How Much Does Revolut Charge for Buying Crypto?

Imagine you're ready to dip your toes into the world of cryptocurrency through Revolut, a popular fintech app known for its user-friendly interface and extensive range of financial services. You're excited, but you pause—how much is it actually going to cost you to make this investment? This question is not just about the price of the cryptocurrency itself, but also about the fees and charges that Revolut imposes on every transaction. In this article, we'll explore the ins and outs of Revolut's fee structure for purchasing cryptocurrency, breaking down exactly what you'll be paying and why.

The Basic Fee Structure

First, let's tackle the basic fee structure that Revolut applies to crypto purchases. Revolut's fee for buying cryptocurrency varies based on the user's plan. There are three main account tiers on Revolut: Standard, Premium, and Metal. The fees you incur will depend heavily on which of these plans you are subscribed to.

• Standard Plan: This is the free plan that most users start with. Here, you will be charged a fee of 1.99% per transaction when you purchase cryptocurrency. This fee is applied regardless of the amount you are buying, making it one of the more expensive options if you're trading frequently or in large amounts.

• Premium Plan: Users on the Premium plan, which costs approximately €7.99 per month, are subjected to a slightly lower fee of 1.49% per transaction. While still significant, this reduction can make a big difference for those who plan to buy crypto regularly.

• Metal Plan: The Metal plan, costing around €13.99 per month, offers the lowest fee of 1.00% per transaction. This plan is tailored for high-frequency traders or those looking to invest substantial amounts in cryptocurrency.

It's important to note that these fees are in addition to the spread, which is the difference between the buy and sell price of the cryptocurrency. Revolut typically applies a spread of around 0.5% on major cryptocurrencies, though this can increase during periods of high market volatility.

Hidden Costs and Additional Considerations

While the fees mentioned above are straightforward, there are additional factors to consider that might affect your total costs when buying crypto on Revolut. One of these is the currency exchange fee. If you're purchasing cryptocurrency with a currency other than your Revolut account's base currency, you may be subjected to an exchange fee.

For users on the Standard and Premium plans, this fee can be as high as 1.5% on weekends, while Metal plan users enjoy more favorable rates. Additionally, if you decide to transfer your cryptocurrency out of Revolut, this incurs another fee, which can vary depending on the blockchain network's current status.

Comparing with Other Platforms

You might be wondering how Revolut's fees stack up against those of other crypto trading platforms like Coinbase, Binance, or Kraken. To give you a clearer picture, let’s break it down:

Platform	Basic Trading Fee	Additional Costs
Revolut	1.99% (Standard)	Spread, Exchange Fee
Coinbase	1.49%	Spread, Withdrawal Fee
Binance	0.10%	Withdrawal Fee, Spread
Kraken	0.26%	Withdrawal Fee, Spread

As you can see, Revolut's fees are higher than those of many dedicated cryptocurrency exchanges. The convenience of using an all-in-one app like Revolut comes at a price, which is why it’s essential to weigh these costs against the benefits of simplicity and integration with your existing financial tools.

Are There Ways to Minimize Fees?

If you're committed to using Revolut for your cryptocurrency investments, there are a few strategies you can employ to minimize your fees:

• Upgrade Your Plan: If you're planning on making frequent or large crypto purchases, it may be worth upgrading to the Premium or Metal plan. The lower transaction fees could offset the monthly subscription cost.

• Avoid Currency Exchange Fees: Ensure that you have enough balance in your base currency to avoid the additional exchange fee when purchasing cryptocurrency.

• Watch the Market: Be mindful of the spread, particularly during periods of high volatility. If possible, make your purchases when the market is stable to avoid paying a higher spread.

Final Thoughts

Revolut offers an accessible and convenient way to buy cryptocurrency, especially for those who are new to the crypto world. However, this convenience comes with a cost. By understanding Revolut's fee structure, you can make more informed decisions about your investments and potentially save money in the process. Always consider the total cost, including the transaction fee, spread, and any additional charges, before making a purchase.

In conclusion, while Revolut may not be the cheapest platform for buying cryptocurrency, it offers a seamless experience that might be worth the extra cost for some users. As with any financial decision, it’s crucial to do your research and choose the option that best fits your needs and investment strategy.