U.K. fintech giant Revolut has announced the launch of Revolut X, a new crypto trading platform designed specifically for professional traders. This move marks the fintech’s significant expansion into the cryptocurrency exchange landscape.
Unveiled on May 7th, 2024, Revolut X aims to compete with established cryptocurrency exchanges by offering a user-friendly platform with competitive fee structures. The platform boasts zero maker fees and a low 0.09% taker fee regardless of trade size.
Existing Revolut users can leverage the integrated trading experience within the Revolut ecosystem without incurring additional fees or restrictions.
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Revolut X caters to professional traders by providing access to real-time market data and sophisticated analytics tools. The platform incorporates TradingView charts, offering a comprehensive suite of technical indicators and market tracking functionalities. Notably, traders on Revolut X require a pre-existing Revolut retail account to access the platform.
Unlike Revolut’s mobile-centric approach, Revolut X is a desktop-optimized platform designed for laptops and larger screens.
In a bid to be welcomed by the XRP community, Revolut X includes XRP among the over 100 cryptocurrencies available for trading at launch. This stands in contrast to some major exchanges that have delisted XRP due to ongoing regulatory uncertainty in the United States.
Industry observers, such as prominent XRP community figure WrathofKahneman, suggest that Revolut X’s fee structure, with zero maker fees and a low taker fee, could position it as a significant competitor to Uphold, a U.S.-based crypto platform known for its XRP support.
Beyond XRP, Revolut X also supports major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), and Dogecoin (DOGE).
Founded in 2015 as a money transfer service in the U.K., Revolut has grown into a leading fintech company with over 40 million users worldwide. The company first entered the cryptocurrency space in 2017, allowing users to buy, hold, and trade digital currencies.
The launch of Revolut X signifies a further commitment to the crypto market, offering a dedicated platform for professional traders. Revolut’s decision to include XRP among its supported assets from the outset highlights its potentially crypto-friendly stance.
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With the launch of Revolut X, the company aims to solidify its position as a one-stop shop for novice and experienced cryptocurrency users. Revolut X caters to professional traders with advanced features while existing Revolut users can leverage the integrated trading experience within the broader Revolut ecosystem.
This multi-tiered approach positions Revolut to become a comprehensive financial application encompassing traditional finance and the growing world of cryptocurrency.
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