Key Points
- Revolut launches Revolut X crypto trading platform for UK retail customers.
- The move comes after a previous halt of crypto trading for UK clients by Revolut, and a US crypto services termination due to challenging regulations.
Today, fintech company Revolut rolled out Revolut X crypto trading platform in the UK for retail customers.
The company stated that the new platform is aimed at competing with important crypto exchanges by offering easy on/off ramping and low fees.
They also noted that the platform was designed for professional traders, but it’s also available on desktop for all UK users with a Revolut retail account.
Trading over 100 tokens with fixed 0% maker and 0.09% taker fees
According to the announcement, Revolut X traders can trade over 100 tokens with fixed 0% maker and 0.09% takes fees regardless of trading volume.
The platform will launch with the same assets that are already available on the Revolut retail app, including Bitcoin, Ethereum, and XRP, but plans are to expand the offering in the upcoming months.
UK Revolut retail account holders can access the new platform and sign in via existing credentials. Users are now able to trade from fiat to crypto and vice-versa between Revolut X and Revolut without any limits or fees.
Revolut Head of Crypto Exchange Product Leonid Bashlykov stated that the firm is excited by the launch of the new product, and they believe that this platform will change the game for experienced crypto traders, offering them a safe and accessible trading spot.
He continued and said that the firm understands that competitive fees and easy on/off ramping are the most important elements in a crypto platform.
On March 6, Revolut announced their crypto offering in the UK and EEA, Revolut Ramp. This move was part of a partnership with MetaMask self-custodial wallet.
Revolut is a global fintech with more than 40 million customers worldwide, a number that was reached back in March when the firm announced it on X, along with sharing their gratitude to users.
https://twitter.com/RevolutApp/status/1765777000264786185
Renewed interest in crypto services
Revolut‘s latest move, along with the rollout in March, marked the firm’s renewed interest in crypto service offerings following a halt of crypto trading in the UK for businesses and clients and the terminal of its US crypto services. All these were due to a challenging regulatory environment.
Back in December 2023, Revolut revealed that it would be halting crypto trading for UK customers from January 3.
Retail customers were not affected, but business users were no longer able to buy crypto via the platform and were limited to holding or selling digital assets.
UK’s crypto advertising rules regulated by the FCA went into effect on October 8, 2023.
In August 2023, Revolut also revealed that it was halting crypto services in the US due to regulatory challenges in the country.
