Crypto exchange rate


#1

So Revolut use Bitstamp for their crypto currency exchanges, yet the rates differ considerably.

E.g. $10-20 per LTC difference at the same time.

Also dont forget the unmentioned additional 1.5% on top of their 1.5% for exchanges on a weekend. New news to me!

Their historical trend is also inaccurate when compared to others.

Know this is only the 1st week or so, but right now believe it is not usable or trustworthy.

Response from customer support was I would have to wait for the appropriate technical team to look into the problem.

Anybody else experienced similar?


Sudden Crypto Fee
Revolut Crypto
#2

I agree there is a difference but not quite 10-20$, Im using euro, and the diffrence is up to 5 euro at most. Its always less in Revoluts info. I dont see history for any crypto currency except Bitcoin in Revoluts data, so i cant say if its inaccurate. Why does support says this is technical problem, when its obviously not? Tell us how is this going when there is news, thanks!


#3

Hi there. Thank you for your feedback. Let me clarify there’s not weekend mark up on cryptocurrencies as are not in the same Forex market as the rest currencies.


Exhange rates: EUR and Cryptocurrency
#4

Thanks for your reply @AndreasK, however can you now explain to all of us why the considerable difference between the rate shown on the Revolut app and the Bitstamp exchange that Revolut uses?


#5

The rate is well off I thought it was a bug at first.
Can we get an explanation please as this isn’t clear on signup


#6

I was looking to find out which exchange they used, and I thought from what I read they used multiple exchanges and gave a price that averaged across a few of them rather than just one?

Looking at bitside now and revolut app the buy side looks about right, the sell side is showing 0.5% off

The buy side seems right, the $16310 buy orders on bitstamp now + 1.5% commission gives the $16550 its being offered at.

If I sell 1 bitcoin I’m being offered $15994, which is 2% less, so 0.5% off after commission fee, although right now there are very few sell orders vs buy orders (still should be 16310 for sell).

So the sell is approx. 0.5% off, might be worth checking again later when the buy/sell orders are similar etc.


#7

Well checking the market now and its not such a good story. Currently selling on Bitstamp @ $16800, but if i trade on the app I am being offered $16166. If i take off the 1.5% commision i should be getting closer to $16550!

So i am losing around (4% minus 1.5% commision) 2.5% on selling bitcoin.

Not sure if its just a time lag as during the last hour its jumped 2.2% - if it is might be handy when the falls happen, but that would be bad for Revolut if you could buy/sell an hour late on the proice an hour ago!

If I buy right now with $16800 i get 1.006 bitcoin. will check on the variation in a couple of hours!


#8

well something looks broken for sure, bitstamp just hit 16950 and the app is still offering $16166, so if you are hoping to sell as prices go up fast doesnt look like you can :confused:


#9

Crypto Exchange rate is a joke and rest assured it is not a funny one!

When will the technical team fix this problem and provide a reliable platform for exchanges?

Currently 20GBP per LTC difference, which is scandalous.


@AndreasK Any answers?

#10

I don’t think its a technical issue - more of a rip off

It seems that Revolut has a $500-$600 spread on its BTC prices, while the spread on bitstamp is around $3. This means that Revolut can effectively lock in a large profit ($500) on every bitcoin that is exchanged with them.

In sum, if you’re buying Cryptocurrencies on Revolut, you won’t break even on a transaction until your position moves AT LEAST 3-6% in your direction (Depending on the cryptocurrency)


#11

So even though Revolut promotes their crypto currency exchange wth a 1.5% flat fee it’s actually more like 5%?

Isn’t that a false advertising?


#12

I even noticed some differences between the historic rates on :r: and the actual ones for the same date and time:


#13

@dervyx

not entirely sure if its false advertising; I’ve reached out to support various times to understand their methodology. They’ve given me the same answer each time:

“our rates are derived from our exchange partner. They are calculated as a Volume Weighted Average Price (VWAP) with a mark-up of 1.5% to account for trading volatility and the price you see in the app is locked in at the time of the exchange. Please refer to our FAQs for more info”

My guess is that they have a ‘Fair’ value for the rate based on their VWAP (still no clue how they calculate this - what time window, etc) and add an extra 1.5% on each side for “trading volatility”

For example BTC/USD is currently trading around 16,600. Lets say Revolut’s VWAP price is somewhere around 16,000. Revolut should then give a market of
15,760 at 16,240 (1.5% on each side).

This is $480 spread represents 3%. However according to Revolut’s fees, this spread should never be larger than 3% regardless of the Price or volatility in the market.

I wouldn’t worry about the notional value of Revolut’s rate as other exchanges have their own prices. However this spread shouldn’t be larger than 3% (2 x 1.5%). I have seen this spread be larger numerous times, and it’s even larger for other cryptocurrencies. Also, I wouldn’t be surprised if this spread increased even more in volatile moments.

Currently, Revoluts spreads are the following:

BTC

Bid - 16208
Ask - 16778
Spread - 570
Spread as % - 3.5%

ETH

Bid - 500.8
Ask - 529.6
Spread - 570
Spread as % - 5.8%

I think we deserve an explanation for the spread


#14

Put 1100 eur for testing, exchange fee is just a tyny tiny 50 euros… for a 1000 eur exchange!

But I guess, it’s a lowest for a service which offers instant conversion to a regular euro debit card. Basically allows to pay from bitcoin balance with a regular card in euros.
All previous cards like that charged 10-30% fees in total!!!

And all cheap exchanges takes a day or more to convert bitcoins to euros.

So as always it’s convenient and fast but for a fee.


#15

It’s a flase advertising and hidden fees.
Here is 5% in practice just by converting 1100 eur back and forth.

And I don’t mind a 5% for a convenience. But why false advertise then?


#16

Given up with customer support, their 12 hour wait & lack of answers to this question.

Perhaps when it becomes public knowledge that Revolut crypto exchange is a rip off, will they actually do or even say something.


#17

im sure there is a missunderstanding somewhere but im not sure if its in us - the users or them - Revolut. Either way im happy of this service no matter the fees, its really amazing how easy they made it.


#18

I’m a big fan of Revolut in general. Have recommended the service to numerous friends. However, by looking at the spreads of these rates, the fees for this service are not 1.5%

My biggest worry is that when volatility increases, I’m sure Revolut will also increase their spread from 5% to maybe 10% making it almost impossible (ridiculously expensive) to either put in or pull out your money.

If they’re pushing for “Transparency” and thus charge 1.5% fees for “volatility”, then the spread for any of these crypto-currencies should not exceed 3% at any given point.


#19

Got the same response , they calculate the price on a weighted average, add 1.5% for volatility and the 1.5% fee, so always 3% added so saying 1.5% is misleading.

It only seems to apply when you sell your bitcoin that you get stuffed, when you buy you get around 1.5% off, so looks like they are cashing in on people selling bitcoins :frowning:


#20

They only add 1.5% once, there’s no fee.