fees to buy crypto on revolut

Buying cryptocurrency has never been more accessible, especially with platforms like Revolut making it possible to purchase digital assets in just a few taps. However, understanding the fees involved is crucial for anyone looking to make the most of their crypto investments. In this article, we’ll explore the fees you can expect when buying crypto on Revolut, how these compare to other platforms, and what you need to consider before making your first purchase.

Understanding the Different Fees When Buying Crypto on Revolut

When you decide to buy crypto on Revolut, the first thing you’ll notice is that the platform charges a transaction fee for every crypto purchase or sale. This fee is usually presented as a percentage of the total transaction amount, and it’s automatically included in your order. As of 2024, Revolut charges up to 1.99% per crypto transaction for Standard and Plus users, while Premium and Metal users benefit from a slightly lower fee of 0.99%. This fee structure is straightforward but can vary depending on your account tier.

Apart from the transaction fee, it’s essential to be aware of the spread applied by Revolut. The spread is the difference between the buying and selling price of a cryptocurrency, and it functions as an additional, often less visible, fee. While not explicitly charged, the spread can add another layer of cost to your crypto purchase. This means that the price you pay for a cryptocurrency on Revolut might be slightly higher than the current market price, especially during periods of high volatility.

Revolut does not charge any extra fees for holding your crypto on the platform, but it’s important to note that you can’t always transfer all crypto assets out of Revolut to external wallets. This limitation is worth considering if you plan to actively use or trade your crypto outside of the Revolut ecosystem. Overall, understanding these basic fees will help you make informed decisions when buying crypto through Revolut.

How Revolut’s Crypto Fees Compare to Other Platforms

Comparing Revolut’s crypto fees to other popular platforms like Binance, Coinbase, or Kraken is essential for getting the best value for your money. While Revolut’s transaction fees (up to 1.99%) are relatively competitive for casual users, they can be higher than those on dedicated crypto exchanges. For example, Binance charges around 0.1% per transaction, and Kraken’s fees range from 0.16% to 0.26% depending on your trading volume. Even Coinbase, which is known for its ease of use, typically charges a variable fee that may be lower than Revolut’s for larger transactions.

Another factor to consider is the spread. On specialized exchanges, the spread is often narrower because of higher liquidity and more active trading. Revolut’s spread can be higher, especially during volatile market conditions, which means you might end up paying more for the same amount of cryptocurrency compared to using a traditional crypto exchange. This is an important detail for users looking to maximize every euro or dollar invested.

However, Revolut offers a unique advantage: simplicity and speed. For users who value convenience and are already using Revolut for banking or payments, paying a slightly higher fee might be worth it. There’s no need to create new accounts or go through complex verification processes, making Revolut an appealing choice for first-time buyers or those who want to make occasional crypto purchases directly from their mobile banking app.

Ultimately, while Revolut may not offer the lowest fees in the market, its ease of use and integration with personal banking services make it a powerful tool for newcomers and casual investors. By understanding the fees—both visible and hidden—you can make more informed decisions about when and how to buy crypto on Revolut. Whether you choose Revolut for its convenience or decide to explore specialized platforms for lower trading costs, being aware of all potential expenses will help you invest more confidently and wisely in the world of crypto.