Now, you can auto-exchange cryptocurrencies: Here's how
What's the story
In a major move, Revolut, a UK-based finance and payments app, has launched an 'auto-exchange' feature to prevent its users from volatile cryptocurrencies. This means that now you can set a specific target rate and get one currency converted into another when it hits that rate. The feature is easy to use and works for both regular and cryptocurrencies. Here's all about it.
Working
How this feature works
With the new feature, you can prevent yourself from the ups and downs of the crypto market by setting a pre-determined rate for selling. Simply put, you'll be able to choose a particular price for exchange, say for Bitcoin to USD, and wait for the cryptocurrency to hit that rate. As and when that happens, your Bitcoins would be automatically converted into USD.
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You can make profits, avoid plunges
The new feature not just allows you to make due profit but also enables the possibility of avoiding losses. Basically, if a currency is expected to lose most value, you can set a particular limit at which it would be sold before dropping further.
Setting up
How to set up auto exchange in Revolut
All Revolut users can set up auto-exchange by heading over to the 'Rates' page in the app and selecting the currencies they want to convert to and from. Next, all one has to do is enter the amount that has to be converted and hit 'Set Target' to define the targeted rate. Revolut, to note, supports exchange between 24 different fiat and 5 cryptocurrencies.
Restrictions
However, there are some restrictions
Though auto-exchange is handy, it doesn't come without some notable caveats. Firstly, all cryptocurrency exchanges - both to or from a cryptocurrency - in the app would be subject to a daily limit of €10,000 (approximately Rs. 780,000). Also, you won't be able to schedule more than 30 exchanges in a day and all attempts post that would fail automatically.
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Also, the final exchange value might be different
Revolut also notes that the final value might be different from the set target. This is basically due to the element of volatility which might change the value as auto-exchange is processed. The company says it won't process exchange if crypto fluctuation is over 5%.