A UK-based financial technology/crypto company, Revolut, has announced its plan to reduce the fees being charged on its platform. This may be a move to attract more customers and users to its cryptocurrency trading platform after reducing its fee charges. The financial/crypto tech company made the announcement earlier via mail to the platform’s users.
Revolut Slashes Crypto Trading Transaction Fees By 20%
Earlier, Revolut sent a mail to its users, giving a detailed explanation of the fee reduction from 2.50% to 0.99%. The platform stated that instead of the 2.50% fees being charged on crypto trading and transactions, the fees would be deducted as low as 0.99%.
The mail stated that the charges fee reduction would take effect from October 3rd, 2022, for all the platform users, new and existing. There are speculations that the fee charges reduction may cause cryptocurrency traders to migrate to the platform.
Following the mail, Revolut’s official website has been updated with detailed information regarding the fee reduction. According to the information on the website, the price reduction fee will vary with the plan the crypto trader has subscribed to on the trading platform.
Excerpts from the Revolut updated fee structure:
- Standard user– 2.50% slashed to 1.99%
- Premium user – 2.50% slashed to 1.49%
- Metal user – 2.50% slashed to 1.99%
However, there are limits to the number of transactions made by standard users on the application. Once the limit is exceeded, an extra fee of 0.5% will be charged.
Reactions and Thumb Up Regarding Revolut Action
Mixed reactions have trailed the company’s decision as the reason behind the fee slash was not revealed by the company. Speculation says that the current bear situation/volatility may influence the fee reduction in the cryptocurrency markets.
If the market’s consolidation and bears influenced the trading fee slash, the new price fee might be temporary. If the market rebounds and becomes stable, the fee may bounce back to its normal price.
However, there are indications that the volatile market situations do not affect the company’s actions. Despite the market crash and volatility since Q2 of 2022, the platform has garnered more cryptocurrency traders and users. The Fintech platform has recorded a growing and large user base of over 1.5 million monthly users.
Revolut has also been putting much action into publicity and creating awareness for its cryptocurrency trading platform. Two months ago, the platform created a free crypto literacy course for users to enhance their knowledge of cryptocurrency. The course was also launched alongside a quiz program, in which the winners were awarded in cryptocurrency.