Revolut’s Revolut X Exchange Woos Crypto Traders with Zero Maker Fees, and Advanced Analytics
In Brief
Revolut X, a new cryptocurrency exchange by London-based digital bank Revolut, offers a tailored platform for professional traders, offering real-time trading, comprehensive analytics, and token support.
Revolut X is finally out! The much-awaited cryptocurrency exchange is the next venture by London-based digital bank Revolut into the cryptocurrency space. It’s just another sign that Revolut is ready to attract more and more new users to the banking industry.
Professional cryptocurrency traders are the target market for Revolut X, first of all, because it provides a trading platform tailored to their requirements. With features like real-time trading, comprehensive analytics, and support for a large number of tokens, Revolut X hopes to draw in seasoned traders looking for a smooth and effective trading environment.
Competitive Fee Structure of the Platform
Revolut X’s affordable price structure is one of its main benefits. The exchange is a desirable choice for traders who value cost-effectiveness because it charges no fees for market makers and only a small 0.09% fee for takers. For instance, the takers charge on Crypto.com might reach 0.75%. Coinbase, another well-known website, charges a takers fee of up to 0.60% at the same time. Revolut’s cost structure demonstrates its dedication to offering its consumers a compelling value proposition, which may draw traders away from more established cryptocurrency exchanges.
Revolut X is integrated with the company’s existing ecosystem, so if you’re already using Revolut for normal banking operations, you can try the new platform immediately, since it allows users to leverage their Revolut retail accounts to access the new exchange. As one of the most popular online banks in Europe, with over 12 million users, Revolut can not only complement current users with new and useful features but also attract new people. It’s important to mention that right now, there are over 31 million users of crypto in Europe, and probably some of them will consider the opportunity of switching to Revolut because it’s convenient to have your ordinary assets not far away from the crypto ones, isn’t it?
This integration strategy is a testament to Revolut’s understanding of the importance of a cohesive user experience. This feature, when it enables already existing users to transition between the retail app and the dedicated crypto exchange, gives some points to the bank since it could resonate with traders seeking a streamlined trading experience.
Regulatory Compliance: Navigating a Complex Landscape
As we can see closely how regulatory scrutiny over the cryptocurrency industry intensifies globally, Revolut’s crypto platform launch demonstrates the fintech giant’s confidence in starting to operate in the new sectors. Still, this bold move also underscores the importance of stringent compliance and adherence to regulatory standards – a critical challenge Revolut must tackle adeptly to ensure the sustained success of its crypto endeavours in the long run.
Given that Revolut is a European bank, we ought to hold off until the MiCa rule is fully implemented since it has the potential to significantly impact the EU cryptocurrency sector.
Revolut’s calculated move to end its cryptocurrency trading services for US-based clients in August 2022 demonstrates how it intends to handle market and regulatory risk. It has also demonstrated its readiness to modify and advance its cryptocurrency approach in response to shifting regulatory landscapes by redirecting its efforts to other areas.
Revolut X’s strategic entry into the UK market, which capitalises on its current user base and establishes the firm as a leader in providing a specialised cryptocurrency exchange for the banking industry, is evident in its introduction. It is anticipated that Revolut may profit greatly from this strategic placement because as of now, it looks to take its notable place on the financial market.
This platform’s launch in the cryptocurrency exchange market shows a significant development that could reshape the market in certain ways. Why? With a customised platform made just for professional traders and a cost structure that is competitive compared to industry standards, it can offer a strong value proposition that has the potential to unseat more established competitors. Its integration with Revolut’s current ecosystem, which enables users to handle both traditional financial products and cryptocurrency holdings inside a cohesive environment, further reinforces its appeal to traders seeking a one-stop shop.
The Potential Effects of Cryptocurrencies on the Financial Sector
Traditional banks are still afraid of using digital assets; they probably see them as dangerous and require proper due diligence. However, we can’t say the same about online banks. Currently, a lot of regulatory agencies are trying to change banks’ perceptions of digital currencies, including the Office of the Comptroller of the Currency (OCC). To show some actions, not only words, OCC has even published a number of interpretative letters, especially to outline how conventional financial institutions should operate with transactions or how to properly provide services incorporating digital currencies.
Banks may be cautious about crypto payments because they believe that they carry a higher risk and necessitate time-consuming and costly due diligence. However, financial institutions and their clients might gain a lot from digital currencies if they take the risk. In order to reveal the people’s thoughts on crypto (people from finance), the survey was conducted by the ACAMS and the Royal United Services Institute in the UK. As a result, more than sixty-three per cent of respondents in the finance sector said that they see cryptocurrency as a risk, but they don’t consider it a good option, for example, for investment.
In comparison with the traditional sector, cryptocurrencies don’t need an intermediary because of their decentralised structure. It makes them independent of centralised banks, governments, or organisations, something that we can’t see in conventional banks. Certain financial institutions don’t think they can succeed in this market because of the asset’s decentralised character, which also reduces its initial attraction. Furthermore, users may send money fast and without incurring transaction fees because of crypto’s capacity to facilitate P2P transactions without the need for a regulated middleman.
Recent developments in the market, including custody services, simple starting out, professional support, and AML/KYC rules, should allay banks’ fears about the possible drawbacks of adopting cryptocurrencies while also enabling them to capitalise on their potential advantages. Stablecoins and other public blockchains can help ease cryptocurrency investors’ security worries, while reputable companies can expedite payment procedures.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
