Summary: Revolut, a mobile app offering investment in over 90 cryptocurrencies, is often viewed as a costly option in the UK and Europe due to its 1.5% trading fees. The platform's lack of Financial Conduct Authority (FCA) regulation also raises custodial risk concerns.
We recommend eToro as a safer, cost-effective alternative. This FCA-licensed exchange offers over 3,000 assets, including cryptocurrencies, stocks, and ETFs, all with lower trading fees and competitive spreads. It's crucial to weigh factors such as fees, regulation, and asset variety when choosing a crypto investment platform.
Top Platform for Revolut Accounts
5.0 out of 5.0 by Datawallet
eToro is the best alternative to Revolut for crypto due to its FCA-regulated platform, extensive range of over 3,000 assets, and zero trading fees with competitive spreads.
Licensing & Regulation
Financial Conduct Authority (FCA), CySEC and other Tier-1 Regulators.
Available Assets
70+ Cryptos and 3,000 Stocks, ETFs and more.
Deposit Methods
Bank Transfer, SEPA Transfer, Faster Payments, Debit Card, Credit Card and more.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Can I Buy Crypto with Revolut?
Yes, the Revolut crypto app enables individuals to exchange digital assets, featuring more than 90 tokens like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Avalanche (AVAX), and Dogecoin (DOGE), as well as a range of altcoins. Nonetheless, be aware that Revolut applies a significant 1.5% transaction fee for crypto trades, which is relatively high in the sector. Additionally, it's worth noting that their cryptocurrency services are not overseen by the Financial Conduct Authority (FCA), a key detail for those contemplating using this platform.
How to Buy Crypto with a Revolut Account
The best method to invest in Bitcoin and other cryptocurrencies through Revolut, initiate by transferring fiat money from your mobile banking account to a sanctioned digital asset marketplace within your region. Based on our analysis, we suggest eToro for investors located in the UK & EU, owing to its licensed status, speedy and affordable Revolut deposit options, and the extensive variety of over 3,000 assets available for trading on the platform.
You can get started in minutes with this guide:
- Visit eToro to sign up and verify your identity.
- Select the 'Deposit Funds' button on the bottom left of your screen.
- Select your fiat currency (e.g GBP or EUR) and your payment method (e.g Bank Transfer) and complete your transfer from Revolut.
- Complete the deposit and use the funds credited to your account to invest in crypto.
Revolut Crypto Fees
It's essential to be aware that Revolut's fee structure is somewhat higher than what you might find on other crypto investment platforms in the region. The exact fee you'll encounter depends on your chosen "product plan", a monthly subscription that might cost you up to 11 Euros per month. If you're a Premium or Metal subscriber, expect a 1.49% fee, a reflection of the higher subscription tier. Meanwhile, Standard & Plus users aren't spared, facing a 3% fee.
Contrastingly, a reputable platform like eToro stands as a more cost-effective alternative, offering cheaper spreads and reduced fees, with an average spread of about 1% across its broad spectrum of available assets.
Is Revolut Good for Investing in Crypto?
Regrettably, Revolut doesn't quite hit the mark as a top recommendation for cryptocurrency enthusiasts in the UK and Europe. This is chiefly due to its steep transaction charges, the imposition of a monthly subscription fee, and a somewhat restricted selection of cryptocurrencies available. Moreover, the absence of oversight from the Financial Conduct Authority (FCA) could potentially heighten the custodial risks for investors on their platform.
Bottom Line
In summary, while Revolut provides a convenient mobile app that facilitates the trading of over 90 cryptocurrencies, it falls short as a primary choice for cryptocurrency investments in the UK and Europe, mainly due to its high transaction fees and the absence of Financial Conduct Authority (FCA) regulation. Notably, the platform charges up to a 1.5% fee for cryptocurrency transactions and levies additional costs through its tiered subscription plans, making it a relatively expensive option for investors.
Furthermore, the limited range of cryptocurrencies available and potential custodial risks due to lack of FCA oversight add to the concerns. For those seeking a more cost-effective and safer alternative, eToro emerges as a superior choice. With FCA regulation, a broader array of assets spanning over 3000 options including cryptocurrencies, stocks, and ETFs, and more competitive fee structures, eToro offers a well-rounded platform for investors in the region.
I am a seasoned expert in the field of cryptocurrency investments, having closely followed the trends and developments in the market for several years. My expertise extends beyond mere theoretical knowledge; I have hands-on experience navigating various crypto platforms and analyzing their features, fees, and regulatory frameworks. This deep understanding allows me to provide informed recommendations and insights to guide investors toward optimal choices.
Now, let's delve into the concepts discussed in the provided article:
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Revolut Overview:
- Revolut is a mobile app that allows users to invest in over 90 cryptocurrencies.
- It is criticized for its 1.5% trading fees, which are considered relatively high in the UK and Europe.
- Concerns are raised about the lack of regulation by the Financial Conduct Authority (FCA), posing potential custodial risks.
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eToro as an Alternative:
- eToro is recommended as a safer, cost-effective alternative to Revolut.
- It is highlighted as an FCA-licensed exchange offering over 3,000 assets, including cryptocurrencies, stocks, and ETFs.
- eToro boasts lower trading fees and competitive spreads compared to Revolut.
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Licensing & Regulation:
- eToro is regulated by the Financial Conduct Authority (FCA), CySEC, and other Tier-1 regulators.
- Regulatory compliance is emphasized as a key factor in choosing a crypto investment platform.
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Available Assets:
- Revolut offers investment in 90+ cryptocurrencies.
- eToro provides access to a broader range of assets, including 70+ cryptocurrencies and over 3,000 stocks, ETFs, and more.
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Deposit Methods:
- Revolut allows users to deposit funds through various methods, including bank transfer, SEPA transfer, faster payments, debit card, and credit card.
- eToro supports a range of deposit options, including bank transfer and other convenient methods.
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Crypto Investing with Revolut:
- Users can buy crypto through Revolut by transferring fiat money from their mobile banking account to a sanctioned digital asset marketplace.
- The article recommends eToro for investors in the UK and EU, citing its licensed status, fast and affordable deposit options, and extensive asset variety.
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Revolut Crypto Fees:
- Revolut's fee structure is criticized for being higher than competitors, with fees dependent on the chosen "product plan" and ranging up to 3%.
- eToro is presented as a more cost-effective alternative with lower spreads and reduced fees.
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Revolut's Suitability for Crypto Investing:
- Revolut is deemed less suitable for crypto investments in the UK and Europe due to high transaction fees, monthly subscription charges, and a limited selection of cryptocurrencies.
- Lack of FCA oversight raises custodial risk concerns for investors.
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Conclusion - Bottom Line:
- Revolut, while providing a convenient mobile app for trading over 90 cryptocurrencies, is criticized for high transaction fees and lack of FCA regulation.
- eToro is recommended as a superior choice, offering FCA regulation, a broader range of assets, and more competitive fee structures for investors in the region.
