Revolut Introduces Cryptocurrency Trading Platform for Consumers in the UK

Designed with retail audiences in mind, Revolut X aims to make the process of cryptocurrency trading straightforward, advertising “competitive fees” and “efficient” methods for exchanging fiat to crypto.

Challenging established digital currency exchanges, Revolut X provides a fixed fee structure of 0% for market makers and only 0.09% for market takers, which may appeal to traders in terms of cost.

Leonid Bashlykov, Revolut’s lead on the cryptocurrency exchange product, commented, “We are excited to launch a crypto product that caters to the fundamental requirements of savvy traders, emphasizing affordability and seamless fiat-crypto transfers.”

At its initiation, Revolut X is supporting the trading of more than 100 digital currencies, including the most common ones such as Bitcoin, Ether, and XRP. Plans are in place to increase the variety of supported cryptocurrencies. To reinforce trust, Bashlykov ensures the security of clients’ assets, with the majority securely stored offline and not subject to lending.

The platform is offered to all retail customers within the UK using Revolut. With an existing Revolut account, users are able to integrate and transact on Revolut X without facing extra fees or restrictions.

Due to the UK’s more stringent rules on cryptocurrency promotions, Revolut made adjustments to its services in 2023.

Revolut’s UK commercial clients temporarily cannot purchase crypto assets through Revolut Business. However, they continue to have the ability to manage or divest their held crypto assets. This suspension does not apply to Revolut’s individual customers, who maintain unrestricted capabilities to execute cryptocurrency transactions.

New customer onboarding has been paused, as existing customers are limited to possess and sell capabilities only. Furthermore, Revolut is precluded from diversifying into additional crypto exchange services, ICOs, direct staking, peer-to-peer exchanges, and decentralized finance (DeFi) operations like loans and borrowing.

The Financial Conduct Authority’s (FCA) amended regulations require crypto enterprises to maintain clarity and fairness in marketing, highlighting risk warnings prominently and removing incentives such as referral bonuses. They also establish a 24-hour cooling-off period for newcomers and rigorous advertising standards.

Companies that market cryptocurrency-related products or services must now carry a stark risk alert and affirm that their clients have adequate knowledge and experience before investing. Violations can lead to severe consequences, including incarceration for up to two years.

These regulations’ effects are evident in the UK’s cryptocurrency landscape, as firms like Bybit and PayPal reevaluate and retract certain offerings, and crypto platform Luno has put investment restrictions in place for some users.