These terms and conditions govern the relationship between you and us. They apply when you:
They also set out other important things that you need to know.
If there is any inconsistency between these terms and conditions and our Personal Terms, these terms and conditions will apply.
You can ask for a copy of these terms and conditions from one of our support agents through the Revolut app.
Please read these terms and conditions carefully.
You should be satisfied that crypto is suitable for you in light of your financial services circumstances and attitude towards risk before starting.
The cryptocurrency services are solely provided by Paxos Trust Company, LLC (“Paxos” or the "Exchanger") which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Revolut Technologies Inc., and Metropolitan Commercial Bank do not provide cryptocurrency services.
Neither Revolut Technologies Inc. nor Metropolitan Commercial Bank makes any representation regarding the advisability of transacting in cryptocurrency, nor does it guarantee the timeliness, accuracy, or completeness of any data or information used in connection with your cryptocurrency wallet.
Cryptocurrencies are not legal tender, are not backed by the government or guaranteed by any bank, and may lose value. The account you establish to trade cryptocurrencies is not a bank account or a deposit account, and value balances are not subject to protection from the Federal Deposit Insurance Corporation or Securities Investor Protection Corporation.
We do not provide any investment advice relating to our crypto service. You should carefully consider whether your personal situation and the financial risks you are willing to take mean that you should not buy cryptocurrencies. You may want to speak to an independent financial adviser.
No material here should be considered as an offer by Paxos to sell or solicitation by Paxos of any offer to buy bitcoin or other cryptocurrencies.
The following cryptocurrencies are available through our crypto services.
Click here for more information about these cryptocurrencies.
We’ll let you know if we start offering any other cryptocurrencies.
To make sure you have safe access to our crypto services, download any updates for your device or the Revolut app as soon as they become available.
You can contact us at any time through the Revolut app if you have any questions about our crypto services.
We call our services that allow you to buy, sell, receive or spend cryptocurrency our crypto services.
You can instruct us to buy cryptocurrencies for you using the fiat currency in your Revolut account.
If you do, we’ll follow the procedure below:
We may limit the amount of cryptocurrency you can buy. We will tell you the amount of any limit before we accept your instruction.
You have a fee-free crypto limit, which allows you to exchange a set amount of crypto without any crypto commission fees. The amount of your limit will depend on your plan, as set out in our Fees page. Once you exceed your fee-free crypto limit, we’ll start to charge you a small fee on crypto exchanges. We’ll show you this fee in the app before you make an exchange, as well as after you make an exchange in the transaction details.
The exchange rate disclosed for your transaction is generated based on market factors and is determined by the volume of crypto transactions, the depth of the Exchanger's market order book, and the volatility of the market pursuant to the Cardholder Agreement and Exchanger Terms. In addition to this, we charge a commission of 2.5% for Standard Plan customers, and 1.5% for Premium Plan customers on the amount you exchange above your fee-free limit. This percentage is calculated on the transaction amount. We show you this fee in the app when making the exchange, as well as after you make an exchange in the transaction details.
Detailed breakdown of all pricing can be found on the Fees page
The market is dynamic and may fluctuate both during and between transactions. The exchange rate shown may be different from rates offered by other exchange markets.
If you exchange for cryptocurrencies with any supported fiat currency other than USD, the currency selected will first be exchanged with USD to complete the transaction with the Exchanger. For more information, see the Cardholder Terms.
Remember, unless you are a Premium or Metal customer, you can make a set amount of free exchanges in crypto and foreign currencies at this rate every month. However, after that, unless you are a Premium or Metal customer, you will start paying a fair usage fee. The set amount depends on what your base currency is and is set out on our Fees Page. This fair usage fee applies in addition to any crypto fees.
Refusing your instructions Sometimes we might refuse your instruction to buy or sell cryptocurrency. If we do, we will not be responsible for any losses you suffer as a result. We may refuse your instruction if:
Cancelling your instructions You cannot cancel any instructions to buy or sell cryptocurrency except for a scheduled autoexchange for a future date. However, we cannot guarantee that the autoexchange would be cancelled as it is dependent on market conditions.
How your cryptocurrency is held Paxos will hold any cryptocurrency you buy from Revolut App on your behalf. This also means you can tell them via Revolut App when to sell or transfer it (within the limits of these terms and conditions). Revolut shall have no responsibility or ability to provide money transmission services or cryptocurrency conversion or custodial services. The cryptocurrency you purchase is held in an account that holds cryptocurrencies for other Revolut customers. You will not have a separate cryptocurrency account. You can use the Revolut app to see the amount of cryptocurrency being held for you.
If you instruct us to sell cryptocurrency we will:
You cannot receive the proceeds from a sale in any other way.
Transferring cryptocurrency to other Revolut customers
You can transfer cryptocurrency to other US Revolut customers in the Revolut app. When we accept your instruction, we’ll transfer your beneficial right in the relevant amount of cryptocurrency to them. You can’t transfer cryptocurrency to anyone who does not have an active Revolut account.
If you use your Revolut Prepaid Mastercard® and have enabled spare change round up in cryptocurrency, you may choose for the card issuer to round up your transaction to the next dollar amount. The amount of round up will be based on your transaction amount and will range between $0.01 and $0.99, which will be calculated and displayed as a separate transaction. By participating, you authorize the withdrawal of such rounded up funds on a per-transaction basis to be sent to the Exchanger for exchange into cryptocurrency. If the transaction resulting in spare change is due in currency other than USD, the currency selected will be exchanged with USD to complete the transaction with the Exchanger. The round up feature will remain enabled until you choose to turn it off, which you may do at any time, but any completed transactions are non-refundable.
AutoExchange automatically exchanges your money from one currency into another based on a target rate you set. Please carefully read and accept the risk disclaimer, set your target rates, and tap the Auto-exchange button to set it live. The exchange will only trigger once your target rate has been reached, but you should be aware that the rate could be slightly different from your target value, when the auto-exchange takes place. This happens because the exchange rate never settles. If the market is particularly volatile, your execution price might have shifted in the brief window between the target value being hit, and the auto-exchange being performed.
For a limited time only, U.S. Revolut customers can buy or sell cryptocurrency ("Crypto") with commission and fair usage fees (specified in the "Buying, selling, exchanging" section) waived by Revolut and Paxos Trust Company, LLC for the Promotion Period. Please see the Promotions page for detailed terms and conditions.
Cryptocurrency carries significant risks. You should carefully consider whether it is appropriate for you to buy cryptocurrency.
These risks include the following:
the value of cryptocurrency can fall. This could happen if, for example:
The value of cryptocurrencies may be derived from the continued willingness of market participants to exchange fiat currency for cryptocurrencies, which may result in the potential for permanent and total loss of a particular cryptocurrencies should the market for that cryptocurrency collapse. The nature of cryptocurrencies may lead to an increased risk of fraud or cyber attack. Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, and value of cryptocurrencies.
Once executed, the cryptocurrency transaction may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable. You can contact us at any time through the Revolut app if you have any questions about our crypto services.
The nature of cryptocurrencies means that any technological difficulties experienced by the Exchanger may prevent the access of use of your cryptocurrencies.
Any bond or trust account maintained by Exchanger for the benefit of its customers may not be sufficient to cover all losses incurred by customers.
A fork is a sudden change in how a cryptocurrency works. A fork may seriously change the function, value or even the name of a cryptocurrency. If this happens, we’ll speak to our partnered cryptocurrency exchanges and work out the best approach for our customers.
Unfortunately, for reasons beyond our control, a fork may cause a cryptocurrency we hold for you to be split into two cryptocurrencies. If this happens, the following may apply, as we see fit:
A fork can also affect the exchange rate.
You may have to pay taxes or costs on our crypto services. We are not responsible for collecting these from you, for making any payments on your behalf, or for providing any reports relating to tax.
We can change these terms and conditions, but we’ll only do it for the following reasons:
Telling you about changes If we add a new product or service that doesn’t change our existing terms and conditions, we may add it immediately and let you know before you use it.
Otherwise we’ll give you 30 days’ notice through the Revolut app before we make any changes. If you don’t like the change, you can end your agreement with us. We’ll assume you’re happy with the change unless you tell us otherwise before the change is made.
We’ll do as much as reasonably possible to make sure that our crypto services are not interrupted, are secure and virus-free, and are accessible at a reasonable speed. However, we can’t promise that this will always be the case. Sometimes we’ll suspend use of our crypto service so that we can make technical changes, add new features (such as new cryptocurrencies), make sure it runs smoothly or improve its security. We’ll try to give you notice before we do this, although we might not be able to do so in an emergency. We’ll also try to limit any suspension so it lasts as short a period as possible. We won’t be responsible to you for losses that arise:
We will only be responsible for foreseeable losses. If we don’t meet our obligations under these terms and conditions, we will not be responsible for any loss that we couldn’t have thought you’d suffer at the time we entered into the agreement with you.
Nothing in these terms and conditions removes our liability for death or personal injury resulting from our negligence or for fraud or fraudulent claims and statements.
You may be responsible to us for certain losses If you break these terms and conditions in a serious way, and this causes us to suffer a loss, the following will apply:
you will also be responsible for any reasonable legal costs that arise in connection with our losses.
Once the agreement has started, it won’t end until you or we end it.
You can end the agreement at any time by letting us know through the Revolut app, by writing to us at our head office, or by emailing us at email@example.com.
We will try to give you two months’ notice if we need to end your crypto services. However, we may let you know that we are immediately ending this agreement if any of the following apply:
What happens if we end this agreement If we end this agreement we will sell all the cryptocurrency that we hold on your behalf and place the equivalent amount of fiat currency in your Revolut account.
We may also end your other agreements with us. You can speak to us through the Revolut app or contact us for more information.
If you’re unhappy with our service, we’ll try to put things right. We always do our best, but we realize that things sometimes go wrong. If you have a complaint, please contact us. The most efficient way to make a complaint is to use this online form. We’ll look into your complaint and respond to you by email.
Our contract with you Only you and we have any rights under the agreement. The agreement is personal to you and you cannot transfer any rights or obligations under it to anyone else.
Our right to transfer We will only transfer any of your and our rights or obligations under the agreement if we reasonably think that this won’t have a significant negative effect on your rights under these terms and conditions or we need to do so to keep to any legal or regulatory requirement. When we transfer rights and obligations we call this ‘novation’. When we only transfer rights, we call this ‘assignment’.
New York law applies The laws of the State of New York apply to these terms and conditions.
The English version of the agreement applies If these terms and conditions are translated into another language, the translation is for reference only and the English version will apply.
Our right to enforce the agreement If you have broken the agreement between you and us and we don’t enforce our rights, or we delay in enforcing them, this will not prevent us from enforcing those or any other rights at a later date. This is also the case if we have any legal rights that we don’t enforce straight away.
Taking legal action against us If you want to take legal action against us in the courts, only the County of New York can deal with any matter relating to these terms and conditions.
1. PRELIMINARY PROVISIONS
2. THE EXCHANGE Access to the Exchange via the Revolut app allows users to trade cryptocurrencies, i.e. Bitcoin & ETH, exchanged or traded by and between customers. All cryptocurrencies bought by customers on the Exchange are deposited by the Exchanger into, and are held in, an omnibus client account, controlled by the Exchanger. When the Exchanger matches orders of its users, a trade occurs. This trade transfers beneficial ownership between customers and is reflected in adjustments to each customer’s cryptocurrency balances on our ledger. All trading activity on the Exchange is “off-chain” and is not broadcast to the applicable blockchain.
4. EXCHANGER MARKET DATA
5. PERMITTED DISCLOSURE We may share information concerning you and your Account:
Legal Process You agree and understand that we may comply with any writ of attachment, execution, garnishment, tax levy, restraining order, subpoena, warrant or other legal process, that we in good faith believe to be valid. We may, but are not required to, notify you of such process. We may charge you for associated costs, including attorneys’ fees. You agree that we may honor any legal process, regardless of the method or location of service.
6. MARKETPLACE RULES You agree to abide by the following marketplace rules of the Exchanger (the “Marketplace Rules”).
If we suspect that you have violated our Marketplace Rules, we will conduct an investigation, and if we determine that you have violated our Marketplace Rules, in addition to terminating your Account, we may notify our regulators, self-regulatory organizations, including any organizations with which we share Market Data, and law enforcement of the activity, including your identity.
7. SERVICE INTERRUPTION From time to time due to technological factors, scheduled software updates and the performance of other maintenance, as well as factors beyond or within our control, the Exchange, may be temporarily interrupted (“Downtime”). Information on scheduled maintenance windows can be found on the Exchanger’s website. Open orders will be held during Downtime and processed normally following Downtime. Following any Downtime, market conditions and prices may differ significantly from conditions and prices prior to such Downtime.