When most people want to buy crypto, they consider doing so through an exchange. However, a number of banking apps are now supporting digital currencies, providing an additional way for anyone to purchase crypto. One of them is Revolut, a well-known financial app that provides banking services. This article explains in detail how you can buy BTC using the platform.
You will also find out whether buying Bitcoin via Revolut has any benefits over crypto exchanges.
What’s Revolut?
Founded in 2015, Revolut is a Fintech company based in the United Kingdom. Its co-founders, Vlad Yatsenko and Nikolay Storonsky, are former employees of Credit Suisse. Revolut allows users to make free international fund transfers and offers debit cards along with budgeting tools.
Revolut has become popular due to its capability to support multiple currencies, making it possible for users to open accounts in the currency of their choice. Moreover, the transaction fees charged on the app are considerably lower than those imposed by banks.
And now, with the integration of Bitcoin and other 90 cryptocurrencies, including Solana and Ethereum, Revolut can only get bigger from here. The number of users has been growing massively since the app announced its crypto offering. It is worth highlighting that Revolut does not serve British people alone. The company also has a presence in France, Romania, Poland, Ireland, Spain, the United States, Italy, Germany, Portugal, Gree, and Ukraine.
How Do You Buy BTC With Revolut?
Revolut comes in two versions: as a mobile app and a Web app. This makes it accessible using various devices. If you wish to use it as a Bitcoin trading platform, here are the steps to follow:
Step 1: Create a Revolut Account
In this guide, we will use the Revolut mobile app. Before creating an account, you need to download it from Google’s Play Store or Apple’s App Store. Search “Revolut” and then click the “Download” button. Once the app is downloaded and installed, open it and click the “Sign Up” button. Revolut will require you to provide your phone number to set up an account. After inputting it, a 6-digit code will be sent via SMS to verify the phone number. Now, create a new PIN, which you will use to access your account.
Step 2: Deposit Fiat Currency Into Your Account
After creating an account, you can now start buying crypto through the Revolut app. But first, you need to deposit fiat currency. Here is how you do it: On the homepage, click the “Add Money” button and then select the deposit method you would like to use. It could be a bank card or bank transfer. Now enter all the details required to execute the transaction.
Step 3: Purchase BTC Via Revolut
Once the fiat money reflects in your Revolut account, then it’s time to buy some BTC. Go to the menu and click the “Crypto” Button. On the page that opens, you will be able to see your transaction history and the value of your portfolio. Now, click the “Trade” button and pick BTC from the crypto list. Next, enter the amount you wish to spend and click “Buy.” After approving the transaction, the Bitcoin should arrive in your account within a few minutes.
Can You Send BTC From Your Revolut Account to an External Wallet?
Yes! Transferring your Bitcoin from Revolut to an external crypto wallet is possible. To do this, go to the home menu and click “Crypto.” Now press “More” and then “Send.” After doing so, click “New” to enter a new wallet address and the amount of BTC you wish to transfer. Finally, press “Send” to initiate the transaction.
What You Need to Know Before Buying BTC With Revolut
The Fees charged for crypto transactions on Revolut depend on the user’s product plan. Nonetheless, they are still expensive compared to crypto exchanges. Users with Plus and Standard plans pay a 3% fee, while Premium members are charged 1.5%.
Conclusion
Is it safe to purchase BTC using Revolut? The answer is yes. The app is regulated by the Financial Conduct Authority. However, like any other platform storing digital currencies, Revolut is vulnerable to online attacks. But this should not stop you from buying your first Bitcoin.
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