When considering ways to purchase cryptocurrency, many people immediately think of dedicated crypto exchanges. However, a growing number of banking and financial apps have begun integrating digital asset services, providing users with alternative avenues for acquiring crypto. Revolut, a global financial application that offers a suite of banking services, now allows its customers to buy cryptocurrencies like Bitcoin directly with fiat currency. This guide provides a clear, step-by-step walkthrough on how to buy Bitcoin using Revolut, and also examines the associated fees, limitations, and important factors to consider before you begin.
Understanding Revolut
Revolut is a UK-based financial technology (FinTech) company that was launched in 2015. Founded by former bankers Nikolay Storonsky and Vlad Yatsenko, the application functions as a comprehensive banking platform. It provides a wide array of services, including free international money transfers, budgeting tools, and prepaid debit cards.
A major draw for users is the app's robust multi-currency capabilities, which allow you to open and manage accounts in numerous currencies. Furthermore, Revolut’s fee structure is often significantly lower than that of traditional banks. In addition to its standard banking features, Revolut now offers access to Bitcoin and over 100 other cryptocurrencies, such as Ethereum and Solana. The introduction of these crypto services has contributed to a substantial growth in the app's user base.
A Step-by-Step Guide to Buying Bitcoin on Revolut
Using Revolut as a platform for crypto trading is a straightforward process. It is important to note that while Revolut is primarily a mobile app, the company has also launched a web app for desktop access. The following steps will guide you through the purchase process on mobile.
Step 1: Register for a Revolut Account
Begin by visiting your mobile device’s app store—Google Play for Android or the App Store for iOS. Search for the "Revolut Mobile Finance" app and download it. Upon opening the app, you will be prompted to either log in or sign up. Select "Sign up" and provide your phone number to begin the registration process. You will receive a 6-digit verification code to confirm your number. After verification, you will be guided through setting up a secure PIN for your account.
Step 2: Add Fiat Currency to Your Account
Once your account registration is complete, you will gain access to the app’s full dashboard. Here, you can view your accounts, see transaction history, initiate transfers, and manage your Revolut cards. However, to purchase any cryptocurrency, you must first deposit fiat currency into your Revolut account. From the home screen, tap on “Add Money.” You can then choose your preferred funding method, such as a bank transfer or debit card, and follow the on-screen instructions to complete the deposit.
Step 3: Execute Your Bitcoin Purchase
After your fiat deposit is successful, the new balance will be visible on your account’s home screen. You are now ready to buy Bitcoin. Navigate to the “Crypto” section from the app’s menu. This area displays your crypto portfolio value, transaction history, and investments. Tap on “Trade,” select Bitcoin from the list of available cryptocurrencies, and then click “+ Buy.” You will then be able to enter the amount of Bitcoin you wish to purchase based on the fiat balance available in your account.
Transferring Bitcoin from Revolut to an External Wallet
You are not required to keep your Bitcoin holdings within your Revolut account. The platform allows you to transfer your cryptocurrency to external wallets. To initiate a withdrawal:
- Navigate to the “Crypto” section on the Revolut home menu and tap “More.”
- Next, select “Send.”
- Choose from your list of saved wallets or tap “New” to add a new recipient address.
- Enter the amount you wish to send and confirm the transaction by tapping “Send.”
You also have the option to paste a new wallet address directly into the search bar. It is crucial to be aware that the ability to perform blockchain withdrawals may not be available in all locations or for all account types due to regulatory restrictions. If this feature is unavailable to you, it is likely due to your geographic location or the specific currency you are using.
Key Considerations Before Buying Bitcoin on Revolut
Before investing, it is essential to understand the inherent volatility of the cryptocurrency market. Digital asset prices can experience rapid and significant fluctuations due to market sentiment and global events. When using Revolut specifically, you must pay close attention to its fee structure.
The platform's fees for cryptocurrency transactions are generally higher than those found on most dedicated crypto exchanges. Revolut’s fees are tiered based on your subscription plan. Standard and Plus users typically incur a fee of 2.99% per transaction, while Premium and Metal plan subscribers benefit from a reduced rate. Always review the latest fee schedule on Revolut’s official website before trading.
Security is another critical factor. While Revolut is a registered entity with the UK's Financial Conduct Authority (FCA), offering a degree of consumer protection, no platform is entirely immune to risk. The crypto market itself carries the risk of loss, so it is vital to only invest capital you are prepared to lose. For those seeking lower fees and more advanced trading features, exploring dedicated cryptocurrency exchanges is often recommended. 👉 Explore more strategies for secure crypto trading
Frequently Asked Questions
Can I buy and send crypto on Revolut?
Yes, Revolut has integrated cryptocurrency trading into its platform. You can purchase from a selection of over 100 different coins using any of the 29 fiat currencies supported by the app. You can also send your crypto to external wallets through the "Send" function within the Crypto section.
What are the fees for buying crypto on Revolut?
Revolut employs a transparent pricing model: rate + fee = total cost. The exact fee depends on your subscription plan. Premium and Metal users enjoy lower percentage-based fees, while Standard and Plus users pay a higher rate, often around 2.99%, or a flat minimum fee, whichever is greater. Always check the app for the most current pricing.
What are the limits for buying Bitcoin on Revolut?
Revolut imposes limits on cryptocurrency transactions. Users can execute up to 100 exchanges within a 24-hour period. Each exchange is also subject to minimum and maximum amount limits, which can vary depending on the specific cryptocurrency and your account verification level.
How long does a Bitcoin withdrawal from Revolut take?
According to Revolut, withdrawals to external wallets can typically be processed within a few minutes to an hour. However, during times of network congestion, it may take longer. You will receive a confirmation notification once the transaction has been verified and completed on the blockchain.
Is it safe to buy Bitcoin with Revolut?
Revolut is a regulated financial institution, registered with the FCA, which provides a layer of security for users. However, the safety of your investment also depends on broader market risks associated with cryptocurrency volatility. It is always advised to conduct thorough research and practice secure digital habits, such as using strong passwords and enabling two-factor authentication. 👉 View real-time tools for managing your portfolio
Can I transfer my crypto out of Revolut?
Yes, you can transfer your cryptocurrency to external wallets. This functionality is available if you are on an eligible subscription plan and are located in a supported region. You can send crypto to any compatible wallet address from the "Send" section of the app.