Review about Revolut! Better than Coinbase and other exchanges.

[Asadali569]

Hello Everyone,

I’m aware that my title could be offensive to some of the Coinbase fans out there but I downloaded the Revolut app yesterday. I had to send some money to Pakistan but it doesn’t allow that. However, I ended up sending money to USA WITHOUT any fees or charges. I simply topped it up with my Apple Pay and sent the money without any hassle.

Although, that’s good that they didn’t charge any fees. However, the fun part is that I was allowed access to Cryptocurrencies. It has five currencies as of now; bitcoin, ethereum, litecoin, bitcoin cash and ripple. Due to the fact that I’ve wtitre that Revolut is better than Coinbase is that I bought 105 USD worth of litecoin a week or two ago, which is now 65 USD due to the decrease in litecoin price. When I bough it from Coinbase, they charged me fee whereas Revolut didn’t charge me anything when I bought 13 GBP worth of litecoin just now. So there is no fees involved here. You can use it like you use any other exchange. Convert any cryptocurrency back into fiat currency and send it to your back. All done in less than 10 minutes.

It also has better rates than Normal banks when sending money oversees.

Thanks.

[matthewio]

It makes a good deal if they do not collect cash for you to convert from fiat to cryptos. How about withdrawal of cryptos to ur wallet, are there  charges

[Tytanowy Janusz]

And how about spread? There might be no fees but manny times I've seen hidden fees on "no fees service" in spread set to 5% or higher. Did you checked that?

[berrygood]

Coinbase pro work on to be most trusted exchange, so it may not be fastest or low fee one. Know what you use.

[Asadali569]

And how about spread? There might be no fees but manny times I've seen hidden fees on "no fees service" in spread set to 5% or higher. Did you checked that?

It makes a good deal if they do not collect cash for you to convert from fiat to cryptos. How about withdrawal of cryptos to ur wallet, are there  charges

1. They are a work in progress platform when it comes to crypto. You can’t transfer the cryptocurrency bought from them but you can only revert it back to fiat and send to your bank account for free. It is because the crypto bought remains in their hot and cold wallets but you can cash out when you want. It happens in a second.

2. Ps. I’m not promoting anything here. Just joined it myself two days ago and I loved it so I’m just making people aware about it.

3. I checked the price of bitcoin in Revolut and in Coinbase. There was a difference of about 200 USD, but that is normal in different exchanges. I bought litecoin and the difference between litecoin in Coinbase and Revolut was of only a few pennies.

4. They don’t charge any fees unless it’s like 4 or something bitcoin. Because then they only charge miner fee. I’m not sure why. You can ask them these questions if you want to make a big investment. However I wouldn’t recommend it for huge investments because there are more professional platforms and exchanges for crypto if you are a pro.

5. I don’t get what you mean by “It makes a good deal if they do not collect cash for you to convert from fiat to cryptos.“

[Tytanowy Janusz]

3. I checked the price of bitcoin in Revolut and in Coinbase. There was a difference of about 200 USD, but that is normal in different exchanges. I bought litecoin and the difference between litecoin in Coinbase and Revolut was of only a few pennies.

200 USD price difference for BTC is 3%. Its enought to earn without "fees". And as I understand you right its 3% price difference between buy price and exchange price. If you want to sell there must be another 3% price difference what gives us 6% spread.

[o_e_l_e_o]

You are not actually buying crypto on Revolut. You are buying a crypto tracking product. As mentioned above, you can't move your crypto to another wallet, spend it, transfer it, hold the private keys, or even see its public address. All you can do is sell it back to Revolut.

[Asadali569]

You are not actually buying crypto on Revolut. You are buying a crypto tracking product. As mentioned above, you can't move your crypto to another wallet, spend it, transfer it, hold the private keys, or even see its public address. All you can do is sell it back to Revolut.

Yes. You put it into words better than me. Regardless. I think it’s good for beginners like myself because I like it. As I said. I’m not promoting it or anything. It’s just a review.

[con_te]

I was using Revolut from autumn 2018. From October 2019 I have a Metal plan (Premium user). I used my Metal card for several payments in the the store and small cash withdrawals (less than 300 euro), and my Revolut account for several SEPA transfers within EU (under 200 euros). I also used Revolut trading platform for stocks trading.
In January 2020 I have received a 7k USD transfer from the US company who owed me this money. When I have tried to withdraw this amount I have received a push-notification in Revolut app saying that my account is temporally limited for some security review and I need to provide some additional information to Revolut. An access to account was blocked. The only option I had was to contact Revolut support team via their in-App chat. After four hours of waiting one of the team member contacted me asking to verify my identity. Then they asked me questions about my source of funds and the nature of the recent transfer. I have provided all the necessary information including pdf-documents required. The communication process was veeeeery slow and lasted for the whole day long. I was told that Revolut needs to check my account and when this check is completed they will notify me.
No time frames, no specification of the reason for this blocking, no access to funds and to trading platform! They just blocked my account with the balance of about 10k USD. It happened at the beginning of February.
I wrote them again several times via their support chat several times but received no answer. The chat does not connect me to any live agent. No reaction, no response, total ignoring. Unacceptable!!!
I have found them on Twitter. After sending a message asking about my issue I received a templated reply saying practically nothing new: account is under review and they can’t give me any other information. After that they just blocked me on Twitter so I can’t write them anymore.
After 2 months of waiting I have sent them an official email complaint and in 3 days received the same standard reply with no specific information about time frame and reasons.
It seems like they just don’t care about their clients, no matter if you are premium or standard user. No phone numbers to call. No respect.
After 10 weeks of complete silence I've sent another official email complaint to UK Financial Ombudsman Service and is now waiting for their reply.
Keep this information in mind and be careful with Revolut. They can do whatever they want whenever they want with your money, and you might have many problems getting them back. If you are a Revolut client try to find other alternative before they block you with no prior notification.

[joniboini]

^

I wonder why companies keep doing something like this. At least they should allow a withdrawal instead of blocking everything. I'd be mad af if my money were left in limbo, not to mention the terrible support. I think we heard these stories from many companies already, not Revolut only. Time for better T&C's I guess (if customers read them).

[Bvvvp009]

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