[Guide] Investing beermoney in Cryptocurrency - Using Revolut to minimise fuss, fees & restrictions

Three big hurdles to convenient crypto investing are...

• Time - How long it takes to convert GBP to your preferred cryptocoin.

• Cost - Associated fees with purchasing cypto.

• Difficulty - How straightforward the overall process is.

I'm going to run through the method I use to help you break down these barriers, and hopefully make your lives easier if you're looking to put some money into crypto in the future.

What do I require?

1. A verified account on Coinbase [Ref | Non-Ref] and it's partner site, Coinbase Pro.
2. A Revolut account - Ref | Non-Ref

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So I have £5 sat in my bank account, and I want to buy some cryptocoin. What do I do?

 

• 1) Transfer money from your bank account to your Revolut account using the "add money" option on the Revolut app home screen (You can also make deposits from Paypal!)

Time - Almost instant. Takes a minute or so to transfer.

Fees - None.

 

• 2) Once received in the Revolut app convert your GBP to EUR.

Time - Instant

Cost - Current exchange rate. No additional fee.

Why? - Transferring GBP straight to Coinbase puts your funds on hold for 5 days!! While your funds are on hold, you can only purchase BTC through Coinbase (not CB Pro) which comes with extortionate fees. Coinbase has no such quarantine process for EUR deposits, so you can use your currency with zero limitations from day 1 of transfer!

 

• 3). In Revolut, click "Payments", "Bank Transfer" then "Add new Beneficiary" and select EUR as your currency

Details to Enter

Company Name - CB Payments Ltd

IBAN - EE29 7700 7710 0196 1370

BIC/SWIFT - LHVBEE22

After succesfully adding Coinbase as a beneficiary you're now ready to send your funds across! But first, make sure to get your personal reference from Coinbase. This must be entered on the payment amount screen before you hit Send, otherwise your payment will not reach your account. You can find your personal reference on Coinbase.com as follows...Login -> Go to "Accounts" -> Click Deposit under "EUR Wallet" and follow the prompts to find your personal reference. Enter your transaction amount and ref into Revolut and hit Send.

Time - Same day on weekdays. Usually takes about half a day in my experience.

Cost - Free

 

• 4) Once your funds have succesfully transferred, go to Coinbase Pro and head to "My Wallets" to instantly transfer your EUR into your pro wallet for trading.

Tips - Once deposited, you can now buy the crypto of your choice! When buying make sure to use "Limit" orders and not "Market" as the fees will be lower (for a €32.92 bitcoin purchase I just did, the fee was €0.05 (Only 0.15% fee!)

How? - "Trade" tab -> Select Market, e.g. "BTC to EUR" - > Click "Limit" -> Enter the limit price as the "last trade price" from the top of the screen - > Enter the amount of crypto you want to buy -> Check you're happy with the fee & total, then click Place Buy Order

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So what have I actually achieved?

You've done a same-day crypto purchase with the only fee along the way being 0.15% to buy the cryptocurrency. This crypto can at any time be instantly sold for GBP at the current trading rate (again, use a "Limit Order") and deposited into your Paypal within minutes, and from there to your bank.

If you're looking to invest a little of your beermoney into Crypto on a semi-regular basis, this is a great way to do so without being shafted by delays, quarantines and fees.

Let me know if you have any questions or corrections, as I've putthis together late at night. Happy to here if anyone's found an easier way to get from GBP to Crypto too

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Found this guide helpful, and want to say thanks?

Feel free to pop me a PM and I'll send you over a ref link, so you can kickstart your crypto savings with some free EOS and XLM!