Revolut is scoring all the highest marks when it comes to a great experience in financial services, so obviously it was huge news when cryptocurrency support was announced. However, despite the pleasant UX and competitive fees (even with last week’s increase from 1.5% to 2.5%), buying crypto in Revolut might not be the best idea ever. Why?
Simply because not your keys, not your crypto. Revolut does not allow to withdraw, invest or even transfer your crypto to another wallet.
However, there is a way around guaranteeing you better fees, equal UX and full ownership over the funds you buy. Keep reading for more!
What’s this Ramp thingy?
Ramp is your alternative to centralised exchanges. Pick a coin and in 5 minutes you have crypto on your very own wallet with your credit cards and IDs safely kept in your pocket. How is this possible?
Ramp works on open banking rails. It connects individual buyers with a network of market makers offering crypto for sale — provides the infrastructure to do the exchange in a comfortable, trust-less and non-custodial way. Funds are locked on an escrow smart contract until the payment is done and confirmed by the open banking API. And it so happens that Revolut is one of the supported payment methods!
How to make the purchase using Revolut?
Start in the right place: check in at buy.ramp.network or choose Ramp as an available purchase option with one of our partners. You can buy up to 10 000 EUR worth of ETH, DAI or USDC a month without the need to present us with your identity document.
Register with your e-mail, confirm it with a code and paste the receiving wallet address.
Make sure this is an account you have control over. The payment will come from a contract wallet.
Now it’s time to connect your bank account — we recommend connecting Revolut’s GBP account for the ultimate smooth experience👌
You have arrived at Revolut’s open banking gateway. Use your login credentials and one time passcode to connect your account for future purchases.
You’re almost there. Now, choose the account you want for the purchase (GBP works best for this one!), confirm and wait… 2 to 5 minutes to receive your crypto. On your own wallet. To which you hold the private keys. And you can use it wherever and however you want!
If you think the “Show us your ID” screen was lost in translation, you’re wrong. Ramp utilizes open banking connection and various other data sources to perform effective KYC and this makes the final user experience better than ever.