Can I Withdraw Crypto from Revolut?

If you're looking to withdraw your crypto from Revolut, the process involves a few steps and requires understanding the platform's specific policies on cryptocurrency handling. Revolut initially began as a digital banking app that allowed users to buy, sell, and hold cryptocurrencies within the app, but without the ability to transfer these assets to external wallets. This setup was sufficient for users who wanted to speculate on crypto prices, but it frustrated those who wanted to use their crypto holdings outside the Revolut ecosystem.

The Introduction of Crypto Withdrawals

In 2021, Revolut announced that it would start allowing users to withdraw cryptocurrencies to external wallets, starting with Bitcoin and gradually expanding to other cryptocurrencies. This was a significant shift for the platform, aligning it more closely with dedicated cryptocurrency exchanges.

However, there are still some caveats:

• Eligible Users: Not all Revolut users can withdraw crypto. The feature is initially available only to Metal plan users, Revolut's highest subscription tier. This subscription offers various benefits, including lower fees and additional services, but it comes at a premium cost.
• Supported Cryptocurrencies: Initially, Bitcoin (BTC) was the only cryptocurrency available for withdrawal, but Revolut has since expanded this to include other popular cryptocurrencies like Ethereum (ETH) and Litecoin (LTC). The number of supported cryptos for withdrawal might still be limited compared to dedicated crypto exchanges.
• Daily Limits: Revolut imposes daily withdrawal limits on the amount of cryptocurrency you can withdraw. These limits vary depending on your account type and the specific cryptocurrency.
• Fees: Withdrawing cryptocurrency from Revolut comes with fees, which can be higher than those charged by dedicated crypto exchanges. Users should be aware of these fees before making a withdrawal, as they can significantly impact the total value of the transaction.

How to Withdraw Crypto from Revolut

Step 1: Verify Eligibility Before you can withdraw crypto, make sure you meet Revolut's requirements:

• You must be a Metal plan subscriber.
• You must have completed identity verification processes required by Revolut.

Step 2: Access Your Crypto Wallet

• Open the Revolut app.
• Navigate to the 'Crypto' section.
• Select the cryptocurrency you wish to withdraw.

Step 3: Set Up an External Wallet

• Ensure that you have a compatible external wallet to receive your cryptocurrency. For Bitcoin, this could be any wallet that supports BTC transactions.
• Copy the wallet address where you want to receive the funds.

Step 4: Initiate the Withdrawal

• In the Revolut app, enter the wallet address and the amount of crypto you wish to withdraw.
• Double-check the address and confirm the transaction. Remember that crypto transactions are irreversible, so accuracy is crucial.
• The transaction might take a few minutes to a few hours, depending on the network congestion and the cryptocurrency being transferred.

Step 5: Monitor the Transaction

• You can track the status of your transaction within the app. Once the transaction is confirmed, the cryptocurrency should appear in your external wallet.

Pros and Cons of Withdrawing Crypto from Revolut

Pros:

• Convenience: For users already integrated into the Revolut ecosystem, withdrawing crypto is straightforward, especially with its intuitive user interface.
• Security: Revolut is a regulated entity, and it offers various security features to protect user funds, including two-factor authentication and anti-fraud systems.

Cons:

• Limited Availability: The feature is restricted to Metal plan users, which might not justify the subscription cost for some users.
• High Fees: The fees associated with crypto withdrawals from Revolut can be higher than those on traditional crypto exchanges.
• Limited Cryptocurrencies: Not all cryptocurrencies available on Revolut can be withdrawn, limiting your flexibility in managing your crypto assets.

Alternatives to Revolut for Crypto Withdrawals

If Revolut's restrictions are too limiting, consider these alternatives:

• Dedicated Crypto Exchanges: Platforms like Binance, Coinbase, and Kraken offer more flexibility, lower fees, and a broader range of cryptocurrencies. These platforms allow easy withdrawal to any external wallet.
• Crypto Wallets: Software wallets like Exodus, Trust Wallet, or hardware wallets like Ledger and Trezor offer direct control over your crypto and allow easy transfers to other wallets or exchanges.

Final Thoughts

Withdrawing crypto from Revolut is possible, but it's designed more for convenience within the Revolut ecosystem rather than for users looking for a comprehensive crypto management tool. While Revolut's introduction of crypto withdrawals marks an important step in integrating traditional banking with cryptocurrency, its limitations might prompt more serious crypto users to explore other platforms that offer greater flexibility and lower costs.

For those who primarily use Revolut for everyday transactions and have a Metal subscription, the ability to withdraw crypto adds a useful feature, but understanding the fees, limits, and potential restrictions is crucial before initiating any transaction.