Revolut App Launches New ‘Auto-Exchange’ Feature To Allow Users Trade Cryptocurrencies And Cash
Revolut App Launches New Feature To Allow Users To Auto-Trigger Cash And Crypto Exchanges
Revolut, a mobile finance app, has recently launched an important new feature for its official app. Now, the users of the company will be able to “auto-exchange” cash and cryptos using it.
The announcement of this new feature happened this week and now over 4 million users from the whole world will be able to use the Revolut app to automatically trade between fiat options like USD to popular cryptos like Bitcoin (BTC), Ripple’s XRP and Ethereum (ETH). According to the reports, fiat to fiat exchanges will also be a possibility for the users.
To do it, you just have to target a rate in the app, which can be above or below current rates and the transaction will be triggered as soon as your target is finally reached. However, due to the exchange fluctuations, the rate still may be somewhat different than your set, just not very much.
If the rate that you targeted never happens, the transaction never happen as well, so your money is protected with the app. In the place of offering simple buy and sell orders, users can trade in a considerably more professional way using these triggers, as they will be able to plan out strategies and use them later.
According to the official announcement made by Revolut, auto-exchange is a perfect way of trying to get the best exchange rates ahead of time and to be protected from the quick volatility of markets like the crypto trading one.
However, there are some important limitations that should be observed before you start trading using this new app. The two main limitations are that you can only set up trades up until $10,000 EUR (around $12,000 USD) and that you can only set up 30 transactions per day.
Another point that should be considered before using the app is that the trades will be postponed in days of high volatility in order to protect the company and the customers. If fiat currencies change more than 0.75% in a day or cryptos move more than 5%, the changes will not be done until the market has settled down.
Unfortunately, these points kind of harm some of the potential of technology, but it is still something very useful for the people who are interested in it.
Revolut was first started in July 2017, when the crypto craze was getting strong and cryptos were finally being recognized in the mainstream audience. Initially, the company only offer Bitcoin trading pairs, but Litecoin, Ethereum, XRP, and Bitcoin Cash started to be offered later.
The company was even able to receive a banking license from the European Central Bank recently, and it is aiming to improve the reach of its business soon.