Shameless margin on crypto! Feeling robbed!

So I bought 5000e of ether and 5000of litecoin. I checked the price on coinmarketcap.com and I felt it was a decent price. It was written there is no fees.

Guess what! The buying price is good but the sell price is terrible!!! Like 5% below market price!
So instantly I lost like over 500euros!
I can’t believe revolut would do us like that! If u say no fees then make it no fees. This is so obviously designed to screw us. And we can only sell it back to you as we can’t transfer those crypto to our personal wallet.

What is the point of this if not make you the only winner in here?
Now I need to wait those crypto to go up 5% to eventually see some gain.

Shameful!!!

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Have you read this?

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Of course not lol :laughing:

@Nono62 there’s a fee and everyone knows about it.

Bt is around 3% as I remember.

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1.5% flat fee. So it will be 3% total if he buys and sells right away.

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Still, 1,5%, 3% it is a rip off to buy crypto in Revolut currently if you compare it to other competitive services such as Binance.

Revolut should offer a sensible fee if they want to be an option and don’t miss the crypto boom.

At the very least they should offer a no-fee service to its Metal supporters which are already paying a lot for Revolut Premium each month, without much of a benefit since traveling is restricted by the lockdowns.

Make it 1.5% for Premium and 0.5% for Metal. Then Metal subscribers will pay the same fees as on Bitstamp :slightly_smiling_face:

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Considering the current fees for buying Bitcoin and other cryptos in other app and platforms are:

Binance is free (no fees) 0% via Faster Payments, SEPA, and alternatives, etc.

Binance also offers a 1.8% fee for buying with your traditional Bank Card if you prefer.

Exodus lets you buy BTC directly into your wallet with ApplePay for just: 0.03%

I believe Revolut Metal users are already paying a lot just for a few worthless benefits like travel insurance and airport benefits that are closed, or silly rewards of 1% to 5% cashback for buying products that nobody wants anyway!

Being a metal subscriber had become almost worthless with lockdown, so, the perfect retribution for metal supporters would be to let them buy crypto with no fee. And maybe 1% for Premium and 1,5% for standard could be ok.

But the 3% current fee seems out of place. Maybe some disinformed and comfortable people would use it just for the benefit of not leaving Revolut. But who with a little bit of common sense will just throw a “3% in Every transaction” when you know you can do the same thing somewhere else just for free?

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What this thread has basically taught me is to go to Binance, not Revolut for my crypto exchange needs. :metal:t2: :call_me_hand:t2: :v:t2: :ok_hand:t2: :wave:t2: :raised_hands:t2:

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Yes, but that is an indirect consequential product of the state of the current situation with Revolut. I believe that the ones that spend time here commenting on Revolut weaknesses and giving feedback and ideas is because we still love many other Revolut features and want them to become good in every aspect, so we don’t have to look anywhere else.

Sadly, as you pointed it, the crypto offer right now is much better in other places, but the aim of this thread is not to lead people there but to make Revolut react and give us fair fees.

I wish next visitors of this thread would learn that Revolut has heard and improved their crypto fees to match the standard competitors. Really looking forward to that happening soon.

New to buying crypto and had intended using the reoccurring facility. I’m disappointed to see Revolut hammer you on commission.
Less restricted and less expensive options are out there but I was looking to cut down on the financial apps and hoped Revolut do it honestly and not be so greedy!

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So If i got it right we pay fees only when we buy and when we sell with Revolut.

This means the amount of crypto I’ll have once I have bought some of it should remain the same over time, right? Are there other fees for holding crypto?

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There’s no custodial charge on the crypto once you’ve bought it. So you can sell the same amount it shows you as having bought (net of fees) and then the fee will be charged as a percentage of the sale fees (in your base currency). When you buy it’s a percentage of the crypto purchased that’s taken as a fee.

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Not for now, but Revolut strategy seems to be, wait until users are fully invested and then suddenly impose a ridiculous custody fee to take advantage they are already all in.

Be very careful with companies lie this, that’s what they have just done with the stocks custody fee, after they 've got millions of their users invested they augmented the fee, not 20% not to the double (100%) but to a ridiculous 1200% (12x) the fee they used to sold us the service!

This is not legally fraud because we stupid users have to agree to their terms and conditions, but ethically it is a plain fraud, what we commonly call a rip-off.

So, goodbye Revolut stocks now, it was good while it lasted.

There’s no custodial charge on the crypto once you’ve bought it.

Then I may have a big issue with Revolut.
I have bought some BTC (I won’t say how much) with Revolut at the beginning of January. I was aware of the high fees and I was willing to pay them.
I usually do not track the value (in BTC), but this one was a nice number so I just remember it. That value remained constant (as we would expect) for around one month.

Yesterday I have checked it again and the number had decreased! Now I am missing around 0.0014BTC (i.e. around 60€).

Revolut staff, I don’t care about paying high fees. But, as you can understand, I am now worrying there may be some hidden fees.
I trusted the system, so I have never tracked the exact amount of BTC I had. Now that I have seen by chance that one of my values decreased, I am wondering if you did it in the past too, and/or if you will do this in the future.

Has anyone else experienced the same?

Revolut staff, can you please explain me why I suddenly got less BTC?

Thanks in advance

Have you gone to the Transactions tab for BTC and reconciled the net amounts there with your total? You should be able to add up all the net purchase/sell amounts of BTC in your Transactions tab so that it matches the BTC total shown at the top level summary of Crypto.

Before I stopped trading BTC and the majors on Revolut I always added the details of each transaction into Blockfolio (including fees and timestamp), to make sure it all tallied up. In fact, I still do this but now I’m transacting on actual crypto exchanges.

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i would love to see smaller fees also

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Actually it’s the same problem with currencies. Each time I’m about to convert money $/euro, I check on my other bank Tr…sf…W…e, and it is each time more interesting there. So I end up never using my Revolut account anymore. :frowning:

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Huh, what am I missing?

Right now, 1000 USD would buy you

823,01 EUR with Revolut and
819,71 EUR with Wise

Wise is more expensive here due to the exchange fee. Within Revolut’s free limit, it should be cheaper during the week for this currency pair.

How you lucky ? Maybe because you tried only 1000. I have no limit with TransferWise.

And the problem is not only with $. Right now:
1000 euros I get 36170 ฿ with Wise
I get 36138 ฿ with Revolut.

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That’s correct, I was calculating with the free plan and its 1000 exchange limit. But if you consider Wise‘s fee structure, there’s a point when the fixed fee for Revolut‘s premium plan will be cheaper than Wise‘s percentage markup.

Converting 1000 USD to EUR accumulates already a fee of 8,36 USD with Wise (a 0.42% markup), so in case of USD —> EUR, it would be actually cheaper to pay for the Revolut premium subscription when you’re converting more than 1000 USD monthly. (Revolut‘s premium plan starts at 8,31 USD per months — that’s the EUR price converted into USD for easier comparison.)

And even when you’re only occasionally above the free limit and aren’t considering paying for a monthly Revolut subscription? Revolut’s markup when you’re over your free limit is 0.5% — a 0.08% difference to Wise‘s markup. So how much would you have to exchange over the year that +0.08% would outweigh the free limit, the first 1000 USD being substantially cheaper? I am too lazy to do the math for this scenario right now, but you can actually exchange more than 1000 USD per month until Revolut becomes effectively more expensive, even without paying for the premium plan.

You are certainly right that Revolut‘s rates for THB aren’t particularity good. As far as I know, they never were. It’s certainly a good idea to compare rates between services, but it’s also true that Revolut’s rates are pretty competitive in many situations. Wise is a fantastic service, and both Revolut and Wise have their weaknesses and strengths.

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