost of buying, selling, or exchanging digital assets.

Fee Structure Overview

Revolut’s fee model for cryptocurrency transactions comprises a combination of commission, spread, and potential additional fees depending on user activity. These fees vary based on the type of user plan, with different percentages applied to Standard, Premium, and Metal accounts.

• Standard or Plus plan: 1.99% fee
• Premium plan: 1.49% fee
• Metal plan: 0.99% fee

A minimum fee may also apply, and users may incur a fair usage fee if they exceed certain limits.

Types of Fees Encountered

Users encounter several types of fees on Revolut:

• Commission: A percentage of the transaction value, varying by user plan.
• Spread: The difference between the buy and sell price of the cryptocurrency.
• Fair Usage Fee: Additional fees apply for exchanges exceeding allocated monthly limits.
• Withdrawal Fees: Applicable when moving cryptocurrency out of Revolut to another wallet (if supported).
• Network Fee: External blockchain network charges for transactions.

Note: Revolut’s base fee is fixed but the spread can fluctuate based on market conditions.

Comparison with Other Platforms

When compared to other cryptocurrency exchanges such as Coinbase, Binance, Robinhood, and eToro, Revolut’s costs for entry-level users tend to be higher, primarily due to its spread and commission structure.

• Coinbase: Known for high fees but also offers a comprehensive platform with various cryptocurrencies.
• Binance: Low trading fees with a complex interface geared towards experienced users.
• Robinhood: Offers commission-free trading, earning revenue through payment for order flow.
• eToro: Known for social trading features, competitive fees, and being regulated by the FCA.

Comparing platforms indicates that Revolut’s simplicity comes with higher costs, making it suitable for users looking for convenience over the lowest possible fees.

Revolut Account Options and Features

Revolut offers a range of account tiers with varied features catered to customers with different needs, especially when it comes to crypto trading. The app provides a straightforward platform for buying, selling, and holding cryptocurrencies.

Standard vs Plus vs Premium vs Metal

Standard Account: The entry-level offering for Revolut customers, the Standard account, allows users to access essential banking features, including the ability to buy and sell cryptocurrencies. While there are no monthly fees for the Standard account, users may be subject to higher cryptocurrency exchange fees and have lower priority for in-app support.

Plus Account: Up one tier, the Plus account gives users additional perks for a monthly fee. It includes priority in-app support and better spending protection. On the crypto side, users have a lower fair usage fee for currency exchanges over the free monthly limit, compared to Standard accounts.

Premium Account: For customers seeking more from their bank, the Premium plan offers a suite of flexible benefits, including higher limits on investments and more exclusive lifestyle benefits. When it comes to crypto, Premium accounts benefit from even lower cryptocurrency exchange fees than Plus and enjoy a range of additional financial services.

Metal Account: At the top is the Metal plan, which offers the full spectrum of Revolut’s features along with exclusive perks like a platinum-plated card. Metal customers enjoy the lowest fees for cryptocurrency exchanges and the highest limits on investments, with even more lifestyle benefits than the Premium tier.

Exclusive Cryptocurrency Services

Revolut’s cryptocurrency services extend across all account types, enabling users to engage in crypto trading directly through the app. From a Standard to a Metal account, customers can buy crypto, sell crypto, and explore a variety of assets within Revolut’s cryptocurrency offerings. Each tier provides a different experience in terms of fees, limits, and features, ensuring that there is a suitable option for every type of crypto enthusiast. The Premium and Metal plans feature exclusive cryptocurrency services such as lower exchange fees and the potential for early access to new features, catering to the needs of the more dedicated crypto traders.

Security and Regulations of Crypto Services

When it comes to handling cryptocurrencies, Revolut ensures robust security measures and adherence to regulatory standards set forth by financial authorities, providing their customers with a secure and compliant environment for digital asset transactions.

Revolut’s Compliance

Revolut operates under the compliance framework established by the Financial Conduct Authority (FCA). The company is registered to offer cryptocurrency services under the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017, which speaks to their dedication to legal agreements and regulatory adherence. They engage in thorough security protocols to safeguard against unauthorized access and financial crimes, thereby promoting a secure transaction environment for their customers.

Safeguarding Customers’ Investments

In its role as a financial entity, Revolut acknowledges the importance of customer vulnerability and takes proactive steps to safeguard customers’ investments. By implementing industry-standard security measures, they strive to protect the investments from online threats. Although not regulated by the FCA regarding commodities services, as indicated in this Revolut document, their commitment to convenience and security doesn’t waver, ensuring that they maintain high levels of trust with their investors and customers.