- Revolut, a leading fintech company, has launched a new crypto trading platform, Revolut X, in the United Kingdom.
- The platform is designed to provide retail customers with easy access to crypto trading, offering competitive fees and efficient currency conversion processes.
- Revolut X will initially support trading for over 100 cryptocurrencies, including Bitcoin, Ether, and XRP, with plans to expand the selection in the future.
Revolut expands its cryptocurrency services with the launch of a new trading platform, Revolut X, in the UK. The platform offers competitive fees and supports trading for over 100 cryptocurrencies.
Revolut X: A New Player in Crypto Trading
Revolut has made a significant move in the crypto space by launching a new trading platform, Revolut X, in the UK. The platform is designed to provide retail customers with simplified access to crypto trading. It features competitive fees and efficient currency conversion processes, making it a potential game-changer in the crypto trading industry.
Competitive Fees and Wide Crypto Selection
Revolut X stands out with its 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. Initially, the platform 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. The security of digital assets is also assured, with the majority held in cold storage and never lent out.
Impact of UK’s Tightened Crypto Regulations
In 2023, Revolut had to adjust its offerings in response to the UK’s tightened regulations on cryptocurrency advertising and marketing. These regulations 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. 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.
Conclusion
Revolut’s launch of Revolut X in the UK marks a significant development in the crypto trading industry. The platform’s competitive fees and wide selection of cryptocurrencies could attract a large number of retail customers. However, the tightened regulations in the UK’s crypto market pose a challenge to crypto firms, including Revolut. It remains to be seen how these regulations will shape the future of crypto trading in the UK.
