Arunkumar Krishnakumar10 hours agoHow to trade crypto in the UK using Revolut XUncover the step-by-step process for moving fiat from the Revolut banking app into the Revolut X application and trading cryptocurrencies.537 Total views6 Total sharesListen to article 0:00How toOwn this piece of crypto historyCollect this article as NFTJoin us on social networksRevolut is a financial technology (Fintech) company founded in 2015 that has become a major player in the challenger bank scene. But what exactly are challenger banks, and how does Revolut stand out with their cryptocurrency trading product? This article dives into Revolut’s cryptocurrency offerings, exploring its features, limitations and how it compares to competitors.What are challenger banks?
Challenger banks, also known as neobanks, are financial institutions that operate primarily online. They offer a streamlined alternative to traditional brick-and-mortar banks. They typically focus on mobile apps, providing a user-friendly experience for money management, payments, and, sometimes, investment opportunities.
Challenger banks leverage cutting-edge technology to offer faster, more efficient services. By eliminating physical branches and streamlining operations, challenger banks often boast lower fees than traditional banks. The mobile-centric design makes managing finances easier and more intuitive.
Revolut has undergone some regulatory rigor over the years despite being a challenger bank. This equips them to play the bridge role between decentralized finance (DeFi) and traditional finance (TradFi) and drive mainstream audiences toward cryptocurrencies.Is Revolut crypto-friendly?
Revolut entered the cryptocurrency space in 2017, allowing users to buy and sell a limited selection of cryptocurrencies directly within its app. In February 2024, it announced a new crypto exchange, Revolut X, targeting “advanced traders,” promising lower fees and enhanced market analytics.
While exact user numbers for Revolut’s crypto products are not publicly available, its overall user base has surpassed 30 million, suggesting a significant potential audience for its crypto offerings.What advantages does Revolut bring to the crypto space?
Revolut positions itself competitively by offering several innovative features, including:Fractional trading allowsusers to buy fractions of a cryptocurrency, making it accessible to those with limited budgets. Users can start their crypto investment journey for as little as 1 British pound.Revolut’s mobile app is known for its intuitive design, making crypto trading less intimidating for beginners. Crypto applications can be notoriously hard to navigate for users. Therefore, Revolut’s crypto offerings could make a major difference to user experience.Revolut’s advanced exchange promises lower fees and advanced features for seasoned traders.Seamless integration between their fiat banking app and crypto products could help position Revolut as the United Kingdom’s crypto bank.Limitations of using Revolut’s offerings for crypto trading
However, there are limitations to consider, too:As a newer player in the crypto space, the Revolut banking app and Revolut X offer a smaller selection of cryptocurrencies and more limited support for layer-1 blockchains than established crypto exchanges.Users cannot earn a yield on their crypto holdings through staking mechanisms within the Revolut app.Revolut offers only basic market and limit orders, which can be restrictive for most experienced traders.As of May 2024, Revolut restricts the transfer of crypto assets to external wallets, allowing transfers to other exchanges but blocking transfers to self-custodial wallets.Steps to trade crypto using Revolut’s banking application
Here’s a step-by-step guide to using Revolut’s banking application to trade cryptocurrencies:
Step 1: Access the Revolut mobile app and log in with your Revolut account details.
Step 2: Navigate to the “Crypto” section. This may vary depending on the app version.
Step 3: Select the cryptocurrency you want to trade. Revolut will display the current price and trading chart.
Step 4: Choose between “Buy” or “Sell” and enter the amount you want to trade in fiat currency or the chosen cryptocurrency.
Step 5: Review the transaction details. This includes the total cost and any applicable fees.
Step 6: Confirm the transaction. Once confirmed, the crypto purchase or sale will be processed.
Before embarking on cryptocurrency trading, conducting thorough research and understanding the inherent risks is crucial. Cryptocurrencies are a volatile asset class, and their prices can fluctuate significantly.Steps to trade crypto using Revolut X platform
In addition to the above option within its standard banking mobile application, Revolut has also launched its advanced crypto trading platform, Revolut X.
Step 1: Users can go to https://exchange.revolut.com to log in to the Revolut X application and stay connected to their Revolut account.
Step 2: Clicking on “Deposit” displays the user’s fiat balance on their Revolut banking application. Users can deposit the fiat from their Revolut account into the Revolut X account. If users already hold crypto on the exchange, it can also be used for trading.
Step 3: Once the deposit is approved from the Revolut mobile app, users can start trading on Revolut X.
Step 4: Revolut X only offers basic market and limit order options, which may not satisfy the needs of experienced traders seeking more advanced tools and strategies. Also, the app only supports a limited number of cryptocurrencies compared to major exchanges like Coinbase, Binance and Crypto.com.
The app also supports sell orders so that if users want to exit their crypto holdings (say, for stablecoins), they can set sell orders in the app.
Step 5: Users can check their portfolio performance and assets held by clicking on the portfolio tab on the left.The future of Revolut X
Revolut X is poised for significant growth in the crypto space. Its entry into the crypto trading space presents both opportunities and challenges. While it offers a convenient and user-friendly platform, its limitations may not suit experienced traders.
However, with its integration across banking products and focus on user experience, Revolut has the potential to carve a niche as a leading crypto bank in the United Kingdom. As it expands its cryptocurrency offerings and trading features, Revolut X could become a major player in the evolving landscape of digital asset exchanges.# Bitcoin# Investments# Adoption# United Kingdom# Revolut# Trading# How toAdd reaction