Can I buy Crypto on Revolut Australia?
Yes, you can invest in cryptocurrencies like Bitcoin and Ethereum through the Revolut app. That said, Revolut is one of the most expensive methods in Australia to buy digital assets due to its high fees and wide spreads. As mentioned above, we recommend buying digital assets through a secure and ASIC-licensed cryptocurrency exchange in Australia.
How to buy Crypto with Revolut Alternative
The best alternative platform to invest in cryptocurrencies for Revolut users is eToro. It offers fast and free AUD deposits via several payment methods like Bank Transfer, Credit Card, Debit Card, PayPal, Skrill, Neteller and POLi.
Revolut users in Australia can get started with this simple guide:
- Sign up to eToro and complete the verification requirements.
- Tap the 'Deposit Funds' button on the bottom left of your screen.
- Click 'AUD', select a method and deposit funds to eToro.
- Go to the search bar, find your desired token, and execute your trade.
Buying Cryptocurrency Fees
Depositing funds to eToro comes at no cost, but there’s a transaction fee of $5 when you move money from eToro back to your bank account. Engaging in cryptocurrency transactions on eToro involves a 1% charge each time you purchase or sell a digital asset like Bitcoin or Ethereum. There are no additional fees on eToro, making is one of the most affordable exchanges in the country.
To put eToro’s fees in perspective, Revolut charges a fixed trading fee starting at 2% for Standard (no monthly fee) users. You need to subscribe to the Premium and Metal subscriptions to get access to lower trading fees at 1.5%, which charge a monthly fee of $10 or $25, depending on your plan. There are also wide spreads between the price of assets at around 2% - 4%.
Revolut is a digital banking alternative that offers its users many benefits and features not typically available with traditional banks. Founded in 2015, Revolut has rapidly become one of the most popular financial institutions in Europe and Australia, with over 10 million customers worldwide. What's more, Revolut is licensed and regulated by the Australian Securities and Investments Commission (ASIC)
One of the main reasons for Revolut's popularity is the wide range of services it offers. In addition to providing a multicurrency account allowing users to hold and exchange 28 different currencies at the real exchange rate, Revolut offers a prepaid debit card, crypto trading, metals trading, foreign currency transfers, loans, and investment products.
To summarise, Revolut directly offers cryptocurrency through its platform, but the fees to invest are incredibly high, averaging at around 4% - 5% of your total investment amount. This is why we suggest using a trading platform specifically for cryptocurrency trading. The eToro platform is significantly more affordable and secure when contrasted to Revolut, with fees of only 1%.