• Revolut Ltd. launched its UK crypto exchange called Revolut X
• The new platform will allow experienced traders to buy and sell over 100 different tokens
• Fees will range from zero to 0.09% and investors must have a Revolut retail account to trade on the venue
Revolut, the banking app startup based in London, announced on Tuesday that it is launching a new crypto exchange platform called Revolut X. This platform will target more experienced crypto traders by offering the ability to buy and sell a wide range of tokens with low trading fees.
Launch of Revolut X Exchange
The Revolut X exchange will allow users to trade over 100 different cryptocurrencies including major coins like Bitcoin and Ethereum as well as smaller altcoins. Revolut claims this variety of tokens sets them apart from competitors.
To use Revolut X, customers must have an existing Revolut retail account. Then they can access the exchange to start trading.
Trading Fees
Revolut X offers competitive trading fees to attract active crypto traders. Fees range from 0% to 0.9% depending on the account type.
Revolut provides fee-free trading for its Metal customers. Non-Metal customers pay a 0.4% fee for transactions under $800 and 0.9% for transactions over $800.
Market Conditions Favor Crypto Growth
The launch comes as crypto assets recover from the crash of 2022. Bitcoin has risen back above $20,000 in recent weeks after falling below $17,000 earlier this year.
Improved market conditions make this a prime time for Revolut to expand into crypto trading. The sector saw tremendous growth in 2020 and 2021 before declining in 2022.
Conclusion
Revolut X brings a new crypto exchange option to UK traders. With fees up to 10 times lower than competitors and a wide variety of tokens, Revolut aims to attract more active crypto investors. The launch shows the company’s commitment to growing its presence in the digital asset space.
