Revolut Crypto Withdrawal Explained
If you are one of Revolut’s users and a crypto enthusiast, you’ve likely heard about the platform’s recent foray into the world of cryptocurrency withdrawals.
In this article, we will delve into the intricacies of the Revolut crypto withdrawal features, exploring how it works, what cryptocurrencies are supported, and the steps you need to take to safely and efficiently make crypto transactions.
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Bitcoin withdrawals on Revolut
With Revolut, you may exchange your Bitcoin for fiat currency by placing a market order on the online bank’s integrated exchange.
Once you’ve sold your cryptocurrency and received fiat currency in exchange, you have the option of withdrawing money through bank transfer. Also, you can transfer money directly to any other Revolut user or use your Revolut card.
Bitcoin withdrawal fees
Bitcoin withdrawals will cost you in two ways.
The first cost is the one associated with using the underlying network. Blockchain miners or validators receive this reward for verifying and processing cryptocurrency transactions.
There’s also the Revolut fee. To cover the costs of providing its service, Revolut adds a small fee to each transaction it processes.
Moreover, the app will tell you the minimum amount you can withdraw before having to pay a fee. Note that these fees apply to all crypto withdrawals.
How to withdraw crypto from a Revolut account to an external crypto wallet?
Withdrawing crypto to external wallets, fortunately, is not rocket science.
After making a Bitcoin or other cryptocurrency purchase, you can move your digital assets to a personal crypto wallet like swissmoney offline cold storage solution. The blockchain will facilitate the cryptocurrency exchange.
Here’s what you need to do to withdraw crypto from your Revolut account:
- Open the app and go to the Crypto section.
- Choose Send from the drop-down menu that appears when you press the three dots.
- Navigate to Wallets to add an address.
- Type in how much crypto you wish to withdraw.
- Verify the crypto transfer.
Unfortunately, a cryptocurrency withdrawal cannot be undone once it has been confirmed. Therefore, ensure that you have the right information.
Adding crypto addresses
Before you may make a cryptocurrency withdrawal, you must first add a cryptocurrency address. You have the option of manually entering the information or scanning the QR code.
Double-check that the Bitcoin address you’re entering into the Revolut app is a valid one and that you’ve entered all of the relevant information.
- Open the app’s Crypto section.
- Click More and hit the Send button.
- Click New and paste your crypto address or scan the QR code.
The Revolut app allows you to add up to three withdrawal addresses. Therefore, you may need to delete the ones you have not used. Withdrawing crypto to it, however, will permanently link it to your account.
Cryptocurrencies available on Revolut
Revolut users can conveniently buy and sell over 80 tokens. Revolut supports popular cryptocurrencies such as Bitcoin (BTC), Ethereum, Polygon, Solana, Dogecoin, and many other cryptocurrencies.
You can access the full list of available tokens at any time by navigating to the Crypto section within the app.
How long do Revolut crypto withdrawals take?
Typically, it takes a few minutes to withdraw crypto from your Revolut account. However, if the transaction is delayed by more than a few minutes, it often has nothing to do with Revolut.
A sufficient number of network confirmations is required for every transaction. If everything checks out, it will be put into action. This usually just takes a few minutes, but during peak times on the network, it may take a bit longer.
Is it safe to keep crypto on Revolut?
Storing cryptocurrency on Revolut is generally considered safe for convenience and small amounts.
Revolut claims to use industry-standard safety measures like two-factor authentication and encryption to protect user accounts. However, it’s essential to be aware of a few key points:
Limited control: When you hold crypto on Revolut, you don’t have full control of your private keys. This means you are dependent on Revolut’s security measures.
Not your keys: The popular cryptocurrency saying, “Not your keys, not your coins,” applies here. If Revolut were to experience issues or go offline, you might temporarily lose access to your crypto.
Regulatory changes: Cryptocurrency regulations can change, affecting how platforms like Revolut operate. Ensure you’re aware of the legal framework in your country.
Long-term storage: If you plan to hold significant amounts of cryptocurrency or invest long-term, consider using a dedicated cryptocurrency wallet with more safety features and control over your private keys.
What if the transaction fails?
If a cryptocurrency withdrawal on Revolut fails, you should take the following steps:
- Check the details: First, double-check the withdrawal details you entered, such as the recipient’s address and the amount. Ensure that everything is accurate, as even a small mistake can lead to a failed transaction.
- Funds availability: Make sure you have sufficient funds in your account to cover the withdrawal, including any transaction fees.
- Transaction status: Revolut often provides information on the status of your transactions. Check the transaction status to see if there are any error messages or details about why the withdrawal is failing.
- Verify your identity: In some cases, Revolut may require additional verification steps for security purposes. Ensure that your account is fully verified according to their requirements.
- Network congestion: Cryptocurrency networks can sometimes experience congestion, leading to delays or failed transactions. Check the status of the cryptocurrency network you’re using to see if there are any issues.
- Retry: If the issue is due to network congestion or a temporary problem, you can try to withdraw your digital assets again later.
- Contact support: If the withdrawal continues to fail, contact Revolut’s customer support. They can provide insights into the specific issue and help you resolve it. You can usually reach their support through the app or website.
Remember that cryptocurrency transactions can be irreversible, so it’s essential to be cautious and diligent when dealing with them.
Always keep records of your transactions and communication with customer support for reference in case of any disputes or issues.