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Revolut and Bitcoin rate - It's not right?

  • 19-02-2018 8:46am
    #1
    KellyXX
    Registered Users Posts: 365 ✭✭


    Anyone using revolut to do Bitcoin?

    I had a look and the exchange rate is a long way off the mid market rate. Revolut say they charge 1.5% on transactions, but it's actually more like 6%
    Or am i reading it wrong.


Comments

  • #2
    Kenny Logins
    Registered Users Posts: 9,061 ✭✭✭Kenny Logins


    What exchange are you looking at? I've seen up to $1k difference between GDAX and Bitstamp (where they get their rates).


  • #3
    CryptoMad
    Registered Users Posts: 29 ✭CryptoMad


    Sounds like a case of arbitrage, unfortunately you can not transfer Bitcoin out of Revolut.


  • #4
    Thedukester00
    Closed Accounts Posts: 36 ✭Thedukester00


    KellyXX wrote: »
    Anyone using revolut to do Bitcoin?

    I had a look and the exchange rate is a long way off the mid market rate. Revolut say they charge 1.5% on transactions, but it's actually more like 6%
    Or am i reading it wrong.

    Yes, I have a Revolut account and their rates are way off, you can only buy and sell within the app and not transfer out to a wallet.

    I was looking at this as an option of trading btc etc but am thinking you are better off opening an account with Kraken or Coinbase.


  • #5
    Kenny Logins
    Registered Users Posts: 9,061 ✭✭✭Kenny Logins


    Thedukester00 wrote: »
    KellyXX wrote: »
    Anyone using revolut to do Bitcoin?

    I had a look and the exchange rate is a long way off the mid market rate. Revolut say they charge 1.5% on transactions, but it's actually more like 6%
    Or am i reading it wrong.

    Yes, I have a Revolut account and their rates are way off, you can only buy and sell within the app and not transfer out to a wallet.

    I was looking at this as an option of trading btc etc but am thinking you are better off opening an account with Kraken or Coinbase.

    The rates are bang on. You're probably also comparing to the wrong exchange. They use Bitstamp.


  • #6
    KellyXX
    Registered Users Posts: 365 ✭✭KellyXX


    Kenny Logins wrote: »
    The rates are bang on. You're probably also comparing to the wrong exchange. They use Bitstamp.

    It's what they take on top of the rate when you buy them that's the problem with revolut


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  • #7
    Thedukester00
    Closed Accounts Posts: 36 ✭Thedukester00


    KellyXX wrote: »
    It's what they take on top of the rate when you buy them that's the problem with revolut

    The only benefit I see with my Revolut card is having it attached to Coinbase/Gdax exchange account.
    As mentioned before not much scope for now within the Ap if you cannot send to your wallet.


  • #8
    Kenny Logins
    Registered Users Posts: 9,061 ✭✭✭Kenny Logins


    Thedukester00 wrote: »
    The only benefit I see with my Revolut card is having it attached to Coinbase/Gdax exchange account.
    As mentioned before not much scope for now within the Ap if you cannot send to your wallet.

    Yeah, unless you can buy low and sell high in Revolut there's no real benefit at the moment. If you can call lows and highs, you should be loaded already. :pac:
    KellyXX wrote: »
    It's what they take on top of the rate when you buy them that's the problem with revolut

    You thought it was about 6% but it's clearly not. Where's the issue?

    Coinbase charges 3.99% BTW.


  • #9
    Thedukester00
    Closed Accounts Posts: 36 ✭Thedukester00


    You thought it was about 6% but it's clearly not. Where's the issue?

    Coinbase charges 3.99% BTW.[/QUOTE]

    There is zero charge if you use the Gdax exchange through Coinbase.

    I like the idea of Revolut but the hidden fees and that fact you have to sign up to 12 months to use the Premium service for crypto is very shady.

    Also a mentioned their rates are NOT the same as Bitsamp, as they add a 1.5% spread on the rates apparently to take into account market depth and volatility.


  • #10
    KellyXX
    Registered Users Posts: 365 ✭✭KellyXX


    Kenny Logins wrote: »
    Yeah, unless you can buy low and sell high in Revolut there's no real benefit at the moment. If you can call lows and highs, you should be loaded already. :pac:



    You thought it was about 6% but it's clearly not. Where's the issue?

    Coinbase charges 3.99% BTW.

    It was 6% when I did it yesterday. Buy some bitcoin on revolute, then tell me how much they took off the top when the transaction is done. I think you may be surprised.


  • #11
    wotzgoingon
    Registered Users Posts: 14,309 ✭✭✭✭wotzgoingon


    Anyone know why Revolut will not let me link my revolut card with coinbase?


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  • #12
    Kenny Logins
    Registered Users Posts: 9,061 ✭✭✭Kenny Logins


    wotzgoingon wrote: »
    Anyone know why Revolut will not let me link my revolut card with coinbase?

    Because Revolut doesn't have 3D secure. You can only use it with SEPA transfers.


  • #13
    Thedukester00
    Closed Accounts Posts: 36 ✭Thedukester00


    My readings fine, funnyman unlike your maths.

    From Revolut - “our rates are derived from our exchange partner. They are calculated as a Volume Weighted Average Price (VWAP) with a mark-up of 1.5% to account for trading volatility and the price you see in the app is locked in at the time of the exchange. Please refer to our FAQs for more info”

    I’m a big fan of Revolut in general. Have recommended the service to numerous friends. However, by looking at the spreads of these rates, the fees for this service are not 1.5%

    My biggest worry is that when volatility increases, I’m sure Revolut will also increase their spread from 5% to maybe 10% making it almost impossible (ridiculously expensive) to either put in or pull out your money.

    If they’re pushing for “Transparency” and thus charge 1.5% fees for “volatility”, then the spread for any of these crypto-currencies should not exceed 3% at any given point.


  • #14
    Thedukester00
    Closed Accounts Posts: 36 ✭Thedukester00


    wotzgoingon wrote: »
    Anyone know why Revolut will not let me link my revolut card with coinbase?

    Check out this link:

    https://www.youtube.com/watch?v=BRRSjfQRcjE


  • #15
    fran426ft
    Registered Users Posts: 318 ✭✭fran426ft


    Thedukester00 wrote: »
    I like the idea of Revolut but the hidden fees and that fact you have to sign up to 12 months to use the Premium service for crypto is very shady.

    You don't have to sign up for premium but you may have to be patient. Crypto purchases were unlocked for me today but with the fees and not having a way to transfer coins out I'll probably not use it. I guess it has the benefit of not having to wait for a SEPA transfer to an exchange if you really wanted to buy in a hurry.


  • #16
    Kenny Logins
    Registered Users Posts: 9,061 ✭✭✭Kenny Logins


    Thedukester00 wrote: »
    My readings fine, funnyman unlike your maths.

    From Revolut - “our rates are derived from our exchange partner. They are calculated as a Volume Weighted Average Price (VWAP) with a mark-up of 1.5% to account for trading volatility and the price you see in the app is locked in at the time of the exchange. Please refer to our FAQs for more info”

    I’m a big fan of Revolut in general. Have recommended the service to numerous friends. However, by looking at the spreads of these rates, the fees for this service are not 1.5%

    My biggest worry is that when volatility increases, I’m sure Revolut will also increase their spread from 5% to maybe 10% making it almost impossible (ridiculously expensive) to either put in or pull out your money.

    If they’re pushing for “Transparency” and thus charge 1.5% fees for “volatility”, then the spread for any of these crypto-currencies should not exceed 3% at any given point.

    Sorry, yes, I get you now.


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