Revolut's New Feature

Revolut Launches a New Feature of Auto-Exchange Cash and Cryptocurrencies

Mobile finance application, Revolut, has launched a new feature that allows users to ‘auto-exchange’ cash as well as digital currencies.

The firm announced on Tuesday –

“Our 4 million users can now automatically exchange, say, U.S. Dollar (USD) to Bitcoin (BTC) or Ether (ETH) to XRP, based on a pre-set target rate. Fiat-to-fiat exchanges are also possible.”

Once a target rate is set in the mobile application, Revolut said, the exchange will trigger once the target has been reached. Though it warns that the achieved rate could be ‘slightly different’ from the target owing to the exchange rate fluctuations.

The firm said –

“If the rate never hits your target, then no currencies will be exchanged.”

With this move, the mobile application has effectively added the “trade trigger” feature which is available on more professional trading platforms, instead of offering simply a buying and selling services at the current platform or market rate.

Revolut added in an email to customers on Thursday –

“Auto-exchange is perfect for trying to get the best exchange rate ahead of your holiday or protecting yourself from market volatility.”

However, this new feature comes with some limitations. You can exchange just about €10,000 ($11,198) every day to or from any digital currency. Also, there is a daily capital of 30 auto-exchange transactions.

Not only this, amid the high volatility, when the exchange rate moves more than 0.75% on either side of your target rate for traditional paper money, or more than 5% on either side of your target rate for digital currencies, Revolut said it wouldn’t carry out the exchange.

Revolut began to offer crypto trading services in July 2017 with the initial addition of Bitcoin only. Later on, in December 2017, the firm added Ether and Litecoin support. And, in May 2018, it added XRP and Bitcoin Cash. Last December, the firm got a banking license from the European Central Bank. At that time, the Revolut said that the license would ultimately allow it to offer users an account for managing all their finances from single place via its upcoming venture Revolut Bank.