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

Revolut is known mostly in Europe, but paperless banking apps 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, they opened additional feature - the ability to DCA into a cryptocurrency.

Revolut has since been the easiest option to onramp to crypto…Kinda.

Revolut is not a cryptocurrency wallet

Revolut 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 - that is, as a speculative trade.

If that doesn’t put you off, below is how to set up the recurring buy (DCA) on Revolut.

Set up recurring buy in Revolut app

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.

Disadvantages of DCA in Revolut app

  • You don’t own your crypto, and yet you need to do full KYC
  • The transaction fees are crazy high (2.5% for standard Revolut users and 1.5% for premium and metal users)
  • Impossible to do proper short term trading like on an altcoin exchange, but no way to send crypto out
  • You can’t DCA out, there are only recurring buys available and not sells

If some of these points is a dealbreaker to you (and I hope there is at least one), you can auto-DCA on Independent Reserve. Independent reserve is a real, legitimate custodial platform that lets you do with your crypto whatever you see fit.

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

 

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