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Revolut Bank
p/revolut-bankOne app, all things money
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Val Scholz

Revolut Cryptocurrency — Buy Bitcoin & co with the best possible exchange rate in 30s

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Revolut introduces the easiest, fastest way to buy, hold and exchange Bitcoin, Ether and Litecoin at the best possible exchange rate.

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syck

Do not use Revolut cryptos, it's not your crypto, it is just a number in the Revolut app. No market, no market price just Revolut price. And price come from Revolut.

You can't move your BTC/LTC/ETH your wallet. It's fixed to Revolut's centralized wallet.

Pros:

Cheap

Cons:

You can't sell your cryptos anyone but only to Revolut.

Val Scholz
Maker
Hey @syck, we've partnered with the leading crypto exchanges, Gdax and Bitstamp, and only apply a 1.5% mark up on the real exchange rate. Based on our research this allows us to offer our customers to buy and sell Bitcoin at a better rate than with Coinbase & co.
syck
Yo @valscholz, But who want to sell Bitcoins? Maybe Revolut does not exist when I want to sell my Bitcoins (20-30-40-50 years). The current mechanism is just a "Revolutcoin" system. I not own any Bitcoin, but Revolut own my Bitcoins. We really need an option to move Bitcoins (LTC, ETH too) from Revolut wallet to our own wallet. I really don't understand why Revolut lock my Bitcoins.
Val Scholz
Hey @sycko , Revolut is regulated by the FCA (Financial Conduct Authority of the U.K.) so you can rest assured that your funds are safe. For the initial launch, it was important to keep Revolut as a closed system in order for all of our partners to be comfortable. We feel that this first phase will really help drive mass adoption of crypto. In the future we'll be looking at allowing users to send their Bitcoins to external wallets.
syck
@valscholz I brought Bitcoins. And I want my Bitcoins. That's all. Currently Revolut owns my Bitcoins and I don't understand why good for me this situation. You said "their Bitcoins" so why I can't own my Bitcoins? I can withdraw my euros but I can't withdraw my Bitcoins. What is the logic? It's not good, it's bad.
Bruno Crosier

This is very dangerous. Revolut may get hacked like nicehash did yesterday, and you lose all your BTC. Plus, you can't trade it with anyone apart from Revolut (ie. you can't choose which exchange to sell it on).

Pros:

easy to buy

Cons:

you don't own the crypto / can't send it to another wallet

Mr Sajunil
It's good that I found these reviews before I downloaded the app. Now I'm not sure if it's right for me. I have to agree that I'm not ready to give up half of my profits for the beauty and convenience of the interface. I'm still new to cryptocurrency and have only traded through Binance, but I haven't found a decent alternative yet. By the way, are any of you doing NFTs? I started figuring out how nfts work, and it turned out to be a lot harder than I expected, lol. How long did it take me just to sign up for Opensea! I hope someone buys my pictures, so I don't do all this for nothing.
Ettore Tortora
I'm a long time user of Revolut. It's a great service, killer UI and makes my life in the UK easier BUT there are tons of problems that they still need to fix, like the fact that often you can't use your card because their 3rd part card processor service is always down. I was hyped to check out the new Cryptocurrency feature, they've done some good PR on their twitter and FB but apparently, you can only use this feature if you're a Premium user (paying a monthly fee for few extra features - not really useful). This or you can invite 3 friends to unlock the feature. I'm not a premium user but I've invited 6 friends in the last 2 years although they don't seem to care about this. Real bummer...
Val Scholz
Maker
Hey @error23_ , Can you send us a DM on our twitter account? We'll check your case and unlock crypto for you if that's the case. Additionally, our team is working hard on bringing processing in-house to prevent future downtimes. We expect this to happen in early 2018.
Ettore Tortora
@valscholz Thank you, I will. I hope to see the in-house processor soon. EDIT: Great customer service on Twitter, they activated the feature in few minutes! Thanks again!
Matthew Clementson
@valscholz I’ve also invited plenty of users over the 2 users I’ve had been using the service! I’ll also send a tweet. Nice work, looking forward to using it. Ps please ask the team to look at the customer support process. Closing tickets overnight for non premium users who only have support until 10pm is not cool.
Kim Schulz
@error23_ I was kinda annoyed to see that the crypto feature was a premium only feature. The price for the few extra features is extremely high for what they offer if you ask me. There are plenty of other ways they can already earn money on this business model - why not set these features free and instead get a lot more users (mastercard normally pay per user-signup so that alone would give a better revenue)
Rus Sellers

Please please allow us to buy crypto and send to other wallets. This is not a nice to have feature, it's a must have.

I wanted to sign up my whole company to a Business account but now this has made me stop.

When will we be able to send cryptos out of revolut?

Pros:

One of the best signup experiences ever, very cool app

Cons:

It seems that I cant send my crypto currency to my other wallets outside Revolut - Gutted!

Timmy Fuller
I agree, if you don't have a wallet address and can't send and receive from other wallets, then are you really buying coins? or is it all a bit fake? It's not a nice to have, its a must.
Matt Cawley
Hi guys- thought id found the intermediary between the exchanges and high street banks but havent tested the crypto account yet. Are you guys confirming that no third party wallet access exists? I'm looking to withdraw from my trading wallet. Trade wallet BTC > Revolut > High Street bank GBP ..... anyone else cracked this without silly SEPA / Banking fees?
Val Scholz
Maker
We wanted to open up cryptocurrency exposure to everyone and not just the enthusiasts. We’ve simplified the complex signup process, removed the high fees and brought cryptocurrency exposure to everyone at the touch of a button. 📲
Val Scholz
Maker
Hey @adithya, We're monitoring closely the Indian market but don't have a release date yet. We'll be launching our service in the U.S. in early 2018.
Alexandra Larson
@valscholz No you didn't. Not being able to transfer cryptos to personal wallets / addresses shadows all the nice features you have just described.
craig t smith

So Revolut App launches crypto support but offers no way to transfer your coin to another wallet.... So how can I buy stuff in BTC with this?

Use support in-app to cancel your premium membership if like me you you only got it on the assumption crypto would be treated like fiat.

Pros:

Chea, Great UI

Cons:

Not your coin, you can't move it to another wallet - renders it useless

Mixy Grism
Revolut is a great wallet for cryptocurrencies. I keep on a Revolut account all my Bitcoins. A lot of people don't like it, but I don't understand why. They argue it because Bitcoins on Revolut are easy to track, so anyone can see where these Bitcoins were in the past. But there are different software that deals with this problem, For example, the bitcoin tumbler. It breaks the chain by mixing cryptocurrency breaks all connections with your personal addresses. This means that all details regarding your transaction are deleted right after mixing. ______________ https://mycryptomixer.com/
Praveen

Like with everyone, this flies against everything cryptos stand for. You are unable to withdraw any of the cryptos in your wallet and this in effect centralizes your BTC to Revolut. Really scary stuff.

Pros:

Cheap, does what it says

Cons:

Your BTC is stuck in Revolut. You must as well call it Revolut BTC.

Nikita Blanc
Hey @fr00tloops! Congrats on launching! Is there an option to withdraw your coins to another wallet?
Matthew Clementson
@akimovnv I imagine they’ll want to prevent us from doing something like this unfortunately. Otherwise we’ll just use Revolut as an easy way into Crypto and then transfer out to other exchanges that currently don’t accept GBP / USD transfer easily or without huge fees.
Nikita Blanc
@matthew_clementson then I can’t understand what does it have to do with decentralization. In the end we would have to trust Revolut founders not taking control over our funds lol :D
Matthew Clementson
@akimovnv I think the fact that Revolut is offering this service shows how mainstream crypto’s are becoming, coupled with that I’m sure the average person that invests in them now has no interest in the original motivations for creating them.
Val Scholz
Maker
Hey @akimovnv @matthew_clementson Revolut is regulated by the FCA (Financial Conduct Authority of the U.K.) so you can rest assured that your funds are safe. We keep them in separate client accounts. For the initial launch, it was important to keep Revolut as a closed system in order for all of our partners to be comfortable. We feel that this first phase will really help drive mass adoption of crypto. In the future, we'll be looking at allowing users to send their Bitcoins to external wallets.
Felix Kaiser
@valscholz The T&Cs read very differently. I read them as basically it’s all my risk, no guarantees whatsoever. They probably even state BTC aren’t FCA regulated.
Dan Gray

This implementation really seems to be aimed at people who see cryptocurrencies as an investment asset, rather than a true currency - and I think that's a fairly accurate assessment of the market at the moment. Who is really spending their bitcoin right now?

Pros:

Super easy, and held by a trusted financial company

Cons:

More of an 'investment' product than a 'currency'

cacarr
Who is spending Bitcoin? People do, including myself.There are a number of legal products that are considerably cheaper if purchased with Bitcoin.
Dimitris Litsikakis

I was eagerly waiting for Revolut to launch cryptos as they were teasing this feature via social media for a while. Tested upon launch, it worked like magic. Finally a quick, easy and trustworthy way to exchange and store your coins.

Pros:

Super Easy and Fast

Cons:

Would add a "confirmation" screen in case you make a mistake.

Jp Valery
Hey Val - congrats on launching! I’m just wondering, how are you dealing with people in north America ? My experience so far with the app and the customer service as à French living in Canada has been far from enjoyable and it feels like Canadian and US residents are not a priority. Is this going to be the same with the crypto service?
Val Scholz
Maker
Hey @jpvalery, As we're launching in the U.S. and Canada in early 2018, we'll also be expanding our support team to be able to offer 24/7 support to all of our customers.
Jp Valery
@valscholz it wasn’t about availability but consistency and helpfulness 😄 I’m really looking forward to be able to use the app here, and buy/sell my cryptos (since Coinbase still doesn’t allow us Canadians to sell our BTC/ETH/LTC,...).
Ravishankar
Nice and Simple UI Well done Revolut 👍
Val Scholz
Maker
@r_ravishankar Thanks! We're glad you like it :)
Toby Robertson
The spread appears to be over £400
Toby Robertson
@stars7up buy price @ 2244 12/12/17 : £12873 = 1BTC, BUT try sell 1BTC and I’m offered £12435
Jijo Sunny
Active user of Revolut here ✋ Love it! I can't seem to find the crypto option though. I did update. Should I wait, or do something differently?
Val Scholz
Maker
Hey @jijosunny, you should be able to find Revolut 4.8 in the AppStore. Once you download the latest app, you can see the crypto product in the More tab.
Daeshawn Ballard
This seems really interesting. However, I'm a little bummed it's not open to the U.S. to try.
Val Scholz
Maker
Hey @imdaeshawn, we're working hard to launch in the U.S. in early 2018. Stay tuned 🙌
Ruben Fonseca

I'm sad they released the feature like this. Be careful where you store your cryptocurrency. Very dangerous.

Pros:

easy

Cons:

it's a paid feature, you have to spend a lot of money to get there.

also super dangerous because you can't move the currency

Toby Robertson
I can’t see any way of withdraw BTC and at this spread I need to see +£400 to take profit
Baby Names

It’s simply the best!

Pros:

Love it

Cons:

Add Ripple

Akatama Makata

give us more coins

Pros:

Exchange in secs, low fees

Cons:

missing % to get a view of your investment

George Mare

Love the design of the graphs

Pros:

Best Experience Ever

Cons:

Missing my favourite coin: IOTA!