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.
These terms and conditions, along with our Personal Terms, Fees page and any other documents we give you that apply to our services, form a legal agreement (the agreement) between: you; and us, Revolut Ltd.
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.
Cryptocurrencies are not like the e-money in your Revolut account. Cryptocurrencies are not e-money and are not regulated in the UK by the Financial Conduct Authority.
When you buy cryptocurrency through the Revolut app, it will not be protected by the Financial Services Compensation Scheme.
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.
The cryptocurrencies available through our crypto services from time to time are shown in the app.
We’ll let you know if we start offering any other cryptocurrencies. We’ll also let you know in advance if we decide to stop offering a cryptocurrency.
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.
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 e-money in your Revolut account.
You can buy cryptocurrencies in three ways. They are:
If you "buy now", we’ll follow the procedure below:
If you set up a “auto exchange”, we’ll follow the procedure below:
If you set up a “recurring buy”, we’ll follow the procedure below:
Sometimes, for reasons beyond our control, we won’t be able to buy cryptocurrency for you. If this happens we’ll let you know; and
We may limit the amount of cryptocurrency you can buy. We will tell you the amount of any limit before we accept your instruction.
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 instruction to buy cryptocurrency made using “buy now”. You can cancel an “auto exchange” or a “recurring buy”, but only before we accept your instruction. This means you can only cancel an “auto exchange” before your “target rate” is hit, and you can only cancel a “recurring buy” the day before it is due to occur or reoccur.
How we hold cryptocurrency
You will own the rights to the financial value of any cryptocurrency we buy for you.
We will hold it on your behalf and you will have a right (called a ‘beneficial right’) to it. This means you can tell us when to sell or transfer it (within the limits of these terms and conditions). You have complete control of your cryptocurrencies, and we will only act upon instructions you give us. You will not be able to carry out transactions yourself.
The cryptocurrency we buy for you is held in a ‘virtual account’ that also 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 we’re holding for you.
There won’t be any contractual relationship between you and our partnered cryptocurrency exchanges or any sub-custodian we appoint.
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 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 is not a Revolut customer.
You cannot pay in cryptocurrency using your Revolut Card either. This means that if you make a payment using your Revolut card, and the only funds you have are in a cryptocurrency, the payment will fail.
Our exchange rate for buying or selling cryptocurrency is set by us, based on the rate that the crypto exchanges offer us. It is a variable exchange rate and, which means it is constantly changing. You can always see the current Revolut Rate in the Revolut app.
Our exchange rate includes our fees for helping with the exchange, as set out in our Fees page. We don’t charge you any other fees for this service.
The exchange rate may change between the time you told us you wanted to buy or sell cryptocurrency and the time we actually buy or sell it on your behalf. This means that if you ask us to buy cryptocurrency, you may receive a little more or less cryptocurrency than what you had expected and if you ask us to sell cryptocurrency, you may receive more or less e-money than you expected.
We are not responsible if you suffer any losses as a result of trading in cryptocurrency.
All Standard users can make a set amount of exchanges at this rate every month. The set amount depends on what your base currency is and is set out on our Fees Page. Standard users who exchange more than this amount start paying a fair usage fee (but Premium and Metal customers do not).
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 (and is more likely to do so than normal money is). This could happen if, for example:
The price or value of cryptocurrencies can rapidly increase or decrease at any time. It may even fall to zero. Unlike normal money, no bank or government can stabilise the value of cryptocurrency if it changes suddenly.
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.
We can provide more information about forks.
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:
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 firstname.lastname@example.org.
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 e-money 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 realise 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.
As cryptocurrencies aren’t regulated by the Financial Conduct Authority, the Financial Ombudsman Service cannot get involved if you have a complaint.
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’.
English law applies
The laws of England and Wales apply to the agreement.
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 courts of England and Wales can deal with any matter relating to these terms and conditions. If you live in another country, you can take other action in the courts where you live.