Revolut, a financial technology (Fintech) firm established in 2015, has become a significant player in the challenge bank scene. This guide discusses its cryptocurrency offerings, features, limitations, and comparisons to rival banks.
Challenger Banks Explained
Also referred to as neobanks, these financial institutions operate mainly online. They provide a structured alternative to conventional brick-and-mortar banks.
Challenger banks exploit advanced technology to provide quicker and more efficient services. They boast reduced fees compared to traditional banks since they eradicate physical branches and streamline operations.
Over the years, Revolut witnessed regulatory battles in spite of being a challenger bank. This enables them to bridge between traditional finance and decentralized finance and move mainstream audiences toward cryptocurrencies.
The Friendliness of Revolut
Revolution’s entry into cryptocurrency happened in 2017, permitting users to purchase and sell a limited section of crypto directly within its application. In February, it unveiled Revolut X, a new crypto exchange focusing on ‘advanced traders’ promising reduced fees and improved market analytics.
The exact user numbers for Revolut’s crypto products are not publicly available. Nevertheless, its user base has exceeded 30 million, indicating a considerable potential audience for its crypto offerings.
Benefits of Revolut in the Crypto Space
Revolut offers a number of innovative features, such as fractional trading that permits users to purchase a cryptocurrency’s fractions, granting access to persons with limited budgets. For as little as £1, users can initiate their crypto investment journey.
Revolut’s mobile application is famous for its intuitive design, making crypto trading less terrifying for starters. Since crypto apps can be challenging to navigate for beginners, Revolut’s crypto offerings can make a significant difference to user experience.
Revolut’s cutting-edge exchange promises reduced fees and improved features for experienced traders.
Limitations of Utilizing Revolut’s Offerings
As a new player in crypto, the Revolut banking application and Revolut X provide a smaller selection of cryptocurrencies and more restricted support for layer-1 blockchains than established exchanges.
Revolut only provides basic market and limited orders, which may be limited for seasoned traders. Users cannot earn a yield on their crypto holdings via staking mechanisms within the Revolut application.
Steps to Crypto Trading Using Revolut’s Banking App
The step-by-step guide to utilizing Revolut’s banking app to trade cryptocurrencies is explained below:
1st step: Access the Revolut mobile app and log in with Revolut account information.
2nd step: Navigate the ‘Crypto’ section, whose variation depends on the app version.
3rd step: Select the preferred cryptocurrency. Revolut displays the present price and trading chart
4th step: Choose between ‘Buy’ and ‘Sell’ and enter the amount to trade in fiat currency or the selected cryptocurrency.
5th step: Review the transaction information, including the overall cost and applicable fees.
6th step: Verify the transaction. After confirmation, the crypto purchase or sale is processed.
Steps to Trading Using the Revolution X Platform
1st step: Users can go to https://exchange.revolut.com to log into their application and remain connected.
2nd step: Users should click ‘Deposit’ to display the fiat balance. They can deposit the fiat from their Revolut account into the Revolut X account.
3rd step: Users can begin trading on Revolut X after the deposit’s approval from the Revolut mobile application.
4th step: Revolut X offers basic market and limit order alternatives, which might fail to meet the needs of seasoned traders seeking more advanced strategies and tools. Besides, the application supports a smaller number of cryptocurrencies than major exchanges such as Binance.
5th step: Users can check the performance of their portfolio and assets by clicking on the portfolio tab.
Final Thoughts
Revolut X is poised for considerable growth in crypto. Its entry into the crypto trading space presents challenges and opportunities.
Its incorporation across banking products and emphasis on user experience boosts its potential to form a niche as a leading crypto bank in the UK. Further expansion of its trading features and offerings can make it a significant player in the changing realm of digital asset exchanges.
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