$63,750.00
$3,127.70
$2,901.28
$2,338.46
$597.79
$481.21
$330.19
$120.37
$106.95
$89.85
$87.66
$65.49
$62.90
Revolut Cryptowallet Review
Views: 1819
| URL | PUBLISHED ON | POSTED BY |
|---|---|---|
| September 1, 2020 | Elias D Edmondson |
Revolut
Revolut says its the easiest, fastest way to buy, hold and exchange Bitcoin, Ether, Ethereum, Ripple and Litecoin at the best possible exchange rate. The best way to describe Revolute would be a crypto banking application, that allows you to perform the vast majority of your everyday cryptocurrency needs at the click of a button. Whether its opening an account in minutes, sending and receiving payments, transaction monitoring, or exchanging currencies, Revolut allows you to do this through its simple mobile app.
The Revolut app allows you to send and receive funds via the UK’s Faster Payment network, SEPA and even SWIFT and of course it comes with a debit card that is issued by either Visa or MasterCard (location dependent), this allows you to buy goods and services online, as well as withdraw cash at millions of ATM machines worldwide. Their fees for cryptocurrency are quite fair and they are transparent so you can see the exchange rates within the app before you make a purchase.
The app provides a portfolio tracker so you can view the activities of your cryptos over time and also lets you set alarms with push notifications should you wish to buy or sell at certain price points.It offers the joy of robotic trading and is an app for new crypto users to flex some trading muscles. Revolut has a feature where I invite three friends to unlock a feature instead of paying. I found that very nice and it made me invite six friends in total.
The Revolute UI is stunning and makes crypto exchanges in the UK very easy for me. However, I believe I am outgrowing Revolut services as I have begun to use other wallets and apps that I can transfer my crypto out of. The Revolut app deals in multiple currencies, so whether I'm in the UK or in the USA I can withdraw any currency and transact in any currency.
Irrespective of what feature I am using, one of the sweet benefits of using an app like Revolut is the real-time updates I am accustomed to. For example, the moment I use my debit card, I will receive an instant notification to my phone. This in itself makes it easy to keep track of my finances.
The app also provides a portfolio tracker so I can view the performance of my cryptos over time and also lets me set alarms with push notifications should I wish to buy or sell at certain price points.
I also have the luxury of spending my cryptocurrency using my card to withdraw as well as exchange into any foreign currencies available on the app.
There are downsides and they are,
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with Revolut you can’t withdraw your cryptos to other wallets or exchanges, and so I won't recommend Revolut for crypto trading Pros. I also didn't like the fact that often I could not use my card because their 3rd party card processor service was down.
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You also can’t send (or receive) cryptocurrencies outside of Revolut. This means you- Are locked into the buy/sell price they dictate, Can’t take control of your cryptocurrency, Can’t actually use your cryptocurrency
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if your funds are lost or stolen, you’ll have no legal recourse for compensation and i find this very disturbing
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Using Revolut is just like leaving your funds on any other cryptocurrency exchange. You shouldn’t do this, as cryptocurrency exchanges have been hacked in the past.
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Revolut’s cryptocurrency prices are calculated using the volume-weighted average price (VWAP), this means that the price is chosen in favour of the price that has seen the most volume in transactions in a defined time period. So if bitcoin sold at $6k for a while and a lot of people bought at that price, that will be the revolut exchange price even if bitcoin climbs to $6.5k. This is all based on price data from Bitstamp, who is Revolut’s cryptocurrency exchange partner and is absolute bullshit. I do not recommend trading with revolut.
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Asides their easy to use platform and sleek UI, i really don't recommend it for new traders who are looking to get some skin in the game.
so far so good i wont recommend revolut to anyone at all.
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