Warning about buying crypto (5% fee)

Hi guys,

I bought some crypto (ETH) using Revolut a few days ago. I spent X and immediately after the purchase my portfolio had a value of 0.95X, an effective fee of 5%. I’d like to emphasize that there was no market volatility or any other reason for this to happen. The bid-ask spread on ETH on Bitstamp (Revolut’s partner) was 1/16th of a percent at the time.

Revolut advertize their fee as 1.5%, which is quite high compared to exchanges, but as it’s stated up front I have no objections about it. But 5% is quite a different matter and is either a bug or, if intentional, false advertising.

I’ve now been stuck in chat support limbo for days waiting for my case to be looked at. I’ve asked them to revert the transaction, keep their ETH and refund me my fiat.

I just want to warn people that something is seriously wrong and that I recommend avoiding the purchase of ETH through the app.

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If you are on Standard plan, 5% is the normal fee that was announced months ago… 2.5% for either side.
Read read read! https://www.revolut.com/legal/fees

If this is the case and you are not in paid plan, the only thing that you have to warn people is to READ the T&C and fee page before start using certain product…

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WARNING! YOU ARE ABOUT TO GET RIPPED OFF!!

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“YOU ARE ABOUT TO GET RIPPED OFF” if you don’t read what you are supposed to know :slight_smile: I’m just fine, but I know all fees that Revolut will charge me and use Revolut based on that!

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This is a relatively complicated product. Revolut should be educating their customers, not just leaving them to read the terms.

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Here https://www.revolut.com/legal/fees in paragraph “EXCHANGE” is explain simple as it can be (for dummies - “The exchange rate for cryptocurrency includes our fee for our Crypto Services. This fee is 2.5% for Standard users (and 1.5% for Premium and Metal users”), if somebody can’t understand that or is too lazy to read it the solution is only one - Don’t use Revolut!
Revolut is not primary school to educate someone how to read…
If I can understand the fees only with read them (english is not my native language and I’m not so good at it) then it is not rocket science. The problem here is laziness

Don’t lecture me about laziness.

I have used Revolut to purchase crypto in the past and the fee was 1.5%, if they changed it to 2.5% the burden of communicating the change is on THEM, not on me.

Also, don’t be a hypocrite. I am 100% sure you did not read every EULA and Terms and Conditions ever presented to you. For example, you probably clicked that you accept cookies on this very site. Did you read the small print? Would you bet your life that the small print didn’t say you sold yourself into slavery? Yeah, right.

If you have nothing to contribute, why don’t you get out of this thread? This thread is to warn people that they should not purchase crypto via Revolut unless they’re happy with the 5% fee.

I have used Revolut for over three years now and moved tens of thousands of euros through it. We’ve gone through various glitches and growing pains together. I am generally very happy with the service, have been recommending it, and want it to succeed.

They need to understand that reputation is everything and trust is everything. Trust is especially hard to win and easy to lose. The fee they charge nowadays for crypto is ridiculous. It will earn them money, but at what cost? It will cost goodwill, it will cost reputation… for every user that is happy to use the service there will be three that feel cheated (like me). It’s irrelevant whether they were covered legally with small print. I am not going to sue them. But they created one unhappy customer.

I’m not hypocrite, because this is my money and I want to know where I put them, and if you don’t read when someone change the fees is your problem. I know about fees changes months ago… Got email about changes also… The problem is all yours.
They have done enough to inform about this specific change, so as I said the problem is all yours in this case.
And you don’t contribute anything in here, just mislead users, that the 5% fee is “bug or, if intentional, false advertising”. Your comments is totally false!
If you are not happy about the high fee this is another topic, that is not present here in your first statment.
I’m not commenting is it high or not this fee, only that the fee is well known and everyone have head on their shoulders and can decide for themselves to use crypto or not here.

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I know your mindset, you’re this guy (the older prisoner) basically: https://youtu.be/zPi76KvQF1g?t=100

The stricter the Romans are to you, the more you love them.

No positive change in the world ever came from such attitude, but you are entitled to have it.

When someone start to change the topic I understand that the person on the other side has no other arguments to discuss with, so have a nice day and I hope you will learn at least to read Fees page before start using some services :wink:

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