Revolut Crypto Fees vs Binance: A Comprehensive Comparison

In the rapidly evolving world of cryptocurrency trading, choosing the right platform can significantly impact your overall trading costs. Revolut and Binance are two prominent names in the crypto space, each offering distinct features and fee structures. This article provides an in-depth comparison of their crypto fees to help you make an informed decision.

Revolut: An Overview

Revolut, initially known for its digital banking services, has ventured into the cryptocurrency market, offering a range of digital assets for trading. Its platform is designed to provide an easy entry point for beginners and those who prefer a more integrated financial service.

Binance: An Overview

Binance, on the other hand, is one of the world's largest cryptocurrency exchanges by trading volume. It caters to both novice and experienced traders, providing a vast array of cryptocurrencies and advanced trading features. Binance is renowned for its competitive fees and extensive trading options.

Fee Structures Comparison

1. Trading Fees

   • Revolut: Revolut operates on a tiered fee structure for cryptocurrency trading. For users on the standard plan, the trading fees can be relatively high compared to industry standards. Typically, Revolut charges a fee of 1.5% per transaction for crypto purchases and sales. For premium users, the fee structure is slightly more favorable, but still not as competitive as some dedicated crypto exchanges.

   • Binance: Binance is known for its low trading fees, starting at 0.1% for both maker and taker orders. The fees can be further reduced through the use of BNB (Binance Coin), Binance’s native token, which offers discounts on trading fees when used. Additionally, Binance provides fee tiering based on trading volume, which allows for even lower fees for high-volume traders.

2. Deposit and Withdrawal Fees

   • Revolut: Revolut generally does not charge fees for crypto deposits or withdrawals within its platform. However, transferring crypto to an external wallet might incur network fees, which are outside Revolut’s control.

   • Binance: Binance has specific fees for depositing and withdrawing cryptocurrencies. While deposits are typically free, withdrawals are subject to network fees, which can vary depending on the cryptocurrency. Binance also has a fee structure for fiat currency deposits and withdrawals, which depends on the payment method used.

3. Conversion Fees

   • Revolut: When converting between different cryptocurrencies or between crypto and fiat currencies, Revolut applies a conversion fee. This fee is generally around 1.5% for non-premium users. Premium users might experience slightly lower conversion fees.

   • Binance: Binance offers competitive conversion rates with relatively low fees. Conversion fees on Binance are generally lower than those on Revolut, especially when using Binance’s own trading platform for converting assets.

4. Other Considerations

   • Revolut: As a multi-service platform, Revolut offers the convenience of integrating cryptocurrency trading with other financial services. However, this integration comes at the cost of higher fees compared to specialized crypto exchanges. Revolut also has limitations in terms of the range of cryptocurrencies offered.

   • Binance: Binance offers a comprehensive suite of crypto services, including spot trading, futures, staking, and more. The exchange’s fee structure is highly competitive, particularly for users who are active traders or those who use Binance Coin. Binance’s extensive range of cryptocurrencies and trading pairs provides greater flexibility.

Conclusion

When comparing Revolut and Binance in terms of crypto fees, Binance generally offers lower fees across the board, making it a more cost-effective option for frequent traders or those dealing in large volumes. Revolut, while offering a more integrated financial service experience, comes with higher fees and fewer crypto options.

For users prioritizing low fees and extensive trading options, Binance is likely the better choice. However, for those who prefer a unified platform that combines banking and crypto trading, Revolut might be more appealing despite the higher fees.