Written by Mark Hunter
Posted 13 hours ago on Mon Feb 19 2024 at 09:56:58
Estimated Reading Time: 2 minutes
Revolut’s New Cryptocurrency Exchange Designed for Advanced Traders
- Invitation-only exchange for advanced traders
- Nearly two and a half years in development
- Potential fee adjustments hinted at despite initial low fees
Revolut is set to introduce a cryptocurrency exchange aimed at advanced traders, providing affordable fees and advanced market analysis tools. The exchange, currently limited to invited users, is a result of extensive development work over the past couple of years. Customers eligible for access received notification of this additional feature via email. Despite the initially low fees, recent indications suggest that fee adjustments could be implemented in the future, especially for corporate accounts favoring cryptocurrencies.
Years of Planning and Innovation
Revolut’s initiative to establish a crypto exchange began in 2021 when they advertised for a technical team leader to kick start the project. The upcoming exchange promises improved market insights and significantly reduced fees compared to other existing crypto services offered by Revolut. Invited users can expect transaction fees ranging from 0% to 0.09% and are able to utilize new trading options such as limit and market orders. Notably, executing limit orders without fees will be feasible on this platform.
A spokesperson from Revolut affirmed the development to CoinDesk, mentioning, “We continuously create new products and features based on customer needs and market demand.” Further information regarding the exchange will be unveiled once the product is available on the app. While access is currently by invitation only, Revolut plans to gradually expand availability to more users.
Potential Fee Adjustments and Regulatory Environment
Revolut’s move to launch this exchange comes amidst regulatory challenges faced by their crypto services for business clients in the U.K., resulting in the suspension of these services in December due to new rules from the Financial Conduct Authority (FCA) regulating crypto promotions.
These regulatory changes have implications for corporate account holders, who have recently experienced substantial increases in monthly charges, in some cases exceeding tenfold. Revolut attributes this to the heightened scrutiny of crypto transactions within these accounts, even if no crypto payments have been received for months.
Therefore, users engaging with Revolut’s new exchange should remain cautious of the initial low fees, especially if they plan to transfer tokens from external platforms or wallets to Revolut.