How to Buy Bitcoin in the UK Using Revolut – A Comprehensive Guide
UK-based Fintech company Revolut has continued to expand its offerings to accommodate its diverse customer base. Earlier this year, the firm introduced a crypto trading app to facilitate easy buying and selling of Bitcoin and other top digital assets.
If you are in the United Kingdom and wish to buy your first Bitcoin using Revolut, then this guide is for you as we will walk you through the buying process.
Revolut and Its Involvement in Crypto
Revolut began as a traditional challenger bank in 2015. For beginners, a challenger bank is a financial institution that offers services primarily online.
Two years after its launch, Revolut stepped into the crypto world, allowing customers to use their fiat balances to purchase select digital assets. While this offered a convinient way to buy crypto, many complained about the high processing fee charged. In response, the Fintech company launched its dedicated crypto trading platform, Revolut X, offering lower fees and comes with advanced market analytics.
As of December 2024, Revolut has reported significant adoption of this crypto trading platform, which now has nearly 30 million users.
What Benefits Does Revolut Bring to Crypto?
The Fintech firm offers numerous innovative features, such as:
1. Fractional trading – With Revolut, you can buy a fraction of a particular crypto. This is ideal for people with limited funds. Per data on the company’s website, 1 British pound is enough to start your crypto investment journey.
2. User-friendly interface – The Revolut app and the Revolut X platform are well-designed, making cryptocurrency trading less intimidating, especially for newbies.
3. Advanced trading tools – Revolut X features market analytical tools to help users analyze the crypto markets.
4. Simplifies on-ramp and off-ramp processes – Revolut has integrated its mobile app with Revolut X, allowing users to easily enter and exit the crypto world.
Disadvantages of Using Revolut X to Trade Crypto
Like any other crypto trading platform, Revolut comes with its own limitations, including:
1. Few digital assets – Unlike established crypto trading platforms, Revolut X supports only a few currencies.
2. No staking offering – Revolut X doesn’t support crypto staking, so users who wish to earn passively from cryptocurrencies cannot be accommodated.
3. Crypto transfers to non-custodial wallets are not allowed – As a Revolut X user, the only external transfer you are allowed to make is to an exchange, not a self-custodial wallet.
How to Buy Bitcoin on Revolut
Here is how to purchase Bitcoin on Revolut:
1. Download Revolut’s banking app from the Google Play Store or App Store and create an account. Also, make sure to complete the identity verification process.
2. Next, fund your Revolut account with British pounds using the supported deposit methods. It could be a bank transfer or using a debit/credit card.
3. Once the fiat money reaches your account, go to the ‘Crypto’ section and select ‘BTC.’
4. After that, click ‘Buy’ and specify the amount of British pounds you want to exchange for Bitcoin.
5. Press the ‘Buy’ button after reviewing the transaction details, which include processing fees and the BTC amount to be received.
6. Check your Bitcoin balance on your Revolut wallet after a few minutes.
How to Buy Bitcoin on Revolut X
To purchase BTC on Revolut’s dedicated crypto platform, visit exchange.revolut.com and register a trading account. After doing this, connect your funded Revolut account to the platform and deposit the fiat amount you want to spend on Bitcoin into the newly created trading account.
Now look for Bitcoin in the displayed crypto list and place a buy order. The purchased Bitcoin will arrive in your trading account shortly.
As mentioned, only exchange-to-exchange transfers are supported. Therefore, if you want to transfer your Bitcoin to a non-custodial wallet, you first need to send it to an exchange that supports exchange-to-self-custodial wallet transfers.
Final Thoughts
Revolut is playing a massive role in onboarding UK citizens to crypto using its user-friendly crypto trading platform. However, people who want to explore other cryptocurrencies besides Bitcoin may find Revolut X’s limited asset offering not ideal.
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