What are the differences between Crypto.com and Revolut? In most cases beginners in the crypto world often wonder which the best crypto exchange to choose to transact is.
This is because they often lack proper knowledge regarding the differences between the crypto exchanges. Out of the many exchanges available out there, this article will deal with two popular crypto exchanges namely Crypto.com and Revolut.
While Crypto.com is a crypto company or website, on the whole, Revolut, on the other hand, is basically a global financial app.
And, while Crypto.com started its journey in 2016, Revolut began in 2015. There are lots of other differences as well between these two platforms that are good to know about and this is what this article will help you in.
Apart from letting you know how these two differ and compare, this article will also help you to choose one that will suit you the best and serve all your purposes.
Therefore, take some time to go through this article in its entirety so that you can make an informed and educated decision in the end.
Contents
10 Differences Between Crypto.com and Revolut
Both these platforms differ in key features, functions, fees, coin support, and even in their respective merits and demerits.
With proper knowledge about the differences between them, it will be easier for you to make a complete comparison of them side by side.
Here are some of the major and basic differences between these two platforms that anyone interested in crypto should know.
1. Basics
The Revolut app or platform is considered to be as good as an online full-fledged bank. It initially acted as a currency exchange card that was open for all to use.
This means that any person from Singapore, The UK or Canada can use the services provided by Revolut. Users of Revolut are also able to enjoy fast international deliveries and a fast payment service to make international payments.
In contrast, the Crypto.com platform is for making a real investment in crypto as opposed to Revolut. Though this platform has a very high-speed exchange protocol it, however, does not have any payment service to offer to its users.
And, Crypto.com is the first company to offer a VISA-backed rewards card. All payments on this platform can be processed by the users via their card or app just as it is done with any other kind of payment card.
2. Purposes
The most significant difference between Revolut and Crypto.com is that Crypto.com is a one-stop platform for anything related to cryptocurrencies.
Revolut, on the other hand, is a very fast growing and rapidly moving application that simplifies the process and makes it easier for the users to invest in stocks. It comes with all in-app crypto exchange features though.
3. Currency Support
Crypto.com is a site that allows the users to trade and perform other activities by using only cryptocurrencies. Their currency is backed by FDIC insurance but that is for the US residents.
However, Revolut allows the users to make international payments by using almost every available type of currency.
4. Rewards
Crypto.com also allows the users to earn rewards while making deposits on this platform. In addition to that, this platform also offers crypto-backed rewards cards to the users.
On the other hand, Revolut does not have any such reward scheme to offer to its users.
5. Location
Crypto.com has its head office in Hong Kong and it was originally named Monaco which was changed to its present name in the year 2018.
On the other hand, the head office of Revolut is located in London and it is registered with the FCA or The Financial Conduct Authority.
6. Tokens
It also created a new token called Crypto.com Chain represented as CRO. This token became a premium token later on and is available in the USA, Singapore, and several countries in the European Union.
Now, in fact, Crypto.com has two different types of native tokens which have varied and multiple usages namely CRO and MCO and both of these are ERC-20 or Ethereum tokens.
In comparison, Revolut does not have any token of its own.
7. Availability
In terms of availability, the services and products of Revolut are available to the residents of the United Kingdom, Australia, Switzerland, Canada, The USA, Singapore, Japan, and in the EEA or The European Economic Area as well.
On the other hand, the products and services of Crypto.com are available in Singapore, the USA, and all the European Union countries.
8. Coins Supported
Apart from twenty-five fiat currencies, Revolut supports different types of crypto coins such as BTC, LTC, ETH, XRP, BCH, XLM, XTZ, EOS, OMG, and ZRX.
The platform allows the users to buy, hold and exchange these coins with the specific fiat currencies included in the app. The most prominent currencies exchanged by Revolut are Bitcoin, Litecoin, and Ether.
As for these coins as well as the others you can check out the prices of each in real-time and also track the history and your performance on the app.
As for Crypto.com, it offers support to a large number of crypto coins that the users can buy and sell on this platform. The list includes its native token CRO as well as BTC, ETH, XRP, BNB, LTC and more.
In addition to that, the users of Crypto.com can also borrow lines of credit or buy, sell and trade by using stable coins.
9. Advantages
Both these platforms come with their characteristic pros and cons. As for Revolut, it is quite user-friendly and ideal for those users who are new to the crypto space. In spite of a little difference in worth as compared to Crypto.com, Revolut is quite a pretty crypto broker.
It is quite easy and fast to set up an account with Revolut. There are also a lot of instructional videos and tutorial materials available on their website as well as on the YouTube channel.
It does not take weeks to authorize a new account like most of the other crypto companies. Most importantly, their trading fee is quite low as compared to the average market fee which is normally 1.5% irrespective of whether you are buying or selling your crypto assets through them.
On the other hand, Crypto.com generally comes with a lot more features and functionalities than Revolut does. One of the biggest and most useful features of this platform is its payment card.
You can use it to make your payments and receive a cashback of up to 5% which is paid in crypto coins. Ideally, most of the other credit cards will offer as much as 1 or 2% cashback.
Apart from that, they also put a lot of importance on their own crypto token MCO. Users who use this currency are typically provided with more and better credit card benefits.
The platform also offers huge rebates on payments made through their card to a wide range of companies such as Spotify, Netflix, Expedia, and other popular companies and the amount of rebate received typically depends on the tier of the card the users have.
Apart from that this platform also offers a crypto exchange that was set up in 2019 and allows the users to buy, sell and trade in all the different types of crypto coins it supports. There are no minimum transaction fees, no balance fees, and no international fees charged as well.
10. The Demerits
One of the biggest downsides of Revolut is that the platform does not give ownership of any crypto coin that the users buy or sell through it.
Users are allowed to only exchange them through the app with any of the other different types of crypto coins available and supported by the platform.
This is the only option offered by this platform when it comes to releasing the funds of the users as well. This means that the users are not allowed to withdraw their crypto funds for making any payments or take them out from the platform into any separate crypto wallet.
And, most importantly, the funds of the users held by them are also not covered by The Financial Services Compensation Scheme.
Moreover, if you want to purchase and use their premium card to access the Revolut crypto exchange you will need to pay a fee of about €7.99 every month and also be prepared to pay more if you want to use more features.
On the other hand, the downsides of Crypto.com are that you will not get all of its features integrated into the app.
And, as for the website that includes all the features, the sheer amount of those as well as the different levels offered by them can be too overwhelming for a beginner to the crypto scenario.
Apart from that, if you want to get higher interest rates you will need to stake their native utility token CRO and lock them up for a specific period.
Also, different countries have different features accessible which makes it more confusing to use for a beginner. A
nd, with offices in Singapore and Hong Kong, and Switzerland, this company is certainly not US-based and therefore the Crypto.com exchange and credit lines are not available to the US resident, yet.
Which is Better – Crypto.com or Revolut?
Though it is not easy to mark one among Crypto.com and Revolut as better than the other, here are a few factors in terms of usability as well as features and functionalities offered by them summarized for you.
This will help you to determine which among the two will best suit your needs. As for Crypto.com, it is a go-to platform for doing anything that is related to cryptocurrencies.
They offer a large variety of crypto services in comparison to Revolut and some of its services and features are unique and most useful. Crypto.com is also the first company to offer a VISA-backed rewards card.
Since its launch, this company has made tremendous improvements and boasts of having a high-end ERC 20 token of its own.
The best part of them is that all of their services are typically backed by The Federal Deposit Insurance Corporation or the FDIC.
You can access a larger number of crypto coins when you use the Crypto.com exchange. You can buy or sell some of the major crypto coins as well as other stable coins as well, either by using their website or the application.
There are lots of other useful features that may help you in deciding which among Crypto.com and Revolut is better.
You may choose this platform if you wish to make payments in crypto coins. You may also prefer to use Crypto.com to borrow any line of credit using stable coins to buy or sell.
Apart from that, one of the most significant features of the Crypto.com platform that most of the users like is that it offers a much higher percentage of cashback when one uses crypto coins to make payments.
And, especially when they use their Visa-backed credit card they are also entitled to enjoy other benefits.
The good news is that the platform continues to prioritize its tokens. Anyone who is interested in real investing in crypto coins would choose to go with the Crypto.com platform. However, if you reside in the US, think otherwise.
In comparison, when it comes to Revolut, this is an app, which, however, is very easy to use and useful at the same time.
The company started its journey as a currency exchange but later on added a diverse range of services to its list. All their services are available online making it a more accessible and favored online bank.
Offering its services in several locations such as Canada, Singapore, and the European Economic Area and lots of others, the company started to function as a crypto exchange in 2017 by making a few changes in its app.
However, it is still favored and used by most people as an online bank.
Since Revolut operates under the strict supervision of and is registered with The Financial Conduct Authority, it is quite safe to use whether you deal with any of the multiple fiat currencies and crypto coins that this platform supports while buying or exchanging them.
The app is quite easy to use even for the beginners in this space and the best part is that the users will even get to see their performance as well as the rates of the coins in real-time, all in one place.
In order to put it all in simple words, you can use Revolut if:
- You are looking for a safe and secure online bank account
- You travel internationally frequently
- You occasionally exchange the crypto coins that you hold
- You are looking for an app that is incredibly easy to use and
- You are okay with the limited flexibility and features.
Revolut is also a go-to platform if you are looking for a platform that charges low fees.
This is because their entire working system is based on exchange rather than buying or selling crypto coins and all their services are available to the users when they make the payments monthly. The higher the payment is, the more services are received.
However, this platform is certainly not the one for investing in cryptocurrencies but is a very good one to opt for if you are looking to make international payments fast.
And, on the other hand, you can use Crypto.com if:
- You are looking for a wide range of services related to cryptocurrencies
- You want to use a website or app that comes with a lot of useful features and
- You want a lot of benefits to enjoy when you use a Visa-backed credit card.
The exchange protocol of Crypto.com is known for its high speed while Revolut is known for its fast international deliveries.
Therefore, it is clear that when you compare the two platforms side by side, both Revolut and Crypto.com serve completely different purposes. Therefore, you should make your choice accordingly.
Conclusion
There is no doubt that knowing the differences between two crypto exchanges is vital in order to make the right choice for your crypto needs. Articles like this are very helpful for that matter to enhance your knowledge about crypto exchanges.
I have special interest in crypto and intend to help common people to gain knowledge about the digital asset as well as its potential. Follow Me at Linkedin.
