To open an account with Revolut and start trading cryptocurrencies, follow these detailed steps:
Step 1: Download the Revolut App
- Download the app: The first step is to download the Revolut app on your smartphone. It’s available on both the Apple App Store and Google Play Store.
- Install and launch the app: Once downloaded, install the app and launch it to begin the registration process.
Step 2: Create Your Account
- Enter your mobile number: Upon launching the app, you’ll be prompted to enter your mobile number. This number will be linked to your account for verification and communication purposes.
- Set a passcode: After entering your number, you’ll set a secure passcode to protect your account.
- Receive and enter the verification code: You’ll receive a verification code via SMS. Enter this code in the app to confirm your phone number.
Step 3: Provide Personal Information
- Enter your personal details: You will need to provide your full name, date of birth, home address, and email address. Make sure this information matches the details on your government-issued ID.
- Select your country of residence: Confirm the country you reside in to ensure Revolut’s services are available there.
Step 4: Complete KYC Verification
- Upload a government-issued ID: As part of the KYC process, you’ll need to upload a clear photo of a valid government-issued identification document (e.g., passport, driver’s license, or national ID card).
- Take a selfie: To further verify your identity, you will be required to take a live selfie using your phone’s camera. This ensures that the person opening the account matches the ID provided.
Step 5: Link a Funding Source
- Add a payment method: To fund your account, link a debit card, credit card, or bank account. This will allow you to deposit money into your Revolut account.
- Deposit funds: While there is no mandatory minimum deposit, you will need to add funds to start trading cryptocurrencies.
Step 6: Start Trading
- Access cryptocurrency trading: Once your account is set up and verified, navigate to the cryptocurrency section of the app.
- Begin trading: You can now buy, sell, and hold cryptocurrencies directly within the Revolut app.
Different Types of Accounts on Revolut
Revolut offers different account tiers, each with varying features, including cryptocurrency trading. Here’s a breakdown of the account types you can choose from:
1. Standard Account
- Cost: Free
- Features: This is the basic account offering by Revolut. It includes access to essential features like free currency exchange up to a certain limit, basic spending analytics, and the ability to buy, sell, and hold cryptocurrencies. However, fees apply to cryptocurrency transactions, and you may have limited access to some advanced features.
2. Plus Account
- Cost: Monthly fee (approximately £2.99 or local equivalent)
- Features: The Plus account provides all the benefits of the Standard account, with additional perks such as higher currency exchange limits, priority customer support, and extra protections like purchase insurance. It also offers better rates on cryptocurrency transactions compared to the Standard account.
3. Premium Account
- Cost: Monthly fee (approximately £6.99 or local equivalent)
- Features: The Premium account offers all features available in the Plus account, with enhanced benefits like unlimited currency exchange, higher withdrawal limits, global travel insurance, and access to over 1,000 airport lounges. Cryptocurrency trading fees are reduced further, making it a more cost-effective option for frequent traders.
4. Metal Account
- Cost: Monthly fee (approximately £12.99 or local equivalent)
- Features: The Metal account is the top-tier offering from Revolut. It includes all Premium account benefits plus additional perks like cashback on card spending (including crypto purchases), a premium metal card, and the highest possible limits for currency exchange and withdrawals. This account also provides the lowest fees for cryptocurrency transactions, making it ideal for high-volume traders.
Crypto-Specific Features Across Accounts
- Trading Fees: Vary by account type, with Metal offering the lowest fees.
- Access: All accounts allow for cryptocurrency trading, but higher-tier accounts offer better rates and fewer limits.
- Limitations: While all accounts can trade cryptocurrencies, the amount and fees may be more favorable in paid plans, especially for frequent transactions.
Minimum Deposit on Revolut
Revolut’s platform has a straightforward approach when it comes to deposits, but there are a few key details to keep in mind:
Minimum Deposit Requirements
- No Fixed Minimum Deposit: Revolut does not require a fixed minimum deposit to open an account or to start trading cryptocurrencies. This makes it accessible for users at all levels of investment.
Funding Your Account
- Flexible Funding Options: You can fund your Revolut account using various methods, including linking a debit or credit card, or transferring money from a bank account. The availability of these options may depend on your country of residence.
- Instant Deposits: When using a debit or credit card, deposits are usually instant, allowing you to begin trading cryptocurrencies immediately.
Trading Considerations
- Minimum Trade Amount: While there is no minimum deposit, Revolut does have a minimum trade amount for cryptocurrencies. This amount is typically low, making it easy for beginners to start trading without a significant initial investment.
- Fees: Be aware that fees may apply to cryptocurrency transactions, and these can vary depending on your account type and the size of your trades.
Countries That Can and Cannot Open an Account on Revolut
Revolut’s availability varies depending on the country you reside in. Here’s a breakdown of where you can and cannot open an account:
Countries Where You Can Open a Revolut Account
- Europe: Revolut is widely available across the European Economic Area (EEA), including countries like the United Kingdom, Germany, France, Spain, Italy, and many others.
- United States: Revolut is available for users in the U.S., offering access to most of the services, including cryptocurrency trading.
- Australia: Revolut is operational in Australia, allowing users to open accounts and access crypto services.
- Singapore: Revolut offers its services, including crypto trading, to users in Singapore.
- Other Countries: Revolut is expanding its services and is available in several other countries outside the EEA, including Japan and Switzerland.
Countries Where You Cannot Open a Revolut Account
- Restricted Countries: Revolut does not currently operate in countries like Canada, New Zealand, and several countries in Africa, Asia, and the Middle East. Specific restrictions may apply depending on local regulations.
- Sanctioned Regions: Revolut is not available in countries under international sanctions, such as Iran, North Korea, and Syria.