The fee is 1.5% but the exchange rate is 1.5% worse too.
So there is additional 1.5% FEE HIDDEN in the exchange rate.
And there are no warning or explanations when doing the exchange that the rates will be always worse to the user by 1.5% on every exchange.
It’s just like international transfers in some banks, that advertise “20 euros only fee” and then you get ripped additional “500 euros” through a shitty transfer rate.
Same with the Revolut 1.5 advertised fee…
Which is 15 euros from each 1000 euros… yet I was ripped 50 euros for each 1000 euros just for buying bitcoins and converting them back to euros later…
Why you are saying 3-4% when its almost 8-10% rather. Stop lying to your customers and tell them the real story. Right thing to do would be truthful about all the charges. Last thing any startup like yours want to do is lie to your customers. Once you lose reputation and community thinks you guys are just ripping people off. Everyone is going to abandon your platform. Should be careful!
Revolut, you are an eMoney license holder, regulated by the FCA. Trading crypto in itself isn’t regulated, but your behaviour as a regulated firm is.
Honesty, integrity and reputation are key characteristics of both your eMoney directors under the fit and proper test, and indeed the firm itself.
Your approach to crypto fees appears to be entirely at odds with these characteristics. Using misleading statements, comparisons and hidden pricing to encourage premium signups and then to generate significant revenue at the expense of your customers.
Please address as a priority, before you’re forced to by bodies other than your annoyed users.
I think the bit where we don’t get transparency is the weighted average bit.
I suspect it is an average of say the next 200 sell orders weighte, or however man they need to make sure when we sell they can sell and be above the rate. Eg.
If current sell rate is 16000, when we sell instantly the price is locked, but by the time Revolut can make the transaction (bitcoin isn’t instant) the price may have fallen by 500
To protect against this I think they take a bunch or sell orders weight them average them and use that as an offer to us price.
I think most would be ok with this if transparent, just looks like hidden fees otherwise.
I have a 24 hour trade position on Lite Coin which has seen an increase according to bitstamp however my USD value hasn’t moved the slightest with Revolut trade was yesterday at 11.49 price was 304 and the picture shows a 24 hour rolling from bitstamp.
Revolut price hasn’t moved but market is showing a price drive.
I don’t think you can compare with coinbase, or across exchanges. Coinbase has usually a much larger price pair (both buy and sell) than others, including Gdax, which they own as well. The prices and the spread depend largely on the liquidity on each exchange.
Also some exchanges charge you a fee to deposit or withdraw fiat, so the real price can not be directly compared.
Unless you can easily (and for free) move funds between exchanges so that you could buy on the lowest and sell on the highest the actual price does not really matter.
All that matters is the difference between opening the position and closing it, minus fees.
Because 5/6% is a lot when you’re moving big amounts. That’s why. It’s easy to be a bull in a bull market wait till it’s a little tougher and those margins make a difference.
That and they’re not being credible and honest in their marketing.
What you see on the Crypto exchange it’s not what you will get. You will need to place your offer on the average price and you need to bid it. BUT the price goes up/down therefore until you proceed the price will finally changed.
On the other hand Revolut offer instant transactions on the value you see in the app! Simple & fast!
Revolut Bitcoin isn’t the same as the actual bitcoin, because Revolut bitcoins are backed by the Revolut ledger and not the transactions on the blockchain, which by definition is A FAKE BITCOIN!
