What’s the point of announcing Crypto currencies if on the day of launch you force your customers to go Premium or Invite friends?
Since when Revolut have this policy of forcing us to invite friends? We do it because we love your app not because we need to. And guess what we already invited our friends!
There are plenty of options out there that offer crypto without that kind of perks, Revolut is already late on this race and now this? What about your investors, they need to invite friends too?
Well, the support team told me that there will be an app update and you’ll have to use a specific invitation link in order to get access to the cryptocurrencies feature… current invited people will be ignored the same way there are currently ignored.
"You will not be able to make cryptocurrency interest transfers outside of the Revolut platform, e.g. to external wallets. This is something we are working to improve upon, and we hope will be available in the future.
This is a closed offering whereby you can buy, sell, exchange and transfer within the Revolut platform"
Basically kills it, trying to create a walled garden seems like a nice idea. Rather embrace the technology and become a world leader, or follow the crowd and wither and die.
I created a revolut account today just after reading they will support crypto currencies… now I read I need to get premium so I guess I will not be using my account. Too bad.
They should have mentioned it will be only for premium users in the first place I guess…
Unfortunately I’m a bit disappointed with crypto currency support.
I’m the premium user, and I got access to buy and sell, but that’s all - from my point of view - totally useless.
There is no way to transfer from/to another wallet. It means your can do just to have “stable” currency or to make saving, but you can’t pay any other bill in BTC, ETH or LTC.
Also rates are not the best - Revolut claim that no fees are applied, but purchase price is about 2-3% higher then on other CC markets (also selling price is 2-3% lower). I can understand that, but it should be stated correct. correction: Actually this my statement is kind of wrong now - I’m not sure if I was a bad luck when I tried that and got wrong x-rates both times I tried it (or probably difference between bid and ask price was very high at that moment), but now I got a difference between sell and middle price from about 1.7%. This is then the same Revolt wrote in the blog: 1.5% fee (0.2% is then half of the difference between bid and and ask price). Still it is a bit too high to be competitive with another CC platforms.
Also there are much higher fees when converting from one CC to another, e.g. BTC -> ETH -> BTC (if you start with 1BTC, at the end you will have only 0.925). 3.25% fee for transfer in one direction is extremely high. correction: Here I get now also much better results: 1BTC->ETH-> 0.955BTC, which is 2.25% x-rate (in one direction)
Personally I would never upgrade to premium because of this. To have acceptable support you will have to support at least:
Full Wallet support with public address and allowing transfer to the wallet (without any fee except standard blockchain miner fee)
Wallet support should show at least incoming payment with number of confirmations
Transfer from Revolut to another public address - again without any free
Reduce the coin buy/sell - usually money is already on Revolut account and fee should be maximum on 1% if you want to stay competitive
Provide acceptable transfer fee from one currency to another - on the coin market you can do it with 0.2-0.3% only. 1-1.5% would be acceptable too.
Thanks for your feedback. I was afraid of that when I saw the announcement.
It’s clear that Revolut is not the way to go in terms of CryptoCurrency. There are a million better apps out there. We can’t just have the best of both worlds in one.
even coinbase has a better rates and definitely more options regarding cc - personally I don’t use coinbase because of high provision, but I agree with @brunorev, it’s out of scope to list other solutions here.
This should be a feedback to Revolut team what are expectations from the users that are dealing with crypto currencies.
Example: I just bought 1 ETH and is listed in my Revolut App - perfect. I want to buy some CryptoKittie - you get the Ethereum address to transfer your ETH. This is currently not possible with Revolut.
You are right - I changed my original comment. But I was sure I got much higher difference when I tried first time. It could be just bad luck (price went down when I switched the currency or difference between bid and ask price was too high).
Sorry everyone for this mistake. Today BTC is going really wild
