No Regulation

Score

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/10

Revolut

United Kingdom

|

2-5 years

Suspicious Regulatory License|

Medium potential risk

https://www.revolut.com/

Website

Rating Index
Influence

Influence

C

Influence Index NO.1

United Kingdom 8.12

Better than 98.99% exchange(s)

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Influence
C

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No effective regulatory information has been founded yet, please pay attention to the risks!

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Company Name
Revolut
Phone of the company
--
Company website
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Customer Service Email Address
dpo@revolut.com

WikiBit Risk Alerts

1
Previous Detection 2024-04-20

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

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Time Machine

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User Reviews

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2 ratings

Participate in evaluation
FX1425912107
Revolut's app is a nightmare - it can be laggy. And the transaction fees? Exorbitant. Totally kills the crypto vibe.
2023-09-14 14:36
10
Rahmat Satriawan
Revolut's interface is quite user-friendly, but the cryptocurrency options are limited. But, customer support is satisfactory.
2023-11-22 07:32
7
Exchange Name Revolut
Founded Year 2015
Regulatory Authority Unregulated
Cryptocurrencies Available Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple and several more
Payment Method Bank transfer, Credit/Debit Card, Apple pay
Customer Service Live chat, phone:+442033228352, and email: support@revolut.com

Overview of Revolut

Revolut is a virtual currency exchange based in the United Kingdom. It was founded in 2015. Revolut offers a range of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP) and several more. The trading platform used by Revolut is their mobile application. Deposits and withdrawals can be conveniently made through the Revolut mobile application. They also offer customer support services through their website, mobile application, and email.

Revolut's homepage

Pros and Cons

Pros Cons
User-friendly Limited trading platform (mobile application only)
Convenient platform
Wide range of available cryptocurrencies
Pros:
  • User-friendly & Convenient platform

Revolut offers a user-friendly mobile application, providing a convenient platform for individuals interested in virtual currency exchange. The app allows users to easily buy, sell, and store cryptocurrencies, as well as traditional fiat currencies. With a seamless interface, users can track market prices, execute trades, and view their balances all in one place.

  • Wide range of available cryptocurrencies

Revolut offers popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple, allowing users to have a variety of options when it comes to trading. This ensures that users can have access to a wide range of investment opportunities within the virtual currency market.

Cons:
  • Limited trading platform

Revolut's trading platform is limited to their mobile application. While this can be convenient for some users, it may not provide the same level of flexibility and advanced features as other trading platforms.

Security

Revolut places an emphasis on security measures to protect user funds and personal information. They utilize advanced encryption technology to safeguard user data and transactions. Additionally, Revolut implements multi-factor authentication and biometric security features, such as fingerprint and facial recognition, to enhance account security.

User feedback regarding the security of Revolut is generally positive. Many users appreciate the secure login process and the added layer of protection provided by biometric authentication.

Revolut also offers additional security features, such as the ability to freeze and unfreeze cards instantly through the mobile application. This allows users to quickly respond to any suspicious activity or potential security breaches. Furthermore, Revolut constantly monitors transactions for suspicious activity and employs automated systems to identify and prevent fraudulent transactions.

Security Measures
Security Measures

However, Revolut does not possess valid regulatory authorization. This means that the company is not currently operating under official regulatory oversight or approval, which potentially raises concerns about the level of consumer protection and risk management in its operations.

Trading Markets

Revolut offers a diverse range of cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP) and several more. Users can buy, sell, and store these cryptocurrencies within the Revolut platform.

The prices of cryptocurrencies on Revolut are determined by market fluctuations on various exchanges. Revolut provides real-time market data, allowing users to track the current prices of cryptocurrencies.

Trading Markets

Revolut also provides a wide range of trading products in the form of stocks and commodities.

For stocks, users can find major companies listed on various stock exchanges, including but not limited to tech giants, retail giants, and other well-known brands. Revolut offers real-time stock prices, interactive charts, and the ability to buy or sell shares with just a few taps.

For commodities, Revolut offers access to popular commodities such as gold, silver, oil, and more. Users can track the prices of these commodities in real-time and execute trades accordingly. This allows investors to diversify their portfolios and take advantage of price movements in the global commodities market.

stocks and commodities

Services

Revolut offers mobile wallet. It offers a low-friction and intuitive process, making it simple for users to send money to Mobile Wallets in countries like Bangladesh (bKash) and Kenya (M-Pesa). These countries heavily rely on Mobile Wallets for various transactions, making Revolut's entry into these markets timely and impactful.

Revolut customers in the UK and most European countries (EEA) can seamlessly send money to bKash and M-Pesa directly from their Revolut app. This provides expats and international students living abroad with a handy mobile payment option in these countries.

mobile wallet

Revolut APP

The Revolut Mobile Finance app offered by Revolut is a comprehensive financial super app that provides users with a wide range of features and services to manage their finances conveniently and securely.

  • Mobile Banking: The app offers a full-fledged mobile banking experience, allowing users to open a digital bank account in minutes. Users can manage their accounts, make deposits, track transactions, and set up various banking features, such as direct debits and standing orders.

  • Global Money Transfers: Revolut enables fast and low-cost international money transfers. Users can send money to over 35 countries, exchange currencies at real-time rates, and even hold and spend money in multiple currencies using the Revolut card.

Revolut APP

Fees

Revolut charges trading fees for buying and selling cryptocurrencies. The fees vary depending on the type of cryptocurrency being traded and the transaction size. Users can view the specific fees applicable to each transaction within the Revolut app.

In terms of deposit and withdrawal fees, Revolut does not charge any fees for depositing or withdrawing funds to and from the platform. However, it is important to note that there may be fees imposed by the user's bank or payment provider for transferring funds to Revolut.

Standard (complimentary) Premium ($9.99 per month) Metal ($16.99 per month)
No withdrawal fees at more than 55,000 ATMs Included Included Included
Up to 5 international money transfers per month without fees 1 Included 3 Included 5 Included
24/7 customer support / Included Included
Purchase protection against damage or theft / Included Included
Ticket protection (worth up to $1,000 per year) / Included Included
Return protection / Included Included
Interest earned on savings 3.25% APY 3.25% APY 4.25% APY
Non-Commissioned stock trading Included Included Included
No fee currency exchange Up to $1,000 per month Unlimited Unlimited
Travel insurance benefits / Included Included
Complimentary airport lounge access with SmartDelay (for flight delays of one hour or longer) / You + 1 friend You + 3 friends
Discounted airport lounge access / Included Included

Is Revolut a Good Exchange for You?

Revolut can be considered the best exchange for its competitive currency exchange rates. The app offers real-time exchange rates at interbank rates for over 35 currencies, allowing users to save on expensive currency conversion fees.

  • Revolut is suitable for both beginners and experienced investors. It provides a user-friendly interface and intuitive features that make it easy for beginners to navigate and start investing. For beginners, my advice would be to start with small amounts and gradually increase their investment as they gain more confidence and knowledge.

  • For experienced investors, Revolut offers advanced features such as stock trading, commodities, and cryptocurrency investments. They can take advantage of the platform's low fees and real-time market data to make informed investment decisions.

Revolut User Review

User 1:

I've used Revolut card on holidays, converting money whenever I need, great rates, clear rules. I already invite friends to get Revolut because it's simple! Highly recommend!

User 2:

Always use revolut for trips away, no longer need to worry about bank fees, transfer rates and international rates. Also used for child's accounts. Overall a great product.

Conclusion

In conclusion, Revolut offers virtual currency exchange services with a range of advantages and disadvantages. On the positive side, Revolut provides a user-friendly platform with fast access speed and an intuitive interface. However, Revolut has faced controversies related to its work culture and compliance with regulatory requirements, which may raise concerns for potential users.

FAQs

Q1: Is my money safe?

A1: Your funds are held by Metropolitan Commercial Bank, Member Federal Deposit Insurance Corporation, and are insured by the Federal Deposit Insurance Corporation for up to $250,000.

Q2: How do I exchange money?

A2: To exchange currency, go to 'Accounts', select 'Exchange'. Choose the currency and amount to buy/sell, the type of order and tap the bottom button. Once executed, the exchange cannot be cancelled or undone.

Q3: How can I cancel or revert a currency exchange?

A3: Unfortunately, it's not possible to cancel currency exchanges, once the exchange has been completed. The only way to revert it is to make a new exchange.

Q4: I have sent funds to the wrong Revolut account - what do I do?

A4: If you've sent money to the wrong recipient and this is the first time you make a transfer to this recipient, the recipient has 7 days to accept the transfer. Go to the 'Transaction's' section and tap 'Cancel' at the top of the transaction page.

Q5: What are payment scams?

A5: These are usually when criminals trick you into making a transaction you suspect to be real, and is instead to them. This typically comes from them pretending to be someone they're not.

Risk Warning

There are inherent security risks associated with investing in cryptocurrency exchanges. It is important to understand these risks before making such investments. Cryptocurrency exchanges are vulnerable to hacking, fraud, and technical glitches, which can lead to the loss of funds.

It is recommended to choose a reputable and regulated exchange, keep abreast of security measures, and be vigilant in detecting and reporting any suspicious activity. Please ensure that you understand the risks involved and note that the information contained in this article is for general information only.

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