How to Trade Crypto in the UK Using Revolut X: A Comprehensive Guide

Cryptocurrency trading has gained immense popularity worldwide, including in the UK. Revolut, a leading fintech company, has expanded its services to include cryptocurrency trading through its advanced platform, Revolut X. This guide provides a detailed overview of how to trade crypto using Revolut X, covering everything from setup to executing trades.

What is Revolut X?

Overview

Revolut X is an advanced cryptocurrency trading platform launched by Revolut. It aims to cater to both beginners and experienced traders by offering a seamless trading experience with lower fees and enhanced market analytics.

Key Features

• Fractional Trading: Allows users to buy fractions of a cryptocurrency, making it accessible even with limited budgets.
• User-Friendly Interface: The intuitive design makes crypto trading less intimidating for beginners.
• Advanced Exchange: Offers lower fees and advanced features for seasoned traders.
• Integration with Revolut Banking App: Seamless transition between fiat and crypto assets.

Why Use Revolut X for Crypto Trading?

Benefits

1. Cost-Effective: Competitive fees make trading more affordable.
2. Accessibility: Easy to start with small amounts due to fractional trading.
3. Convenience: Integrated with the Revolut banking app for a unified financial experience.
4. Advanced Tools: Provides market analytics and trading charts for informed decision-making.

Limitations

1. Limited Cryptocurrency Selection: Fewer options compared to major exchanges like Binance or Coinbase.
2. Basic Order Types: Only offers market and limit orders, which might be restrictive for advanced traders.
3. No External Wallet Transfers: Restrictions on transferring crypto to self-custodial wallets.

Steps to Trade Crypto Using Revolut’s Banking Application

Step 1: Access the Revolut App

Log in to your Revolut account via the mobile app.

Step 2: Navigate to the Crypto Section

Find the “Crypto” section within the app.

Step 3: Select Cryptocurrency

Choose the cryptocurrency you wish to trade. The app will display the current price and trading chart.

Step 4: Execute the Trade

Select “Buy” or “Sell,” enter the amount in fiat or crypto, review the transaction details, and confirm the trade.

Step 5: Transaction Confirmation

Once confirmed, the crypto purchase or sale will be processed, and your balance will be updated.

Steps to Trade Crypto Using Revolut X Platform

Step 1: Access Revolut X

Log in to the Revolut X application through the official website.

Step 2: Deposit Funds

Transfer fiat from your Revolut banking account to your Revolut X account.

Step 3: Start Trading

Once the deposit is approved, start trading on Revolut X.

Step 4: Manage Orders

Utilize the market and limit order options to manage your trades.

Step 5: Monitor Portfolio

Check your portfolio performance and asset holdings via the portfolio tab.

Security Considerations

Use Strong Passwords

Ensure your Revolut account is protected with a strong, unique password.

Enable Two-Factor Authentication (2FA)

Activate 2FA for an added layer of security.

Monitor Account Activity

Regularly check your account for any unauthorized activities.

The Future of Revolut X

Revolut X is positioned for growth in the crypto trading space. Its user-friendly platform, integrated financial services, and competitive fees offer a promising alternative to traditional exchanges. However, as it expands, addressing limitations and enhancing features will be crucial to meet the needs of advanced traders and gain a larger market share.

Conclusion

Trading cryptocurrency in the UK using Revolut X is a streamlined process that offers numerous benefits, from competitive fees to an intuitive interface. By following the steps outlined in this guide, you can start trading efficiently and securely. As Revolut continues to evolve, it holds the potential to become a leading player in the UK’s cryptocurrency market. Always stay informed and vigilant to maximize your trading experience.