Not sure if you should use Revolut or Coinbase to buy and sell cryptocurrencies? We've got you covered with our comparison of both platforms. From fees and features to security and ease of use, we'll break down everything you need to know to make an informed decision!
Revolut was founded in 2015 and offers a range of digital banking and financial services through its mobile application. With over 25 million users worldwide, Revolut has gained a reputation for its innovative approach to banking, competitive fees, and an extensive array of features.
The platform supports over 100 cryptocurrencies, including well-known ones such as BTC, ETH, XRP, DOT, ADA, ICP, and many others, making it a popular choice for crypto investors.
Coinbase on the other hand was founded in 2012 and is a global exchange known for its user-friendly interface, security, and regulatory compliance. Coinbase offers a range of services such as spot trading, recurring buys, staking, and Coinbase learn & earn, an educational program that rewards users for learning about cryptocurrencies.
With over 100 million users mainly based in the US and Europe, Coinbase is one of the biggest exchanges in the world. The exchange offers a decent range of over 200 cryptocurrencies, making it a popular choice for both retail and institutional investors.
Revolut vs Coinbase Signup & KYC
When it comes to signing up for Revolut, the process taking longer than a regular cryptocurrency exchange. Users will need to download the Revolut app and follow the instructions provided in order to create a bank account. Creating a Revolut Standard account is free and can be done in 5-10 minutes.
All users who want to create a bank account with Revolut must verify their identity and proof of residence before they can create a bank account. This means going through a KYC process, which typically takes between 5-10 minutes to get verified by Revolut but which can take a few hours in some cases.
On the other hand, Coinbase has a quicker signup process and in order to open an account, users simply need to provide their full name, an email and a password. Once done, users then need to verify their email address and voila, the account has been created.
Similar to Revolut, KYC is also mandatory for trading on Coinbase which requires users to submit the necessary documents for verification. This includes providing personal information about country of residence, address, a valid government iD etc. The verification process can take a few minutes to a few hours to get verified by Coinbase.
Revolut vs Coinbase Products & Services
Revolut and Coinbase are both popular companies that allow their users the option to buy and sell cryptocurrencies. However, while Coinbase is a dedicated cryptocurrency exchange, Revolut is primarily a fintech bank that also offers cryptocurrency services.
Coinbase offers its users a wide range of features and services including spot trading, lending and borrowing, staking, an NFT marketplace, and an OTC trading desk for institutional clients.
For spot trading, Coinbase allows users to buy and sell over 200 popular cryptocurrencies like Bitcoin and Ethereum. The exchange also provides a great user experience with a beginner-friendly and easy-to-navigate website, although it frequently experiences connection issues.
Liquidity on Coinbase is in the top 5 category with daily spot trading volumes frequently exceeding $1 billion. Coinbase Pro customers in 23 U.S. states can also access up to 3x leverage on USD-quoted books.
On the other hand, Revolut offers basic buying and selling of over 100 cryptocurrencies, staking rewards for 4 cryptocurrencies, and a "Learn and Earn" program where users can learn about cryptocurrencies and earn tokens.
Revolut also allows users to use their spare change to buy cryptocurrencies or buy items in the real world with cryptocurrencies in their wallet. However, the user experience for buying and selling cryptocurrencies on Revolut is not as good as on Coinbase.
For Revolut, cryptocurrency is simply an additional feature in their banking app and not the main focus. Overall, Coinbase is a more comprehensive option for those looking to trade cryptocurrencies, while Revolut is a good option for those who are new to the cryptocurrency space and want a simple way to buy and hold a few popular cryptocurrencies.
When it comes to trading fees, however, the two platforms differ significantly. Let's start with Coinbase. This exchange charges a spot maker fee of 0.40% and a spot taker fee of 0.60%. While these fees are not the lowest in the market, they are still reasonable.
In terms of discounts, users can lower their trading fees on Coinbase if they exceed monthly trade volumes of $10,000.
On the other hand, Revolut charges a flat fee of 1.99% for buying and selling cryptocurrencies. This fee is quite steep and obviously much more expensive than Coinbase or even cheaper exchanges like Binance, OKX, and Bybit.
It is also worth noting that there are no discounts for high volume trading on Revolut, meaning that everyone pays the same fee irrespective of how much they buy and sell. Overall, while Coinbase may not have the lowest fees in the market, they are still reasonable and much lower than Revolut.
When it comes to deposit methods, there are some notable differences between the two. Revolut is a bank that offers a convenient way for users to buy and sell cryptocurrencies using the funds they already have in their account.
As such, there is no need to deposit any funds into the platform specifically to buy crypto. While this is a convenient option for users, it does come with high fees as we have previously discussed.
On the other hand, Coinbase supports three fiat currencies including USD, EUR, and GBP. Deposits can be made via ACH, wire (USD), SEPA (EUR) and Swift (GBP). ACH deposits are free, while wire deposits have a $10 USD fee. SEPA deposits have a 0.15 EUR fee, and Swift deposits are free.
Overall, while Revolut offers a convenient way for users to buy and sell cryptocurrencies, it does come with high fees. Coinbase, on the other hand, offers more deposit options and lower fees.
While there is no need for users to withdraw fiat currencies from Revolut, users who buy cryptocurrencies can withdraw them to external wallets. The cost for users to withdraw their cryptocurrencies is more expensive than if they were to use a traditional cryptocurrency exchange.
On Revolut, users will have to pay the network fee plus a service fee on top which is added by Revolut. The service fee charged by Revolut depends on the amount being withdrawn, which can result in much higher fees than traditional crypto exchanges.
On the other hand, Coinbase offers fiat withdrawals via ACH, Wire, SEPA, and Swift. ACH withdrawals are free, while wire withdrawals cost $25 USD, SEPA withdrawals cost 0.15 EUR, and Swift withdrawals cost 1GBP.
For cryptocurrency withdrawals, Coinbase charges 0.00003 BTC for those that wish to withdraw Bitcoin, 0.003 ETH for Ethereum withdrawals and 0.008 SOL to move your Solana of the platform. As such, Coinbase is the much cheaper platform compared to Revolut when it comes to moving your cryptocurrencies of the platform.
In conclusion, Revolut and Coinbase are two major players in the world of cryptocurrency exchanges. Revolut is primarily a fintech bank that also offers cryptocurrency services, while Coinbase is a dedicated cryptocurrency exchange with over 100 million users around the world.
Revolut offers a smaller range of 100 cryptocurrencies compared to the over 200 offered by Coinbase. And when it comes to trading fees, Coinbase charges a spot maker fee of 0.40% and a spot taker fee of 0.60%, while Revolut charges a flat fee of 1.99% for buying and selling cryptocurrencies.
Needless to say, the fees charged by Revolut are very high and users who care about their return on investment should think twice before paying such high fees.
In terms of deposit methods, Revolut is a bank that allows users to buy and sell cryptocurrencies using the funds they already have in their account, while Coinbase supports three fiat currencies in USD, EUR and GBP.
The user experience on both Revolut and Coinbase is good and suitable for beginners who just want a simple way to buy and sell cryptocurrencies. For users who want additional services, they have to turn to Coinbase as Revolut does not offer much beyond buying, selling and staking.
Coinbase is thus more comprehensive option for those looking to trade cryptocurrencies, while Revolut is a good option for those who are new to the cryptocurrency space and want a simple way to buy and hold a few popular cryptocurrencies.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.