Revolut X Launches in the EU: Can Crypto Exchange Compete With Binance, Coinbase, and Other Big Guns?

Key Takeaways

• Revolut X has launched in the EU.
• The platform attempts to compete with big names by offering competitive fees and easy fiat on/off-ramps.
• Revolut X was launched in the U.K. in May.

Revolut X, the advanced crypto trading platform desktop app, is now expanding across 30 European countries.

The platform operates in the highly contested crypto exchange market with a strong proposition but faces substantial competition from industry giants like Binance and Coinbase.

These established platforms offer a broader range of services and deeper market penetration, and they also benefit from a larger user base and more robust regulatory frameworks.

Revolut X Expands Across EU

Revolut X, designed to rival major crypto exchanges by providing user-friendly access and competitive fees, was first launched in the U.K. in May.

The app is now available to users with a Revolut retail account in 30 European countries.

Revolut X’s expansion marks the latest milestone in the financial platform’s ambition “to become the go-to trading platform for crypto beginners and pros alike,” the company said.

Leonid Bashlykov, head of product at Revolut, said: “The feedback from experienced traders has been very positive, with many already taking advantage of our near-zero fees, wide range of available assets, and seamless integration with their Revolut accounts.”

According to the company, Revolut X offers traders the ability to trade over 200 tokens with a fixed 0% maker fee and a 0.09% taker fee, irrespective of their trading volume.

Competitive Fees and Easy On/Off Ramps

The expansion of Revolut X follows the introduction of Revolut Ramp in March. The Revolut Ramp service was developed through a partnership with Consensys, the developer behind MetaMask, allowing users to buy cryptocurrency directly within their Web3 wallets.

Revolut X’s expansion comes after the suspension of crypto trading for Revolut’s U.K. business clients and the cessation of U.S. crypto services.

Alex Saleh, Head of Partnerships at Blockchain protection firm Coincover, told CCN that Revolut’s launch of its new crypto exchange is a significant advancement in the U.K. and demonstrates a significant turnaround from the regulatory uncertainty that was impeding innovation in the space.

He said:

“It’s really positive to see Revolut place a lot of emphasis on its “compliance-first” strategy. With robust compliance and security measures, it sets an example for a mature approach to crypto trading that aligns with institutional norms and should help to build trust in the market.

“Now Revolut’s millions of users can take a shot at using an advanced trading platform that backs funds 1:1, something that still haunts traders following the FTX fallout,” he added.

Suspending U.S. Crypto Services Amid SEC Scrutiny

Revolut announced in December 2023 that it would halt crypto trading until January 2024, citing the need for more time to adjust to new regulations set by the Financial Conduct Authority (FCA) introduced in October 2023.

The U.K.’s crypto advertising rules, aimed at making crypto marketing more transparent and accurate, include a cooling-off period for first-time investors and pose challenges for some firms, including PayPal.

In August 2023, Revolut suspended its crypto services in the U.S. due to the regulatory environment. This decision was made in conjunction with their US banking partner, Metropolitan Commercial Bank, following the delisting of tokens such as Polygon (MATIC), Solana (SOL), and Cardano (ADA), which the U.S. Securities and Exchange Commission (SEC) classified as unregistered securities.

However, this suspension affected less than 1% of Revolut’s global crypto customers and did not impact users outside the U.S.

Revolut X Faces Uphill Battle Against Binance and Coinbase

Revolut X, while a strong entrant into the crypto exchange market, faces significant challenges in competing with established giants like Binance and Coinbase.

Binance, the top-rated exchange globally, offers a vast array of features and a significantly larger number of cryptocurrencies. Coinbase, although slightly more expensive in fees, ranks higher than Revolut in terms of features and depth of market access.

To effectively compete, Revolut X will need to expand its asset offerings, enhance user experience, and navigate the complex regulatory environments.

Its strategy includes leveraging its existing large customer base from its fintech services and integrating advanced trading features to attract professional traders. However, whether this will be sufficient to compete at the level of Binance or Coinbase remains to be seen.

With additional reporting from Teuta Franjkovic.