Revolut, the global fintech company and neobank, has entered the world of cryptocurrencies, introducing a specialized crypto exchange trading platform, Revolut X. The standalone platform offers unique features for crypto trading, allowing users to buy, sell, deposit, and withdraw various cryptocurrencies. Revolut X is designed for experienced crypto traders, providing them with a low-cost, secure, and feature-rich environment to engage in advanced crypto trading activities.
How Does Revolut X Compare to Other Crypto Trading Platforms?
Revolut X sets itself apart from other crypto trading platforms, offering traders a user-friendly interface, competitive fees, and a seamless transition between traditional fiat and cryptocurrencies. Techopedia's Soobin Choi notes that several 코인 거래소 platforms mainly focus on known cryptocurrencies like Bitcoin and Ethereum and may be more user-friendly for beginners. Revolut X, on the other hand, extends its support further and allows users to trade over 100 different tokens.
Choi also points out that the process of operating a crypto exchange closely mirrors a stockbroker. Usually, investors can register an account and provide their personal details before they can start making deposits. Revolut X is no different; you are required to have a Revolut account, which takes a few minutes to set up using their free app.
Key Features of Revolut X
Low Fees
Revolut X's fee structure is designed to be cost-effective and highly competitive for professional traders. For makers, Revolut X offers 0.00% fees, allowing traders to place orders without incurring any fees and providing liquidity to the market. Takers are subject to 0.09% fees for executing trades on the platform.
Swapping Crypto
Users can conveniently exchange one crypto asset for another on the Revolut exchange. The swapping functionality is relatively straightforward, making it ideal for beginner traders. The swapping process allows users to quickly convert between different cryptocurrencies without the complexity of a traditional crypto exchange book.
Integrates with MetaMask
Revolut X supports various crypto wallets, including MetaMask. MetaMask recently faced issues when they were forced to ban certain countries because of U.S. sanctions. Revolut partnered with MetaMask, allowing users an alternative platform to access and purchase cryptocurrencies directly into their MetaMask wallets. Using Revolut's on-ramp solution and Metamask's self-custodial wallet integration, users in banned countries might have a streamlined and accessible way to buy and manage cryptocurrencies. Additionally, the crypto exchange supports over 100 tokens, including Bitcoin, Polygon, Dogecoin, Solana, and Ethereum.
Multiple Order Types
Even though the Revolut exchange is considered simple and pretty basic, it surprisingly offers a variety of order types, including stop orders, market orders, and limit orders. This gives users the ability to make precise trading decisions based on their preferences and specific strategies. By providing users with options, Revolut improves the reading experience, giving users greater flexibility and control over their trading activities.
Real-time Trading and Advanced Analytics
Revolut provides users with several advanced features for real-time trading and analytics:
- Real-time trading: Users can access real-time trading, allowing them to execute trades, and monitor market movements in real-time.
- Market monitoring tools: The exchange allows users to closely monitor the crypto markets, including dashboards displaying up-to-date market trends and top-performing assets.
- Advanced analytics: Advanced analytics can assist traders in making informed decisions using data visualization tools. These tools include technical indicators and dashboards to view the top-traded tokens, the top market cap coins, and gainers. Additionally, the exchange provides full integration with TradingView charts to monitor market movements.
Seamless Transition between Fiat and Cryptocurrencies
Traders can easily and seamlessly switch between traditional fiat currencies and cryptocurrencies. This allows for easy transitions between different asset types without any hassles. For example, you may enjoy crypto poker online but need to convert fiat currency to Bitcoin or Ethereum to fund your gaming account. This feature allows you to convert funds between fiat and crypto balances easily; the transaction first goes into a pending state within Revolut's app while they attempt to fulfill the exchange. Once the price is locked in, the transaction is updated. Once the transaction is completed, users can use the converted cryptocurrency as needed.
Is Revolut's Crypto Exchange Global?
Revolut's specialized crypto exchange is only available to users in the UK with a Revolut retail account. The company suspended its crypto services in the U.S. in August 2024 due to regulatory issues.
How Does Revolut X Ensure the Security of User Data?
Revolut's specialized crypto exchange uses robust security measures to ensure the safety and security of its user data:
- Cold storage for crypto assets: Most cryptocurrencies on Revolut's exchange are held in cold storage for improved security.
- Multi-factor authentication: Revolut uses machine learning (ML) to verify user identities quickly. The thorough and sophisticated ML capabilities can prevent criminals from setting up accounts.
- Biometric security: Revolut X's app links the user's biometrics on their mobile devices. If their mobile devices are stolen or the account is accessed from a new device, the same security checks used on Revolut's retail accounts will apply.
- Encryption protocols: Advanced encryption protocols are used to protect user transactions and data.
- Spending controls: Users have the ability to set payment limits and cash withdrawals.
- Fraud monitoring: Revolut offers users a financial crime team that monitors the platform for any suspicious activities and warns users of potential fraud. Monitoring is available 24/7.
What Is Revolut's Crypto Learn Course?
Revolut Crypto Learn provides users with educational courses to improve their knowledge of crypto. The company also provides incentives to users in the form of cryptocurrency rewards for completing the lessons. The course covers the basics of cryptocurrencies, specifically the insights into the Polkadot network and its DOT token. Users can expect to learn more about cryptography, blockchain technology, decentralized systems, and the risks of crypto investments.
Revolut's objective of the Crypto Learn program is to improve users' financial literacy and help newcomers understand the risks, the trends, and the potential opportunities blockchain technology and cryptocurrency provide. The educational courses from Revolut are only available for users in the UK, Australia, New Zealand, EEA, and Singapore.
Challenging Regulatory Environment
Revolut X faces significant challenges in competing with established crypto exchanges like Coinbase and Binance, which have deeper market penetration and larger user bases. When the Financial Conduct Authority (FCA) introduced new regulations to increase transparency and protect investors, Revolut suspended its U.S. crypto services due to the regulatory environment. This suspension of its service in the U.S. could potentially limit Revolut X from expanding its operations globally.
Wrapping Up
The launch of Revolut X is part of the fintech company's broader strategy to become the go-to platform for experienced crypto traders and beginners alike. The reception of Revolut X has been positive, with many highlighting the platform's low fees and user-friendly features as a positive step towards an accessible, secure, and cost-effective place to trade.
FAQs
What crypto network does Revolut use?
Revolut X uses Apex Crypto for its cryptocurrency services. Revolut X only supports deposits made using the Bitcoin, Ethereum, Tether, and Polygon networks and some ERC-20 tokens on the Ethereum blockchain.
How long does a Revolut crypto transfer take?
Crypto withdrawals to external wallets can take up to an hour, if not a few minutes. Revolut X warns that transactions can take longer than an hour due to the verification process. Users will be notified when transactions are completed.
Do I own my crypto on Revolut?
Users own the rights to the financial value of their cryptocurrencies bought on Revolut X.
