Revolut releases new cryptocurrency limit order feature

Mobile banking app Revolut has released a new feature that will enable users to set limit orders for the purchase of cryptocurrencies

Fintech bank Revolut has updated its platform by enabling users to purchase cryptocurrencies via limit orders instead of using the fixed rate that was previously set.

Revolut currently gives users the option to purchase five cryptocurrencies from within its app, with Bitcoin, Ethereum, Litecoin, XRP, and Bitcoin Cash all available for purchase.

The firm is now trying to make the process more streamlined by adding the “auto-exchange” feature, which will give users more freedom over the price they will pay for the respective cryptocurrencies.

“Auto-exchange is perfect for trying to get the best exchange rate ahead of your holiday or protecting yourself from market volatility,” Revolut told customers in an email this week.

Revolut went on to state that there would be a €10,000 daily limit on cryptocurrencies, as well as a limit of 30 auto-exchange transactions per month.

“We’ll only carry out your auto-exchange if you have enough money in your Revolut account. You can make up to 30 exchanges per day, with a limit of up to €10,000 per day worth of crypto,” the bank added.

Revolut added cryptocurrency services on the eve of the bull run in July 2017, eventually adding support for Litecoin and Ethereum in December before offering XRP and Bitcoin Cash last summer.

The fintech start-up has found itself in the news for all of the wrong reasons this week, with reports claiming that it had turned off all KYC and AML features for three months last year.

It also emerged that the Chief Financial Officer Peter O’Higgins, who joined in 2016 after 12 years at JP Morgan, had resigned in January.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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