Swissborg vs Revolut: Trying to decide which platform to use to buy and sell cryptocurrencies? Luckily, we've done the research for you comparing everything from fees, available coins, user experience and more. Read on to find out which platform comes out on top!
Swissborg and Revolut are two popular financial platforms that offer their users a range of cryptocurrency services.
Swissborg is a Swiss-based cryptocurrency exchange and wealth management platform that was founded in 2017 by Anthony Lesoismer and Cyrus Fazel.
The platform is designed to cater to beginners with a modern and user-friendly mobile app, and it offers users the option to buy and sell a limited range of 50 cryptocurrencies, including Bitcoin, Ethereum, Swissborg Token, USDC, USDT, BNB, XRP, AVAX, and others.
Swissborg has a user base of over 700,000 users across Europe and is only available on Android and IOS, where it has accumulated over 500,000 downloads and a solid 4.3-star rating.
On the other hand, Revolut is a London-based fintech company that offers a range of digital banking and financial services through its mobile application.
Revolut is widely known for its innovative approach to banking, competitive fees, and an extensive array of features, including support for over 100 cryptocurrencies such as BTC, ETH, XRP, DOT, ADA, ICP, and many others.
Revolut has an estimated user base of over 25 million worldwide, and its app has been downloaded over 10 million times, with a fantastic 4.8-star rating based on over 2 million reviews.
Swissborg vs Revolut Signup & KYC
If you're looking to get started with Swissborg, the first step is to download the app on either Android or IOS.
Once you have the app, you'll need to verify your phone number, create a 4 digit passcode and then pass KYC by providing personal details, email, residential address, identity verification and answering a questionnaire. KYC is required for all users on Swissborg and it's not possible to access the services on the app without being verified.
On the other hand, to sign up for Revolut, users have to download the Revolut app from the Google Play or App Store. Once the app has been downloaded, users can open a Revolut Standard account for free in minutes.
To verify your identity and proof of residence, you will need to follow the instructions provided by the app. KYC is mandatory on Revolut and no user can create a bank account without getting verified. Verification time on Revolut can be done as quickly as in 5-10 minutes up to a few hours in some cases.
Both Swissborg and Revolut require KYC verification before users can access their services. Both Swissborg and Revolut have more complicated signup procedures than many other cryptocurrency exchanges. So for users that want to get started quickly, there are better options out there.
Swissborg vs Revolut Products & Services
Moving on to products and services offered, Swissborg offers a more limited selection of products and services compared to most other exchanges. Users can buy and sell 50 cryptocurrencies and earn interest on a selection of those. Swissborg also has its own native token called CHSB.
The user experience on Swissborg is limited to their mobile apps as no services are available via browser like most other exchanges. It is a beginner-friendly exchange that offers basic products and services in an easy to understand manner.
Revolut is a fintech bank that offers users simple banking with features such as multi-currency accounts, money transfers, debit cards, budgeting and analytics, and saving vaults. Revolut also offers basic buying and selling of over 100 cryptocurrencies like BTC, ETH, DOT, ATOM. SOL and more.
Revolut also offers staking rewards for 4 cryptocurrencies in Dot, XTZ, ETH, and ADA. For total beginners, Revolut also offers learn and earn where users can learn about cryptocurrencies and earn tokens. Finally, users can also use their spare change to buy cryptocurrencies or buy items in the real world with cryptocurrencies in their wallet.
The user experience for buying and selling cryptocurrencies on Revolut is alright. For Revolut, crypto is simply an additional feature in their banking app and not the main focus by any means. But it does allow their over 25 million users to quickly and easily get exposure to cryptocurrencies like Bitcoin and Ethereum.
Now let's take a closer look at how teh trading fees of Swissborg and Revolut compare. The fees on Swissborg are divided into two types: exchange fees and thematics fees. The exchange fees range from 1% to 0.25%, depending on the user's account status.
For example, those with a standard account will pay a higher fee compared to those with a Genesis account. As for thematics fees, these range from 2% for standard accounts to 1% for Genesis accounts. This means that the fees on Swissborg can be quite high, depending on your account status.
On the other hand, Revolut charges a flat fee of 1.99% for buying and selling cryptocurrencies. This fee is quite steep compared to other exchanges like Binance and Bybit, which offer much lower fees. It's important to note that neither Swissborg nor Revolut offer any discounts for high volume trading, so everyone pays the same fees.
However, Swissborg's fees can be lowered if you have a higher account status, whereas Revolut's fees remain the same regardless of how often you trade.Overall, when it comes to trading fees, Swissborg and Revolut are both on the higher end with most crypto exchanges being cheaper!
If you're looking for an exchange that supports fiat deposits, both Swissborg and Revolut have got you covered. Swissborg supports 4 fiat currencies in EUR, GBP, CAD and CHF, while Revolut is a bank that allows you to use the funds you already have to buy cryptocurrencies.
Swissborg offers multiple deposit methods for different fiat currencies. For GBP, Faster Payments (FSP) and Swift transfers are available and for EUR, SEPA is the way to go. For those that wish to deposit CAD or CHF, they can do so via Swift transfers.
Users can also deposit funds with Visa or Mastercard. Deposits from a bank account are free of charge while deposits with cards have a minimum fee of 5 EUR and range between 1.5% to 4.5%.
On the other hand, Revolut offers a convenient option for users that don't want to go through the hassle of depositing funds as it's a bank and people can simply use the funds that they have to buy cryptocurrencies. However, it's important to note that Revolut has high trading fees and crypto withdrawal fees.
Moving on to withdrawal options, Swissborg offers a withdrawal fee of 0.1% for both fiat and cryptocurrency withdrawals, with a minimum fee of 1 EUR and a maximum fee of 100 EUR.
However, their cryptocurrency withdrawal fees are unusually high and increase with the amount being withdrawn. For example, the minimum Bitcoin withdrawal fee is 0.0002 BTC, but larger withdrawals will have much higher fees. This is ridiculously high and not something we would recommend to our readers!
On the other hand, Revolut does not offer fiat withdrawals since it is a bank itself. However, users can withdraw cryptocurrencies from the app. The fees charged by Revolut for cryptocurrency withdrawals include a network fee as well as a service fee that increases with the amount being withdrawn, resulting in higher fees than traditional crypto exchanges.
In summary, Swissborg is a Swiss-based cryptocurrency exchange and wealth management platform that is designed to cater to beginners. They offer only 50 cryptocurrencies and their services are only available on Android and IOS. Swissborg does not offer many products and services and their fees are overall quite high.
Revolut is a London-based fintech company that offers a more comprehensive range of features and a wider range of supported cryptocurrencies. Both platforms require KYC verification before users can access their services, and both platforms are limited in their crypto specific product offering.
And when it comes to trading fees and withdrawal fees, both Swissborg and Revolut have high fees that could easily be avoided by using lower cost platforms.
As such, both Swissborg and Revolut targets beginners with a very limited set of products and cryptocurrencies. Assuming users don't already have either a the Swissborg app or a bank account with Revolut, would we recommend either of them?
Well, not really. While Revolut is great and affordable when it comes to the banking services they offer, that is not the case when we talk about 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.