Imagine you’re enjoying a flat white in Wellington, looking at your phone. Suddenly, you see the world of cryptocurrency is now close to you in New Zealand. The financial technology revolution has come, bringing digital assets to our shores.
Revolut is a financial “super app” changing how Kiwis handle money. It has just launched its cryptocurrency service in New Zealand, making waves. If you’re into crypto or just curious, Revolut’s platform makes getting into digital assets easy.
But remember, Revolut’s new service has its rules. We’ll look at both the good and the bad as we dive into buying crypto with this app. So, get your device ready, and let’s start this journey through New Zealand’s crypto world. 
Introduction to Revolut and Cryptocurrency in New Zealand
The fintech scene in New Zealand is changing fast with Revolut’s arrival. This digital banking giant is mixing traditional banking with crypto. This is happening when more people in New Zealand are getting interested in cryptocurrency.
Revolut’s Launch in New Zealand
Revolut entered the Kiwi market with a big splash. On December 20th 2023, they started offering crypto trading with about 100 tokens. These include big names like Bitcoin, Ethereum, and XRP. This was just four months after they stopped these services in the US.
The Growing Popularity of Cryptocurrency in NZ
More and more Kiwis are getting into crypto. Revolut launched a ‘Learn and Earn’ program to help them. This program teaches people about cryptocurrencies, making digital banking easier to understand. Georgia Grange, Revolut’s Head of New Zealand, is “excited about this move into education and trading.”
Revolut’s “Super App” Concept
Revolut’s “super app” is changing fintech in New Zealand. Users can spend money in over 150 currencies easily. The app also has premium plans with things like disposable virtual cards and cashback rewards. It helps make managing money simpler for Kiwis with features like instant transaction freezing and scam payment alerts.
Understanding Revolut’s Crypto Offering
Revolut’s crypto trading platform in New Zealand offers a new way to own digital assets. It lets users pick from over 90 cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and Shiba Inu. This selection is great for both new and seasoned crypto traders.
The platform uses a special model called beneficial interest. Users don’t own the cryptocurrencies they buy. Instead, they see how the prices of these digital assets change. This makes it easier for beginners but limits how much control they have over their assets.
Revolut’s fees for crypto trading are competitive. Standard and Plus users face a 3% fee, but Premium members pay only 1.49%. This setup encourages users to upgrade for better rates.
Some key features of Revolut’s crypto offering include:
- Access to over 90 cryptocurrencies
- User-friendly interface for easy trading
- Integration with other Revolut financial services
- Ability to make up to 100 exchanges in 24 hours
- Option to transfer crypto to external wallets.
Revolut makes it easy to start with crypto trading. But, it’s important to know about the beneficial interest model and its effects on owning digital assets. Understanding this is key before you start investing in cryptocurrency on the platform.
How to Buy Crypto With Revolut
Buying crypto with Revolut is easy. It’s perfect for both new and experienced traders in New Zealand. Here’s how you can start your crypto journey with Revolut.
Setting up a Revolut account
The first step is setting up your account. Revolut makes this quick, taking only minutes with a digital check based on your driving license or passport and taking a selfie. You’ll need to give some basic info and verify your identity quickly. After that, you’re all set to use Revolut’s services, including trading cryptocurrencies.
Navigating the crypto section
Once your account is ready, find the crypto section in the app. The interface is easy to use. You’ll see a list of cryptocurrencies, live price charts, and your crypto balance. Revolut offers over 20 different tokens, so you can diversify your digital assets easily.
Selecting and purchasing crypto
To buy crypto, pick the currency you want and decide how much to spend. You can use your fiat balance in 18 currencies for crypto purchases. Remember, fees depend on your membership level:
- Premium members pay 1.49%
- Standard and Plus users incur a 3% fee
Cryptocurrencies can be risky. Always do your research and think about your risk level before buying. With Revolut, managing your crypto and traditional finances is easy. It’s a great choice for digital currency fans in New Zealand.
The Concept of ‘Beneficial Interest’ in Crypto
Revolut’s way of handling crypto is different from what you might be used to. When you buy crypto with Revolut, you get ‘beneficial interest,’ not direct ownership. This affects how you can use and manage your cryptocurrencies.
Revolut acts as your agent under this system. They keep the crypto for you, letting you enjoy its benefits without having it yourself. You can’t move your crypto to other wallets or pay with it directly.
Here’s what you need to know about Revolut’s crypto offering:
- You can buy, sell, and hold cryptocurrencies within the app
- Transactions are limited to $100,000 per exchange
- You can make up to 100 crypto or fiat exchanges daily
- The platform supports major coins like Bitcoin, Ethereum, and Litecoin
- You can’t withdraw crypto to external wallets.
This setup makes starting with crypto easy for beginners. It cuts out the need for complicated wallets or keys. But, it does limit your control over your digital assets. Think about your investment goals before deciding if this fits your needs.
Advantages of Using Revolut for Crypto Purchases
Revolut offers a new way to trade crypto in New Zealand. It’s easy for both new and experienced investors to use. This makes it a great choice for those entering the digital currency world.
Easy-to-Use Interface
Revolut’s design is simple and clear. People love it for its easy layout, making buying crypto straightforward. It supports five main cryptocurrencies like Bitcoin and Ethereum, fitting different investment styles.
Seamless Financial App Integration
Revolut shines with its app that combines banking and crypto in one spot. This lets users handle their money and investments together easily. It’s perfect for those with a lot on their plates.
Cost-Effective Investing Options
Revolut’s fees depend on the account and transaction size. Yet, it offers affordable investing for many. Its low fees on big transactions draw in those wanting to grow their money.
- Real-time price alerts for timely investment decisions
- Over 150 cryptocurrencies available for trading
- Multiple card options for better spending management
Revolut stands out with its easy design, all-in-one financial services, and wide crypto selection. It offers a special deal for investors in New Zealand’s crypto market.
Limitations and Considerations
Revolut’s crypto offering has some limits. You can’t directly own or send assets to other wallets. This is important to know before you start trading. The platform has crypto rules that depend on your plan and where you are.
There are trading limits for everyone. If you have a Standard plan, you’ll pay up to 3.49% for transactions over £1,000. Premium and Metal plan users pay 0.99% per trade. These fees can add up fast, especially if you trade often.
Revolut follows strict rules because of regulatory compliance. It’s registered with the UK’s Financial Conduct Authority, which offers some protection to users. But, remember that cryptocurrencies are very volatile. This means your investments aren’t insured.
- Over 150 cryptocurrencies available
- High fees compared to specialized exchanges
- Limited withdrawal options
- Fair usage limits with additional fees for excess trading
Think about these points when deciding on Revolut. It’s easy to get into crypto and works well with other financial services. But, serious traders might find the limits and fees too much. They might prefer dedicated exchanges instead.
Comparing Revolut to Other Crypto Exchanges in New Zealand
Revolut is a standout in the crypto exchange world in New Zealand. It’s different from other trading platforms. Let’s see how it compares for Kiwi crypto fans.
Revolut vs Traditional Exchanges
Revolut is a fintech giant with 40 million users worldwide. It offers a unique way to trade crypto. It blends crypto trading into its financial services app. This is unlike traditional exchanges like Easy Crypto or Dasset, which focus only on crypto.
Fees and Features Face-Off
Fees are key in trading platform reviews. Revolut doesn’t charge fees for crypto buys up to $2,000 a month. After that, it’s 0.5% fee. This makes it competitive against traditional exchanges.
But, there’s a 1% surcharge on weekend transactions. This is something traders should keep in mind.
Revolut has some great features:
- Integration with other financial services
- Support for 35+ currencies
- Free virtual cards
- ATM withdrawals up to NZ$350 per month without fees
Traditional exchanges often have more trading tools and more cryptocurrencies. For example, Kraken Pro has over 60 cryptocurrencies and advanced tools. Choosing between Revolut and a traditional exchange depends on your trading needs and experience.
Security Measures and Best Practices
Revolut takes crypto security seriously with its strong measures. It has 15 million customers and handles 100 million transactions every month. The platform uses a detailed fraud prevention plan. This includes the Sherlock anti-fraud system and teams focused on security to make sure trading is safe.
To keep your digital assets safe, turn on two-factor authentication and use strong, unique passwords. Revolut also offers disposable virtual cards for more security during online buys. The gambling block feature helps users stop card payments to gambling sites, encouraging smart money use.
Revolut keeps your data and transaction history for six years, following anti-money laundering laws. This boosts crypto security. Verified accounts get extra protection with encryption and fraud prevention. To verify your account, you need to show a government ID, proof of address, and a selfie. These steps are key for safe trading and getting access to more features like higher withdrawal limits and priority support.
