How to set up Recurring buy for crypto on Revolut (DCA) - #CryptoTrading

Published in Onramp · Labeled as Onramp...Kinda ·

Revolut's own version of DCA is called the Reccuring buy, here's how to set it up.

Revolut is a banking app used as a digital wallet.

Revolut lets you pair the app with your bank account and generate virtual or plastic debit cards in a number of fiat currencies. You can use them for Uber, food delivery apps, dating apps or any place which you don’t trust enough to link your main credit card.

Buying crypto on Revolut

  • You can buy crypto on Revolut
  • You can set up auto-buy
  • You can sell crypto on Revolut
  • You cannot withdraw crypto from Revolut

Buy Bitcoin with Revolut Referral Code

Revolut is just one of many of the neo-banking apps that are getting popular worldwide.

That is the reason why it was kind of a big deal to some when Revolut announced they are adding cryptocurrencies to their apps.

In September 2020, Revolut even added an automated crypto DCA option: The app lets you make automated regular crypto purchases.

No HODL on Revolut: You can buy and sell, but not withdraw

(Update May 2021: There is a rumor that Revolut will offer withdrawals soon. Source - Forbes.com)

Revolut is not a cryptocurrency wallet. The company has full custody of the cryptocurrencies you buy there.

You can buy crypto at Revolut, but you cannot send it out to your own wallet. Withdrawals to external crypto wallets are not possible with Revolut.

You can only buy crypto to sell it later.

If you want to speculate on price increase of crypto, Revolut lets you do that, but not more.

How to set up automatic recurring buy in Revolut

The 3 steps below explain how to set up automated recurring buy (DCA) on Revolut.

Buy Bitcoin with Revolut Referral Code

1 - Go to your crypto portfolio

If you have the most recent version of the Revolut app, the Recurring Buy option will be available directly from your crypto portfolio in the Revolut app.

2 - Choose which cryptocurrency to buy

As you see, there is a few big altcoins available next to BTC.

3 - Decide on frequency

If you run out of funds in Revolut it’s no big deal, your DCA transaction will simply not go through.

Pros and cons of DCA in Revolut app

Pros

  • It’s easy, even for beginners
  • If you already have the app and are verified, crypto is just two or three clicks away
  • If you just want to speculate with small money, Revolut is a safer place than most crypto trading platforms

Cons

  • You cannot withdraw cryptocurrency
  • You need to do full KYC, yet you don’t even own your crypto on Revolut
  • Crazy high fees (2.5% for standard Revolut users and 1.5% for premium and metal users)

Cheaper Auto-DCA alternative for small investors

If some of these points is a dealbreaker to you (and I hope there is at least one), here’s an alternative option for small crypto investors.

Independent Reserve is a long established, fully regulated Australian trading platform that lets you do with your crypto whatever you see fit. Minimum traded amount is 1 fiat unit.

  • You can auto-DCA on Independent Reserve, in and out of crypto, at no extra charge
  • You can deposit and withdraw cryptocurrency
  • Minimum order size is 1 USD / 1 AUD / 1 NZD / 1 SGD
  • DeFi and smaller altcoin markets are available
  • The absolute highest transaction fee you’ll get to pay is 0.5%

More about Independent Reserve

Category: Onramp · Label: Onramp...Kinda · Author: (contact author)

 

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