Revolut is a fantastic digital banking application that offers its users the perks of sending and receiving money, making purchases, and trading cryptocurrencies without ever visiting a physical bank.
Since 2017, Revolut presented its new feature of purchasing, selling, and holding cryptocurrencies with just their mobile application. Revolut has pretty much made it efficient, simple, and fast to exchange cryptocurrencies.
The limitation is that Revolut offers its in-app crypto exchange services in only:
- The United Kingdom
- United States
- And European Economic Area (EEA)
Other crypto buyers and sellers can’t take advantage of these perks. But you never know, Revolut may expand its crypto services worldwide soon.
Ways to Buy Bitcoin with Revolut
Revolut offers its built-in crypto feature where you wouldn’t need to visit any other platform to buy bitcoin. Here’s what you need to do:
Buying Bitcoin with Revolut’s Built-in Crypto Feature
Open an Account with Revolut
Download the Revolut application on your mobile device. (Revolut doesn’t have a desktop application). Revolut will require some personal information like your name, home address, email address, etc. Put in all the required information.
Verify Your Identity
Since Revolut isn’t your traditional bank, you will have to upload your selfie and scan your government-issued ID card. Because of the cutting-edge technology Revolut uses, the verification process is pretty smooth and easy.
Transfer Funds into Your Revolut Account
Using your bank (SWIFT, SEPA, or UK Faster Payments) transfer or a credit card, transfer funds into your Revolut account. Using a debit/credit card will make the process of buying bitcoin with Revolut instant.
Revolut lets you buy bitcoins even with $1 in your account. When your account is verified and has sufficient funds, click on the “more” option in the application and select “Cryptocurrencies”.
A drop-down list will appear on the screen where you will be asked to choose your fiat currency and the cryptocurrency you want to buy. Select Bitcoin and enter the amount of bitcoin you want to buy to finalize the trade.
Pros of Buying Bitcoin with Revolut
- Easy investment in cryptocurrencies within the banking app
- Contains every bitcoin feature you require
- Keeps updated at all times
- Quick and reliable international payments
Cons of Buying Bitcoin with Revolut
- Although you invest in cryptos, you don’t own them. Revolut doesn’t allow transferring or selling cryptocurrency to another wallet or purchasers from other platforms.
- Applies 0.5% to 1.5% markup on crypto buying and selling
There’s another way to buy bitcoins using Revolut. Here is how to do it:
Buying Bitcoins with Revolut Using Other P2P Platforms
Choose a P2P Crypto Exchange
Choose an online P2P crypto exchange that accepts Revolut as its payment option. Otherwise, purchasing bitcoin won’t be possible.
Register with a Platform
Whichever platform you chose, get registered with it by providing all the necessary information. After that, verify your account to prove you are a real user.
Search for a Bitcoin Seller
You will find two search boxes on the platform’s first page asking for your amount and currency. Fill in the boxes with your country’s currency and the amount you will be investing to buy your bitcoins.
A list of different sellers will appear. It is time to search for a seller that accepts Revolut as a payment option.
Start a Deal with Your Chosen Seller
When you find a seller that accepts Revolut as a payment option, click on their profile to start a trade. Thoroughly read their terms and conditions to successfully start a bitcoin purchase.
Pay with Revolut
Now visit your Revolut application to start the transaction. Copy the IBAN of the seller and enter it in Revolut’s transfer box to transfer the amount. Add the seller’s full name, address, phone number, email address, country, and other important information that Revolut requires.
Also Read: Bitcoin ATM – Find Bitcoin Machine Locations
Now simply enter the amount you have to pay to the seller. Pay the amount with the Revolut application to complete the transaction.
Receive Your Bitcoins
After the transaction is successful, the bitcoins will come into your digital wallet safely. Whatever you needed to know about how to buy bitcoin with Revolut is in this short guide. Follow these simple steps to start your purchasing bitcoin process.