Revolut vs Crypto.com: If you're looking for a crypto exchange, you've probably heard of these two platforms. But which one is the best for you? We compared Revolut and Crypto.com on factors like fees, security, customer support, and more. Keep reading to find the perfect exchange for your needs!
Revolut and Crypto.com are two popular companies with one being a well known fintech startup and the other being one of the biggest exchanges in the world.
Revolut is a neobank that was founded in 2015 in London, UK. It has grown to over 7,000 employees and is available in over 60 countries, including Europe, the US, UK, Australia, Singapore, Japan, and Switzerland.
Revolut crypto
Revolut offers a range of digital banking and financial services through its mobile application, including support for over 100 cryptocurrencies such as Bitcoin, Ethereum, XRP, DOT, ADA, ICP, and many others.
Revolut app
Crypto.com, on the other hand, was founded in Singapore in 2016 and has over 4000 employees. It is available in 180 countries, with derivatives and margin trading restricted in Cyprus, Czech Republic, and Denmark.
Crypto.com exchange
The platform offers a comprehensive suite of financial services, including spot and margin trading, staking, lending, wallet services, and much more. It supports over 250 cryptocurrencies, including Bitcoin, Ethereum, and more.
Crypto.com app
While both Revolut and Crypto.com offer support for a range of cryptocurrencies and have a large user base, they differ in their approach to crypto. Revolut's focus is on digital banking and financial services, with support for a range of cryptocurrencies as an additional feature.
Crypto.com, on the other hand, is a dedicated cryptocurrency exchange with a comprehensive suite of financial services tailored to the needs of the crypto community.
Revolut vs Crypto.com Signup & KYC
Revolut and Crypto.com are two popular platforms for buying and selling cryptocurrency. The signup process for both platforms is relatively quick and simple.
To sign up for Revolut, users need to download the app and follow the instructions provided. Users will need to verify their identity and provide proof of residence among other things, which can be done in as quickly as 5-10 minutes. KYC is mandatory on Revolut and no user can create a bank account without getting verified.
On the other hand, creating an account on Crypto.com is even quicker as users only need to provide an email and password to signup. KYC is then required for all trading and any additional services on Crypto.com.
Similar to most other exchanges, the KYC process on Crypto.com requires that users to provide their full legal name, country of residence, address and a valid picture of a government-issued ID.
Once all the documents have been submitted, it can take Crypto.com a few hours (best case) to verify the account but in some cases, the waiting time can be 1-2 business days.
So unless you already have a Revolut bank account, the quickest ways to begin buying cryptocurrencies is to signup to an exchange like OKX, Binance or Crypto.com.
Revolut vs Crypto.com Products & Services
The respective product offering of Revolut and Crypto.com differ significantly in terms of the services they offer to their users.
Revolut offers basic buying and selling of over 100 cryptocurrencies, staking rewards for 4 cryptocurrencies, and a "Learn and Earn" program for users to learn about cryptocurrencies and earn tokens.
Revolut cryptocurrencies
Revolut also allows users to use their spare change to buy cryptocurrencies or buy items in the real world with cryptocurrencies in their wallet. Revolut's user experience for buying and selling cryptocurrencies is alright, but crypto is simply an additional feature in their banking app and not the main focus.
Revolut crypto vaults
On the other hand, Crypto.com offers a wide range of trading services that includes 500 spot trading pairs and over 100 futures, perps, and warrants. They also offer trading bots to help with basic functionality such as dollar cost averaging and grid trading.
Crypto.com spot trading
Crypto.com also offers more beginner-friendly features such as lending and borrowing of digital assets, Crypto.com cards with cash back, and NFTs for those that want to buy and sell digital collectibles.
Crypto.com earn
For institutional clients, Crypto.com also offers an OTC desk for those that want to make larger purchases and custody solutions. In terms of liquidity, Crypto.com is in the top 20 category with daily spot trading volumes in the range of $100-$300 million. The max futures leverage available on Crypto.com is 20X, and margin leverage is up to 3X.
The user experience on Crypto.com is pretty good overall with a good variety of products and services and an easy to navigate interface
Overall, while Revolut offers basic cryptocurrency services to their existing users, Crypto.com offers a wider range of products and services that cater to both beginners, professional traders and institutions.
When it comes to trading fees for buying and selling cryptocurrencies, Revolut charges a steep fee of 1.99%. Ouch! That's up to 20 times higher than exchanges like Binance, OKX, and Bybit. Unfortunately, there are no discounts for high volume trading, which means everyone pays the same fee.
Crypto.com offers much more competitive fees, with a spot maker and taker fee of just 0.075%. That's over 26 times lower than Revolut! For futures trading, Crypto.com charges a maker fee of 0.017% and a taker fee of 0.034%.
Crypto.com spot fees
Plus, like many other exchanges, trading fees on Crypto.com can be lowered if monthly trade volumes exceed $250,000 or if users hold at least 1000 CRO tokens. Overall, if you're looking for lower trading fees, Crypto.com is the clear winner between these two exchanges.
When it comes to depositing fiat currencies on Revolut, users don't actually need to make a deposit as Revolut is a bank and users can simply use the funds that they already have to buy cryptocurrencies. This is a convenient option for users who are already using Revolut for their day-to-day banking needs.
For those that are using Crypto.com, the only fiat currency available to deposit is USD via wire transfer. However, the good news is that there are no deposit fees for either wire transfer or USD bank transfer.
Users can also make instant purchases with credit/debit cards via MoonPay, Banxa, Advacash and Simplex. The downside is that the credit card fees can be quite expensive, ranging from 2-5% transaction fees.
In terms of ease of use, Revolut comes out on top as users who already have Revolut don't need to make a separate deposit and can simply use the funds they already have.
Revolut and Crypto.com are two popular exchanges that offer different withdrawal methods to their users.
Revolut is a digital bank that allows users to withdraw cryptocurrencies from their app. However, users have to pay the network fee plus a service fee charged by Revolut. The service fee depends on the amount being withdrawn, which can result in higher fees compared to traditional crypto exchanges.
In contrast, Crypto.com allows fiat withdrawals only for USD via bank transfer, and there are no fees for USD bank withdrawals. For cryptocurrency withdrawals, Crypto.com charges a fee of 0.0001 BTC, 0.04 ETH, 0.03 SOL, and 10 USDT.
So while Revolut users with the convenience of using their banking app don't need to withdraw fiat currencies, Crypto.com has lower fees for cryptocurrency withdrawals than Revolut. This is another reason why it's costly to buy, sell and withdraw cryptocurrencies from Revolut.
In conclusion, while Revolut is primarily a digital bank that offers cryptocurrencies as an additional feature, Crypto.com is a dedicated cryptocurrency exchange with a comprehensive suite of financial services tailored to the needs of the crypto community.
Both platforms prioritize security and require their users to go through the KYC process before they can begin trading.
In terms of user experience, Crypto.com comes out on top as it offers more products, services, and competitive fees for trading. Additionally, Crypto.com has better liquidity and leverage options for those looking to trade more actively.
However, Revolut is more convenient when it comes to depositing fiat currencies as users don't actually need to make a deposit and can simply use the funds they already have.
It's clear that Revolut if a convenient way to buy cryptocurrencies for existing Revolut customers who don't mind paying high trading and withdrawal fees. For users who want to maximise their return of their investments, they will need to signup and buy cryptocurrencies from lower cost options such as OKX, Binance or Crypto.com
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Author
Jack Moreau
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.
