How to trade cryptocurrencies in the UK using Revolut X — TradingView News

Revolut is a financial technology (Fintech) company founded in 2015 that has become a major player in the challenger banking scene. But what exactly are challenger banks and how does Revolut stand out with its cryptocurrency trading product? This article delves into Revolut’s cryptocurrency offerings, exploring their features, limitations, and how they compare to the competition.

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, offering a user-friendly experience for money management, payments, and sometimes investment opportunities.

Challenger banks leverage cutting-edge technology to offer faster and 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 your finances easier and more intuitive.

Revolut has been subjected to some regulatory rigor over the years despite being a challenger bank. This allows them to play the role of a bridge between decentralized finance (DeFi) and traditional finance (TradFi) and direct the mainstream audience towards cryptocurrencies.

Is Revolut compatible with cryptocurrencies?

Revolut entered the world of cryptocurrencies in 2017, allowing users to buy and sell a limited selection of cryptocurrencies directly within its app. In February 2024, it announced a new cryptocurrency exchange, Revolut X, aimed at “advanced traders”, promising lower fees and improved 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 benefits does Revolut bring to the crypto space?

Revolut positions itself competitively by offering several innovative features, including:

• Fractional trading allows this users to purchase fractions of cryptocurrency, making it accessible to those on limited budgets. Users can start their cryptocurrency investment journey for as little as 1 British Pound.
• Revolut’s mobile app is known for its intuitive design, which makes cryptocurrency trading less intimidating for beginners. Cryptographic applications can be notoriously difficult for users to navigate. Therefore, Revolut’s crypto offerings could make a big difference to the user experience.
• Revolut’s advanced exchange promises lower fees and advanced features for experienced traders.
• Seamless integration between their fiat banking app and crypto products could help position Revolut as the UK’s crypto bank.

Limitations on using Revolut offers for cryptocurrency trading

However, there are also limitations to consider:

• As a new player in the cryptocurrency industry, the Revolut banking app and Revolut X offer a smaller selection of cryptocurrencies and more limited support for layer 1 blockchains than established cryptocurrency exchanges.
• Users cannot earn a return on their cryptocurrency holdings through the staking mechanisms within the Revolut app.
• Revolut only offers market orders and basic limits, which can be restrictive for more experienced traders.
• As of May 2024, Revolut limits the transfer of cryptocurrencies to external wallets, allowing transfers to other exchanges but blocking transfers to self-custodial wallets.

Steps to trade cryptocurrencies using the Revolut banking app

Here’s a step-by-step guide to using Revolut’s banking app to trade cryptocurrencies:

Step 1: Go to the Revolut mobile app and log in with your Revolut account details.

Step 2: Go 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 exchange for fiat currency or your chosen cryptocurrency.

Step 5: Review the transaction details. This includes the total cost and any applicable fees.

Step 6: Confirm the transaction. Once confirmed, your cryptocurrency purchase or sale will be processed.

Before embarking on cryptocurrency trading, it is crucial to conduct thorough research and understand the inherent risks. Cryptocurrencies are a volatile asset class and their prices can fluctuate significantly.

Steps to trade cryptocurrencies using the Revolut X platform

In addition to the above option within its standard mobile banking application, Revolut has also launched its advanced cryptocurrency trading platform, Revolut

Step 1: Users can go to https://exchange.revolut.com to access the Revolut

Step 2: Clicking “Deposit” displays the user’s fiat balance on the Revolut banking application. Users can deposit fiat currency from their Revolut account into the Revolut X account. If users already hold cryptocurrencies on the exchange, they can also be used for trading.Cointelegraph

Step 3: Once the deposit is approved by the Revolut mobile app, users can start trading on RevolutCointelegraph

Step 4: Revolut Additionally, 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 cryptocurrency holdings (for example, for stablecoins), they can set up 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.Cointelegraph

The future of Revolut

Revolut X is poised for significant growth in the cryptocurrency space. Its entry into the cryptocurrency trading space presents both opportunities and challenges. Although it offers a convenient and easy-to-use platform, its limitations may not be suitable for experienced traders.

However, with its integration across banking products and focus on user experience, Revolut has the potential to carve out a niche as a leading cryptocurrency bank in the UK. By expanding its cryptocurrency offerings and trading features, Revolut X could become a major player in the evolving landscape of digital asset exchanges.

Source