Can You Buy Bitcoin Through Revolut?

In recent years, cryptocurrencies like Bitcoin have gained significant traction worldwide. As people seek more accessible ways to buy and manage digital assets, financial platforms have stepped up to accommodate this growing demand. One such platform is Revolut, a popular digital banking service known for its user-friendly app and global financial tools. But the question remains: Can you buy Bitcoin through Revolut, and if so, how? This article explores the ins and outs of purchasing Bitcoin via Revolut, including its features, advantages, limitations, and the steps involved.

Understanding Revolut and Its Cryptocurrency Offering

Revolut is a UK-based financial technology company that provides digital banking services. Initially launched as a service for currency exchange, Revolut has since evolved into a versatile financial app, offering everything from stock trading to insurance and now, cryptocurrency trading. The app’s intuitive design and international accessibility make it a popular choice for users seeking an all-in-one financial solution.

Cryptocurrency Support: Revolut introduced cryptocurrency trading in 2017, allowing users to buy, sell, and hold Bitcoin and a range of other cryptocurrencies like Ethereum, Litecoin, and more. While it does not function as a full-fledged cryptocurrency wallet where users can directly interact with the blockchain, it offers an easy way to get exposure to digital assets.

Availability: Revolut’s cryptocurrency services are available in most regions where the app operates, including Europe, the UK, and certain parts of Asia. However, regulatory constraints mean that availability can vary by country, so it’s essential to check whether this feature is offered in your location.

How to Buy Bitcoin on Revolut

Purchasing Bitcoin via Revolut is straightforward, making it accessible even for those new to cryptocurrency. Below is a step-by-step guide to help you through the process:

1. Download and Register: If you don’t already have the app, download it from the App Store or Google Play, then register for an account. You’ll need to verify your identity by submitting required documentation.

2. Upgrade to a Paid Plan (If Necessary): Revolut offers various account tiers, from free to premium options. While free accounts do allow cryptocurrency trading, certain features like lower fees and higher trading limits are available only with premium plans.

3. Navigate to the Crypto Section: Once inside the app, go to the ‘Crypto’ section, usually found in the 'Wealth' or 'Investments' tab. Here, you’ll see a list of available cryptocurrencies, including Bitcoin.

4. Top Up Your Account: Before purchasing, ensure your Revolut account is funded. You can deposit funds via bank transfer, credit card, or other supported payment methods.

5. Select Bitcoin and Choose an Amount: Click on Bitcoin and specify how much you want to buy. Revolut allows you to purchase fractional amounts, making it easier to get started with a small investment.

6. Review and Confirm: The app will show you the current exchange rate, including any fees involved. After reviewing, click 'Buy' to complete the transaction.

Fees and Costs

Understanding the costs associated with buying Bitcoin on Revolut is crucial, especially for those making frequent trades or significant investments. Here’s a breakdown of the fees you might encounter:

• Spread Fees: Revolut charges a spread fee that can range from 1.5% to 2.5%, depending on your account tier. Users with premium accounts generally receive better rates.

• Exchange Rate Markup: Like traditional currency exchanges, Revolut may apply a markup on the exchange rate when trading Bitcoin. This rate is dynamically adjusted based on market conditions.

• Subscription Costs: While basic cryptocurrency trading is available with a free account, more advanced features and lower fees are typically available only with premium subscriptions, which can range from £2.99 to £12.99 per month.

Advantages of Using Revolut to Buy Bitcoin

Revolut’s crypto trading feature offers several benefits:

1. Ease of Use: For those unfamiliar with cryptocurrency trading, Revolut simplifies the process with its user-friendly interface and integrated fiat-to-crypto exchange.

2. Security: While Revolut is not a full crypto wallet, it offers a degree of security through insurance on assets and encryption. Users don’t need to worry about losing private keys since Revolut manages the assets on their behalf.

3. Instant Access to Funds: Unlike some traditional exchanges, Revolut allows near-instant access to both fiat and cryptocurrency funds.

4. Multi-Currency Support: Revolut’s app supports multiple fiat currencies, making it easier for users from different countries to invest in Bitcoin without needing to exchange their local currency first.

Limitations and Considerations

While Revolut’s Bitcoin purchase feature is convenient, there are some drawbacks:

1. No Real Wallet Functionality: When you buy Bitcoin on Revolut, you don’t technically own the coins in the traditional sense. Revolut holds the assets for you, and you cannot withdraw Bitcoin to an external wallet. This is a significant limitation for users who want more control over their assets.

2. Limited Cryptocurrency Selection: Although Revolut supports several major cryptocurrencies, the selection is limited compared to specialized exchanges like Binance or Coinbase.

3. Lack of Advanced Trading Features: Revolut is aimed at beginner and casual investors, so it lacks advanced trading options such as margin trading or futures contracts that more experienced traders may seek.

4. Regional Restrictions: As mentioned earlier, Revolut’s cryptocurrency services are not available in all regions due to regulatory challenges.

Comparing Revolut to Other Platforms

When evaluating whether to buy Bitcoin through Revolut, it’s essential to consider how it stacks up against other platforms:

Feature	Revolut	Coinbase	Binance
Ease of Use	High	Medium	Medium
Fees	Moderate (1.5%-2.5% spread)	High (1.49% + fixed fees)	Low (0.1%-0.5% trading fees)
Cryptocurrency	Limited (10+ coins)	Moderate (50+ coins)	Extensive (500+ coins)
Wallet Control	No (Custodial only)	Yes (External wallets)	Yes (External wallets)
Security	High	High	High
Advanced Features	Low	Medium	High

Final Thoughts: Is Revolut a Good Option for Buying Bitcoin?

Revolut provides a convenient entry point for beginners or casual investors looking to buy Bitcoin with minimal hassle. Its intuitive interface, security features, and integration with existing financial tools make it an attractive option. However, the lack of true wallet functionality and limited selection of cryptocurrencies might be dealbreakers for more experienced traders.

For those seeking to dip their toes into cryptocurrency without getting into the complexities of managing wallets or understanding advanced trading strategies, Revolut offers an ideal solution. However, if you are serious about building a diversified crypto portfolio or wish to have full control over your assets, exploring dedicated cryptocurrency exchanges might be a better fit.

In conclusion, Revolut is a solid option for newcomers and those looking for a simple, all-in-one financial platform that includes cryptocurrency trading. As with any investment decision, it’s essential to do your research and choose the platform that aligns best with your goals and risk tolerance.