The crypto-powered financial app Revolut has announced that from October 3, 2022, it will slash its fees for trading cryptocurrencies by 20%.
Revolut announced through an email to its customers that as of October 3, it will change its fees for “buying and selling crypto from 2.50% to 1.99% or EUR 0.99, whichever is higher.” The news, which was first reported by Finbold, represents a decrease of 20.4%. The company has yet to indicate whether its decision is due to the volatility in the crypto market because, despite the market correction seen this year, the firm reported a growing customer increase in gaining knowledge about cryptocurrencies. Revolut has taken advantage of this interest by announcing the launch of a financial literacy course for crypto savers. In July, the bank launched an educational program that awards participants for completing quizzes. The scheme is designed to raise awareness and knowledge of cryptocurrencies. In August, Revolut said that the platform has attracted about 1.5 million users a month after launching.
Revolut posted an updated fee structure on its website. The company’s fees for exchanging cryptos depend on the plan you are on, ranging from 0.99% to 1.99%. Fees are broken down as follows:
- Standard or Plus plan: 1.99%, or 1 Euro, whichever is higher
- Premium plan: 1.49%
- Metal plan: 0.99%
Standard or Plus customers will also be charged an additional 0.5% if they exceed their currency exchange limit. Like other crypto exchanges, Revolut does not charge hidden fees and only requests a network fee to be paid when withdrawing crypto from its network. The network fee is a fee to be paid to crypto miners for validating the transactions on the blockchain. According to the firm, the network fee varies from transaction to transaction and is sensitive to changes on the network.
Revolut has been making strides in the crypto industry recently. In August, the firm announced that it would launch crypto trading services in Singapore, alongside an increase to its personnel by about 20%. The firm was also granted authorization from the Cyprus Securities and Exchange Commission to provide crypto services to its 17 million customers.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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