Revolut is a financial technology (Fintech) company founded in 2015 that has become a player

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 the challenger banks, and how does Revolut stand out with its cryptocurrency trading product? This article delves into Revolut’s cryptocurrency offering, 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 over the Internet. They provide a streamlined alternative to traditional brick-and-mortar banks. They typically focus on mobile apps, providing a user-friendly experience for managing money, payments, and sometimes investment opportunities.

Challenger banks leverage the latest technologies to provide 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 finances easier and more intuitive.

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

Is Revolut cryptocurrency friendly?

Revolut entered the cryptocurrency space in 2017, allowing users to buy and sell a limited range of cryptocurrencies directly through its app. In February 2024, it announced a new cryptocurrency exchange, Revolut

While exact user numbers for Revolut’s cryptocurrency products are not publicly available, the total user base has exceeded 30 million, indicating a large potential audience for its cryptocurrency offerings.

What advantages does Revolut bring to the cryptocurrency space?

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

  • Partial trading is allowed Users buy fractions of the cryptocurrency, making it accessible to those with limited budgets. Users can start their cryptocurrency investment journey for just £1.
  • The Revolut mobile app is known for its intuitive design, which makes cryptocurrency trading less intimidating for beginners. It can be very difficult for users to navigate crypto applications. Therefore, Revolut’s cryptocurrency offerings can make a huge difference in the user experience.
  • Revolut’s advanced exchange platform promises lower fees and advanced features for experienced traders.
  • Seamless integration between its fiat banking app and cryptocurrency products could help position Revolut as the UK’s leading cryptocurrency bank.

Restrictions on using Revolut offers for cryptocurrency trading

However, there are limitations to consider as well:

  • As a new player in the cryptocurrency space, Revolut banking app and Revolut
  • Users cannot earn a return on their cryptocurrency holdings through staking mechanisms within the Revolut app.
  • Revolut only offers market orders and limit orders, which can be limiting for most experienced traders.
  • As of May 2024, Revolut restricts the transfer of crypto assets to external wallets, allowing transfers to other exchanges but prohibiting transfers to self-custodial wallets.

Steps to trade cryptocurrencies using the Revolut banking app

Here’s a step-by-step guide to using the Revolut banking app for cryptocurrency trading:

Step 1: Access the Revolut mobile app and log in using your Revolut account details.

Step 2: Go to the “Encryption” section. This may vary depending on the application 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 the chosen fiat or cryptocurrency.

Step 5: Review 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, conducting thorough research and understanding the risks involved is crucial. 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 the standard mobile banking app, Revolut has also launched an advanced cryptocurrency trading platform, Revolut X.

Step 1: Users can go to to log in to the Revolut X app and stay connected to their Revolut account.

Step 2: Clicking on “Deposit” displays the user’s cash balance in their Revolut banking app. Users can deposit fiat currencies from their Revolut account into their Revolut X account. If users already own cryptocurrencies on the exchange, they 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.

Revolut Is A Financial Technology (Fintech) Company Founded In 2015 That Has Become A Player

Step 4: Revolut X only offers basic market options and limit orders, which may not meet the needs of experienced traders looking for more advanced tools and strategies. The app also only supports a limited number of cryptocurrencies compared to major exchanges like Coinbase, Binance, and

The app also supports sell orders, so if users want to exit their cryptocurrency holdings (for example, for stablecoins), they can set sell orders in the app.

Step 5: Users can check the performance of their wallet and the assets they hold by clicking on the wallet tab on the left.

Revolut Is A Financial Technology (Fintech) Company Founded In 2015 That Has Become A Player

Revolut X future

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 suit 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. As it expands its cryptocurrency offerings and trading features, Revolut X could become a major player in the evolving landscape of digital asset exchanges.

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