Revolut, a UK mobile finance and payment application, has introduced a service that enables its customers to "automatically exchange" Fiat and digital currencies on their platform.
The new feature is designed to help users protect themselves against the cryptographic market. Revolut users can automatically exchange "fiat currencies, such as US dollars (USD), in Ether (ETH) or Bitcoin (BTC), in XRP" and vice versa, based on a given target rate, via a company blog entry.
Customers can set it up in easy steps. In the ratingOn the app page, select the currencies and then set the target price for which you want to exchange them. The app takes it from there.
As soon as the current exchange rates match the target, the app automatically executes the change. However, if the prevailing exchange rate does not reach the target price, there will be no conversion.
However, Revolut also warned against a caveat: Due to the likelihood of high exchange rate fluctuations, the exchange rates achieved may differ slightly from the target rates.
"Remember, we can not guarantee that you will get the price you want, but we will try to get the price as close to your destination as we can."
In general, when market volatility is high, no trade will be made once the exchange rate is more than 0.75% or 5% on both sides of your target rate for fiat currencies or cryptocurrencies.
In addition, the feature has a daily exchange limit. Customers can only trade Fiat exchanges that do not exceed $ 10,000 (approximately $ 11,198) per day for digital assets. In addition, customers can not do more than 30 automatic exchange transactions per day on the platform.
So far, a limited number of currencies is available for conversion. The Auto Exchange feature supports the USD, EUR and GBP currencies and three digital assets: Bitcoin (BTC), Ether (ETH) and Ripple (XRP).
Revolut has been offering trading services for cryptocurrencies since July 2017. Subsequently, the company made a comparison with the American trading platform Robinhood in 2018, as it announced the upcoming commission-free stock trading on its platform.
The function is expected released later this year.
This article originally appeared in Bitcoin Magazine.
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Post source: Revolut launches Auto Exchange feature for selected crypto and fiat currencies
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