- Revolut is preparing to launch a cryptocurrency exchange for advanced traders
- The exchange, currently invite-only, comes after nearly two and a half years of development
- Despite initially low fees, recent actions towards crypto-friendly corporate accounts hint at potential fee adjustments in the future
Revolut plans to launch a cryptocurrency exchange tailored for advanced traders, offering low fees and advanced market analytics. The exchange, currently accessible by invitation only, aims to enhance user experience and accommodate evolving market demands. Eligible customers were informed of the addition to their services by email following almost two and a half years of work on the project. While fees will start off low, the company’s recent actions towards crypto-friendly corporate account holders suggest that they may not be for long.
Two and a Half Years in the Making
Revolut’s desire to build a crypto exchange dates back to 2021 when it advertised for a position as technical team leader to begin work on the project, and it seems its efforts are about to bear fruit. The email, which invited select customers to test the new platform, revealed that the upcoming exchange will provide enhanced market analytics and significantly lower fees compared to existing crypto services offered by Revolut.
Fees for trades will range from 0% to 0.09%, with the addition of new functionalities enabling users to execute trades using limit and market orders. Notably, limit orders, which allow traders to buy or sell assets at specific prices, will be fee-free.
A spokesperson for Revolut confirmed the development to CoinDesk stating, “We always develop new products and functionalities, desired by our customers or asked by the market.” However, further details about the exchange will be disclosed only when the product is available in the app. Currently, access to the exchange is by invitation only, with plans to expand availability to more customers gradually.
Fees to Stay Low?
Revolut’s move comes amid regulatory challenges faced by Revolut’s crypto services for business customers in the U.K., with the company suspending these services in December due to new regulations imposed by the Financial Conduct Authority (FCA) governing crypto promotions.
These new regulations have also had a knock-on effect on corporate account holders, who have been discovering in recent months that their monthly charge is increasing, in some cases more than 10x due. Revolut puts this down to the increased surveillance of cryptocurrency transactions within these accounts, even if they haven’t received cryptocurrency payments for months.
Users of Revolut’s new exchange should, therefore, be very wary of these introductory low fees, especially if they plan to send tokens into Revolut from third-party platforms or wallets.
