How to Buy Bitcoin on Revolut: Step-by-Step Guide for 2023

Looking for a simple way to enter the cryptocurrency market? Revolut’s integrated platform lets you buy Bitcoin directly within its banking app. This guide covers everything from setup to security – perfect for beginners. With over 25 million users worldwide, Revolut combines traditional banking with crypto accessibility, making it a popular choice for first-time Bitcoin buyers.

Step-by-Step: Buying Bitcoin on Revolut

Follow these steps to purchase Bitcoin using your Revolut account:

1. Download and Set Up Revolut
   Install the Revolut app (iOS/Android), sign up with your details, and complete identity verification (passport, ID, or driver’s license).
2. Fund Your Account
   Add money via bank transfer, debit/credit card, or Apple/Google Pay. GBP, EUR, and USD are supported.
3. Navigate to Crypto Section
   Tap ‘Wealth’ > ‘Crypto’ in the app. Select Bitcoin from the list of available cryptocurrencies.
4. Enter Purchase Details
   Specify the amount in fiat currency (e.g., £50) or Bitcoin quantity. Review the live exchange rate and fees.
5. Confirm Transaction
   Double-check details and swipe to confirm. Bitcoin will appear in your Revolut crypto wallet instantly.
6. Secure Your Investment
   Enable 2FA and biometric login. Consider transferring to a private wallet for long-term storage.

Key Benefits of Using Revolut for Bitcoin

• All-in-One Convenience: Manage fiat and crypto in a single app without external exchanges.
• Beginner-Friendly Interface: Intuitive design with real-time price charts and educational resources.
• Regulatory Compliance: Fully licensed with FCA/Bank of Lithuania ensuring legal operations.
• Instant Transactions: Purchases execute in seconds during market hours.
• Fractional Buying: Invest as little as £1 without buying whole coins.

Important Risks and Limitations

While convenient, Revolut has restrictions:

• You cannot transfer Bitcoin out to external wallets (as of 2023)
• 1.49% fee on buys/sells + potential spread markup
• Daily/monthly purchase limits based on account tier (Standard/Metal)
• No access to private keys – Revolut controls your crypto
• Price volatility may impact value rapidly

Pro Tip: Use Revolut for small, short-term holdings. For larger investments, consider dedicated exchanges like Coinbase that allow external transfers.

Bitcoin on Revolut: FAQ Section

Can I withdraw Bitcoin from Revolut?

No. Bitcoin purchased on Revolut must stay within their ecosystem. You can only sell it back to Revolut.

What are the fees?

Revolut charges 1.49% per transaction plus a variable spread. Metal users get £1,000 monthly fee-free trading.

Is Revolut safe for Bitcoin?

Funds are protected by bank-level security and segregated accounts. However, since you don’t hold private keys, it’s less secure than self-custody wallets.

Can I set up recurring buys?

Yes! Enable ‘Repeat Buy’ when purchasing to automate weekly/monthly investments.

What countries support Bitcoin on Revolut?

Available in EEA countries, UK, US, Switzerland, and Australia. Check your app for availability.

Are there tax implications?

Yes. Selling Bitcoin triggers capital gains tax in most regions. Revolut provides transaction history for tax reporting.

Revolut simplifies Bitcoin investing but has trade-offs. For under £1,000 or casual trading, it’s an excellent starting point. Always research market risks before investing.