Crypto - Minimum exchange size


#1

So I have £9 worth of litecoin in my account.
Currently it is useless since whenever I try to convert it to fiat I get a message saying "Sorry the minimum exchange size is 0.0585384, which is JUST higher than what I actually have.

So how do I actually get this currency, which is mine, back to me? Effectively Revolut is stealing my money since I cannot gain access to it?


#2

Minimum amount is 10£

Just wait till will increase in value :slight_smile:


#3

But why is it tied to fiat to exchange? This just makes me think more that they dont even hold any crypto, but rather their own version of litecoin and are creating their own exchange not really backed up by the actual blockchain.

Do revolut actually own wallets with the amounts of crypto that its users are currently holding?


#4

If you want to own your cryptos, use an exchange to purchase them first. Revolut is a great intermediary between them and UK banks. Buying cryptos in Revolut allows you merely to speculate on price fluctuations. It is convenient but also contradicts to whole purpose of cryptos - moving away from the meddling of governments and banking sector.


#5

So now the price has gone down even more, I am even further away from being able to convert it.
This makes revolut even worse as an exchange since I have lost money because of revolut policies on their exchange that wasnt made clear in the first place.

I doubt I will be using revolut for crypto anymore.


#6

Hey Thornbottle. The recent drop in price for all cryptocurrency have to do with the Mt. Gox Trustee. He flooded the market and thus drove down the price. In a couple of days the price will be corrected again. Here is an article explaining it https://captainaltcoin.com/now-we-know-who-sold-the-bottom-at-6k-and-tried-to-crash-bitcoin/


#7

I am sorry but people are missing the point, its not the price of litecoin that is annoying, it is that the conversion of litecoin is pegged at a static price of fiat for minimum conversion. The price of litecoin should have no bearing on converting back to fiat.

I would understand if there was a £10 minimum on BUYING litecoin, but selling it should not have a limit that is based on a completely different currency