How to Transfer Crypto from Revolut to Coinbase

Transferring cryptocurrency from Revolut to Coinbase can be a straightforward process if you understand the steps and requirements involved. Revolut, a popular financial technology company, offers a range of services including the buying and selling of cryptocurrencies. Coinbase, on the other hand, is one of the most widely used cryptocurrency exchanges globally, allowing users to trade a variety of cryptocurrencies, store their assets securely, and transfer them to other platforms.

Understanding the Basics

Before diving into the process of transferring cryptocurrency from Revolut to Coinbase, it’s essential to understand the basic operations of both platforms. Revolut allows users to purchase and hold cryptocurrencies within the app, but it imposes some limitations. For instance, you cannot directly send your cryptocurrencies from Revolut to an external wallet, which includes Coinbase. Revolut only allows internal transfers to other Revolut users, meaning that your crypto assets are somewhat “locked” within the Revolut ecosystem. However, there are ways to work around this limitation.

Coinbase, on the other hand, offers more flexibility. It allows you to send and receive cryptocurrencies from other wallets, including those outside of the Coinbase platform. This means that once you have your cryptocurrency on Coinbase, you can transfer it to another wallet or exchange it for different cryptocurrencies or fiat currency.

Why Transfer Crypto from Revolut to Coinbase?

There are several reasons why someone might want to transfer their cryptocurrency from Revolut to Coinbase:

1. More Trading Options: Coinbase offers a wider range of cryptocurrencies for trading compared to Revolut. This allows for greater diversification and more trading opportunities.

2. Lower Fees: Trading and withdrawal fees can be lower on Coinbase compared to Revolut, depending on the specific transactions.

3. Enhanced Security: While Revolut is a secure platform, Coinbase offers additional security features such as hardware wallet support and insurance coverage on certain assets.

4. Better Control: On Coinbase, you have full control over your crypto assets, including the ability to transfer them to other wallets, which is not possible with Revolut.

Step-by-Step Process

Since Revolut doesn’t allow direct transfers of cryptocurrency to external wallets, the process involves a few extra steps. Here’s a detailed guide:

1. Sell Cryptocurrency on Revolut
The first step is to sell your cryptocurrency on Revolut. Since you cannot directly transfer it, you need to convert your crypto back into fiat currency (e.g., USD, EUR, GBP).

• Open your Revolut app and navigate to the cryptocurrency section.
• Select the cryptocurrency you want to sell.
• Choose the option to sell and convert it into your preferred fiat currency.
• Confirm the transaction.

2. Transfer Fiat Currency to Your Bank Account
Once you have converted your cryptocurrency into fiat currency, the next step is to transfer the funds to your linked bank account.

• Go to the accounts section in your Revolut app.
• Select your bank account.
• Initiate a transfer by entering the amount you wish to send.
• Confirm the transfer, and the funds should appear in your bank account within a few days, depending on the processing time.

3. Deposit Funds into Coinbase
With the fiat currency now in your bank account, you can deposit it into your Coinbase account.

• Log in to your Coinbase account via the website or mobile app.
• Go to the ‘Portfolio’ section and select the currency you wish to deposit.
• Click on the ‘Deposit’ button and choose your linked bank account as the source of funds.
• Enter the amount and confirm the deposit. The funds should be available in your Coinbase account shortly.

4. Buy Cryptocurrency on Coinbase
Now that the funds are in your Coinbase account, you can use them to purchase the cryptocurrency of your choice.

• Go to the ‘Trade’ section on Coinbase.
• Select the cryptocurrency you want to buy.
• Enter the amount you wish to spend.
• Review the transaction details and confirm the purchase.

5. Transfer Cryptocurrency to an External Wallet (Optional)
If you want to move your cryptocurrency from Coinbase to an external wallet, follow these steps:

• Go to the ‘Portfolio’ section and select the cryptocurrency you want to transfer.
• Click on the ‘Send’ button.
• Enter the recipient’s wallet address and the amount you wish to send.
• Confirm the transaction, and the cryptocurrency will be transferred to the external wallet.

Considerations and Tips

• Fees: Be aware of the fees involved in each step of the process, especially when converting cryptocurrency to fiat and transferring funds between accounts. Coinbase often has lower fees than Revolut, but it’s essential to check the current rates before proceeding.

• Timing: Cryptocurrency prices can fluctuate significantly, so consider the timing of your transactions. It might be beneficial to wait for a favorable market condition before selling your assets on Revolut.

• Security: Always ensure that your accounts on both platforms are secured with strong passwords, two-factor authentication, and other security measures. Avoid transferring large amounts of cryptocurrency at once if you are not comfortable with the process.

• Support: If you encounter any issues during the transfer, both Revolut and Coinbase offer customer support services. It’s a good idea to familiarize yourself with their support options before starting the process.

Conclusion

While transferring cryptocurrency from Revolut to Coinbase requires a few additional steps due to Revolut’s limitations, it is entirely feasible and can be beneficial depending on your trading and investment goals. Coinbase provides greater flexibility, more trading options, and enhanced control over your assets, making it a preferred platform for many crypto enthusiasts. By following the steps outlined in this guide, you can successfully move your cryptocurrency from Revolut to Coinbase and take advantage of the features offered by both platforms.