Are you trying to compare Revolut vs Coinbase for trading cryptocurrencies? Chances are there are many UK cryptocurrency users considering the same thing. If you are one of them, this review is for you as it is meant to guide you on which of the two exchanges to use.
Revolut as you may already know is a financial services company based in London. The company also offers crypto trading services and is one of the most recognized in the U.K with its services specifically designed for UK and other EEA residents. Understandably, it is not as recognised as Coinbase which has its presence all over the world.
Coinbase is a cryptocurrency exchange with its headquarters in the United States. It is the largest of its kind in the country and has built a strong reputation in the space over the years.
We will try to compare the two in terms of their services to help you choose the one to use.
Below is a summary of their most important features.
Revolut pretty much provides all its services for free except for the conversion fees. The fees only apply after exceeding the maximum 1,000 pound trading threshold for a month.
This means as long as a user does not exceed this level, there are no fees whatsoever. There are different kinds of accounts (subscriptions) on Revolut. The fees only apply to the Standard and Plus subscriptions while the Premium and Metal are absolutely free.
For Coinbase, there are fees for deposit and withdrawal fees which vary depending on the method used. This adds up to 3.99% for Debit/Credit cards for U.S users but potentially higher for international users including the UK.
Revolut, a platform that supports crypto transactions from a limited number of countries has 47 cryptocurrencies available, including top ones like Bitcoin, Ethereum etc. Looking at the list, there are enough cryptocurrencies for anyone who wishes to use the platform for any purpose.
Although Coinbase has a significantly higher number of cryptocurrencies, it may not make a lot of difference to users who have access to Revolut. This is also not unusual as Coinbase has an aggressive approach towards listing cryptocurrencies as long as they meet their listing conditions.
The UK Financial Conduct Authority has licensed Revolut to serve as a trading platform in the UK. This means that the platform is safer particularly for UK residents to use as it is locally regulated.
Coinbase is also registered and regulated in the UK by the FCA. However, Revolut is regulated only by the FCA and its headquarters are in London which means it is more reliable for UK users than Coinbase.
Revolut doesn’t have a lot of deposit methods for its users. However, the few available payment methods are very suitable for the users supported on the platform. These methods may not be convenient for the users in a few countries outside of the EEA, but for UK users, the methods are more convenient than most of the ones supported by Coinbase.
Both Revolut and Coinbase are fully regulated and secure platforms to use. Coinbase boasts of being one of the most secure exchanges because it stores the bulk of customer funds offline. Revolut also explores options for third parties to serve as custodians of customers’ funds whenever there is need.
Also, some Coinbase users have been hacked in the past with funds lost. No such incident has been recorded on Revolut, probably because it is more of a local exchange. This further makes Revolut a better place for UK residents to use than Coinbase.
Coinbase seems to have more options in terms of number of supported cryptocurrencies, payment methods and number of countries. However for residents of the UK, Resolut is a better option because it has been tailored to suit them and other EEA country members rather than to be a crypto exchange with a global focus.
Therefore if you are based in the UK and trying to compare Resolut vs Coinbase, Revolut may be a better choice for you.
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