Cryptocurrencies: Revolut has hidden spread?


#1

I bought some bitcoins and ethereum with Revolut. They claim that they work with 1.5% total transaction fee but this seems b***t to me.

First of all, they rate is significantly lower than any other site (in both directions). The two screenshots are taken at the same moment:


Besides, I changed 1000 EUR to bitcoins, then immediately tried to switch it back to EUR. The proposed buy amount was 960 EUR. This shows me that there is at least 2% difference, and as the screenshots above show the gap can be even wider.


Crypto exchange rate
#2

I’ve bought bitcoin, ethereum and lite coin and then immediately tried to change back, to test the fees/spread. I’ve found there is approximately a 5% charge. Which is comparable (a little more expensive that other coin exchanges) but just wish the fees were more transparent.


#3

“In true Revolut fashion, we are being completely transparent with our users - we will only apply a small 1.5% markup with no other hidden fees or charges during the exchange process.”

I urge other users to try the immediate switch-back and report what they find. Claiming being transparent and applying 3 times higher fees than advertised is outrageous.


#4

Proof that Revolut is cheating in one single screenshot - the graph shows the real price, which is much higher to what Revolut offers:


#5

Not sure about hidden fees , but something is really wrong . Same with me , instant conversion from bitcoin to gbp had a 5 to 6% difference.

Seems to me that the rates in the chart are not correctly updated from bitstamp, I tried to buy at 10100gbp but was charged 10845 gbp . 10845gbp was the correct rate at bitstamp at that moment though . But in the charts it was showing 10100 . It happened twice with me .

There is something for investigation, already raised this with support .


#6

Most platforms trade bitcoins at a different rate…

Example on thursday 11am EST: GDAX exchange traded bitcoin up to $19.5k whereas on Coinbase it was stuck at $15k while Bitfinex reached $15k much later during the day.

Volume keeps increasing and volatility too which from time to time seem to unsync the different platforms. It’s been getting worse and worse.

Analysts say 40% of the bitcoins are owned by less than 1000 whales and each time 1 of them moves around a large amount, it affects the various platforms. This seems to be what happened on thursday with 1 single bitcoin key caught through the blockchain while transfering $126m worth of bitcoin.


#7

Thanks Arnaud.

I do not deny your points but , this was not my concern. Please check below.

  1. the value does not match to bitstamp exchange value , which you claim in your faq.

  2. the chart does match the value with bitcoin exchange.

  3. chart and value does not match

  4. when I bought it was s higher value then indicated in the conversion, now when I wanted to sell , the value is lower.

  5. it may well be a bug , or it may be intentional.


#8

My first experience…after waited too long to buy from Revolut…

First 24 hours or close the rate was similar to bitstamp , with a lag . So u would get the rate which was a minute or 2 ago … I got charged around 500 usd higher .

Now the rate is always almost 500 usd lower to bitstamp .

And that too I paid for premium membership …

loss !!! Can’t sell at loss or move the bitcoins to other places … a bit disappointed!

Once rate goes up , frustration would be low !!!


#9

Hello there

I observe a similiar problem. Consider the two screenshots.

Concerning exchange from ETH -> FIAT-NZD

  • For an arbitrary hour, for example 22:00 to 23:00, the recorderd values in the historical-graph are always much higher, than the offered rates ever has been during this hour.

  • Consider the “selected”/“recorded” price at 22:00 it is 631.5494 and it is increasing! (At 23:00 it was higher obviously). At 23:35 the current offered price is 585.1781. I can’t show a live view because the graph paint just to the last full hour.

  • Same observation I did the last week all time also for BTC -> FIAT-NZD. I think the graphs show the real values, so why is the offered exchange that bad?

One BTC is

at 17:23, GMT+1: 13526 USD (revolut), 15383 USD (coinbase)
at 17:25, GMT+1: 13656 USD (revolut), 15379 USD (coinbase)

  • Further, why is the graph not up-to-date at weekends? The rates are live and there is no freeze and the “add-some-percent-for-security-thing” for CC at weekends (according to live support)

Thanks Thomas


#10

Here is the second picture because the genius rule of:
“new users can only add one picture per post”


#11

I have even better pictures. Just compare daily low / high


#12

Same again this morning, difference around 2300 between chart and live rate.


#13

#14