Revolut and Blockchain are two of the leading companies in the FinTech industry. Over time, the platforms have introduced various innovative features to make it easier for their loyal users to transfer money and trade cryptocurrencies. Due to these excellent aspects of the two platforms, it is quite difficult to select the one to trade with between them.
To help with this, this Revolut vs Blockchain article will provide an extensive comparison of the two platforms. We would carry out the comparison, considering some of the factors that traders look at before selecting a trading platform. Be sure to also consider these factors to make the best decision for yourself.
Without further do, let’s get down to business.
Revolut Vs Blockchain: Overview
Revolut is a financial technology company that offers a digital banking alternative to traditional banks. It offers a range of services including bank accounts, debit cards, foreign exchange, and money transfers. Revolut allows users to manage their finances through a mobile app and offers a number of features such as the ability to set budgets and track spending, as well as access to cryptocurrency trading.
Blockchain, on the other hand, is a decentralized digital crypto platform that offers crypto traders a platform to trade, lend, and store cryptocurrencies. The platform was introduced in 2011 as Blockchain.info which was mainly to track all Bitcoin trades during the period. It became the full-fledged crypto platform we have today in 2012 after it was renamed Blockchain.com.
It should be noted that Revolut is more of a digital banking platform than a cryptocurrency exchange although it supports some crypto activities. Therefore, it is naturally limited and would not really stand a chance against Blockchain in terms of crypto the same way the latter would be limited considering digital banking.
Revolut Vs Blockchain: Countries Supported
The number of countries supported by a platform is important since this will provide insights into its availability and accessibility by a user. Fortunately, Blockchain is available worldwide and can be utilized by virtually anyone around the globe.
Over 200 countries are supported by Blockchain including the US and more than 75 million users have traded with the platform since 2011. This proves that Blockchain is arguably one of the most popular crypto platforms around the globe.
Revolut was introduced in 2015 and operates mainly in Europe and Australia. It became available in the US in 2020 and in some parts of Africa. Unlike Blockchain, its crypto exchange service is not so popular since it does not fully focus on crypto trading.
Revolut Vs Blockchain: Supported Currencies
Revolut performs better in this aspect since it supports a total of 35 currencies including the USD. EUR, AED, ZAR, and so on compared to Blockchain which supports just four fiat currencies (USD, GBP, EUR, TRY). However, depending on the type of activities you are performing on Revolut, some of these fiat currencies might be unavailable.
Surprisingly, Revolut also supports more cryptocurrencies than Blockchain since it works directly with some popular crypto platforms such as Coinbase. Blockchain supports six major cryptocurrencies which are Bitcoin, Bitcoin Cash, Ether, Stellar, USD Tether, and USD Digital. Nonetheless, you can combine the six cryptos into 40 different pairs to trade on Blockchain.
Revolut Vs Blockchain: User Experience and Interface
Both Revolut and Blockchain have continued to introduce innovative platforms to ensure their users have the best experience while using their services. The two platforms can be accessed through their websites and mobile apps.
Their interfaces have been simplified to ensure anyone can easily navigate and utilize the available features without much ado. Overall, both platforms are excellent at satisfying their users.
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Revolut Vs Blockchain: Security
Blockchain is widely used by many professional traders because of the high level of security offered by the platform. Since the platform is one of the pioneers of Blockchain technology, it has implemented more than enough security measures to tackle any external threats.
The platform also provides its users with divergent options to secure their accounts. These include fingerprint security, pin, backup phrase, 2FA, and so on. It also has insurance in place to oversee any loss that may occur if there is a security breach.
On the other hand, Revolut is another highly secure platform that has adopted bank-graded security measures to protect its platforms. The digital banking platform is also in partnership with several other reliable crypto platforms and has gained licences from divergent reputable organizations in different countries.
Revolut Vs Blockchain: Customer Support
Revolut and Blockchain have also made provisions to see to the request of their users. The two platforms have provided a couple of media to allow customers to contact them whenever they face an issue on their platforms.
Nonetheless, Blockchain is more responsive and has a better overall rating than Revolut in this aspect. The former operates a different customer support system for complaints relating to digital wallets and exchanges. It has also ensured the customer support system is available 24/7 and on social media platforms like Twitter and Instagram.
Revolut is also quite commendable since it has also provided several options to its users. However, the slow response gotten by users from the customer support representatives has remained a major issue of the platform.
FAQs
- Is Revolut using blockchain?
Yeah, Revolut adopts Blockchain technology to keep track of cryptocurrencies bought and sold through its platform. That way, it has been able to increase the transparency of crypto transactions on its platform.
- Is Revolut good for cryptocurrency?
Revolut only allows traders to buy and sell cryptos on its platform and has been good so far. However, the platform still faces some challenges in its adoption.
- Is blockchain better than banks?
There are a lot of factors that would be considered to properly determine if Blockchain is better than banks. You may need to carry out further research and compare the two technologies critically to reach a conclusion.
Conclusion
In summary, Revolut and Blockchain are both excellent in what they do and not really comparable. While Revolut is a financial technology company that offers digital banking services, Blockchain is a crypto exchange platform that deals more with crypto trading, lending, storing, and so on.
Hence, if you are in search of a better crypto platform, Blockchain is definitely your best option.
