Revoult ro-founders Vlad Yatsenko and Nikolay Storonsky
Revolut makes crypto and gold trading ‘free’ for all customers
The UK challenger said it fast-tracked the launch due to the coronavirus, with crypto trading today and gold by the end of April.
Digital banking service Revolut has today given regular customers access to cryptocurrency trading for the first time, a feature previously reserved for its Premium and Metal customers.
Revolut says the move came about after its head of crypto, Edward Cooper, reminded it that the popularity of cryptocurrency came about after the 2008 financial crisis “as an alternative to real money during times of quantitative easing and currency devaluation.”
The banking service said it had planned to bring crypto trading to all its customers later in the year but, given the ongoing coronavirus pandemic it decided to “give all Revolut customers the opportunity to explore different ways of diversifying” their portfolios.
For now, standard customers can experience the same crypto trading fees as their Metal and Premium counterparts, however, in May this fee will jump from 1.5 per cent to 2.5 per cent for regular customers.
Once non-fee paying customers can access Revolut’s gold platform at the end of the month, they will incur a 1.5 per cent flat fee—a charge much higher than that of Premium and Metal users who currently only incur a 0.25 per cent flat fee per trade.
The electronic money institution is also reportedly on the hunt for a UK banking licence, having operated in the UK for five years without one.