Fintech giant Revolut has expanded its cryptocurrency services by launching a new trading platform called Revolut X in the United Kingdom.
The new platform is specifically designed to provide retail customers with simplified access to crypto trading, featuring “competitive fees” and “efficient” currency conversion processes.
Revolut X directly competes with major cryptocurrency exchanges by offering fixed trading fees of 0% for makers and 0.09% for takers, regardless of trading volume. This pricing strategy could offer a more cost-effective option for crypto traders.
Leonid Bashlykov, Revolut’s head of crypto exchange product, said: “We are excited to introduce a crypto product that addresses the core needs of experienced traders, focusing on competitive fees and ease of moving funds between fiat and crypto.”
Initially, Revolut X will support trading for over 100 cryptocurrencies, including widely-used ones like Bitcoin, Ether, and XRP, with plans to expand the selection in the future. Bashlykov assured customers of the security of their digital assets, noting that the majority are held in cold storage and are never lent out.
The platform is accessible to all U.K. retail users of Revolut. They can log in using their existing credentials and trade directly between their Revolut account and Revolut X without incurring additional fees or restrictions.
In 2023, Revolut had to adjust its offerings in response to the UK’s tightened regulations on cryptocurrency advertising and marketing.
Revolut’s UK business clients are not able to purchase crypto assets through Revolut Business during this pause. However, they retain the ability to hold or sell their existing crypto assets through the platform. Interestingly, this suspension didn’t not affect Revolut’s retail customers, who will still have full access to buy and sell cryptocurrencies.
The restrictions include a halt on onboarding new customers and limiting existing customers to holding and selling functionality only. Revolut is also restricted from expanding into crypto exchange services, initial coin offerings (ICOs), staking, P2P exchange, and DeFi activities such as lending and borrowing.
The FCA’s new rules demand crypto firms to ensure their marketing is “clear, fair, and not misleading,” incorporating prominent risk warnings and eliminating incentives like “refer a friend” bonuses. A 24-hour cooling-off period for new investors and stringent advertising guidelines are also part of the regulations.
The new regulations also require firms promoting crypto products or services to include a clear risk warning in their promotions and verify that individuals have the necessary knowledge and experience to invest in cryptocurrencies. Non-compliance could result in penalties, including up to two years in prison.
The impact of these regulations is already visible in the UK’s crypto market, with firms like Bybit and PayPal withdrawing certain services. Luno, another prominent crypto company, has restricted some clients from investing in cryptocurrencies on its platform.
