Update On My Friends Crypto - Good News

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A while back I mentioned my friend was having some serious issues with the Revolut X App which is their internal crypto wallet/exchange. He had purchased a Trezor which I recommended he do and move the crypto onto the cold wallet. The problem was the Revolut X App was not recognizing Trezor and have to move it to Metamask or Binance first.

I am not sure what the story is here and I have a feeling it is to do with their fees and if you have crypto on the Revolut X App they do not allow it to be moved unless internally. They charge an 8% fee which is steep which meant my friend had to sell all of his crypto and then exchange that into Ethereum which he then sent to Binance. This cost him quite a bit of money and why you should always read the small print especially when it comes to fees. His other problem he had to get this completed within 46 days or his funds would be frozen if he never supplied a UK tax certificate which was impossible as he is not a registered UK tax provider. Him trying to be smart by out foxing the system caught up with him as he was not subtle in the way he moved money and was flagged as suspicious.

The good news is this is behind him now and the only regret is the funds he wasted in fees which was a few thousand dollars. Financial lessons are the toughest and when it costs you and hits you in the pocket these are lessons you do not forget.

With the market being some what stagnant and had dropped in value since he purchased his crypto he was only out of pocket due to the excessive Revolut X App fees. Once the Ethereum was on Binance which I warned him to look out for the pop up box appeared asking for source of funds. This is something that was introduced last April in preparation to comply to SA tax regulators once their license was approved. Fortunately Binance is still waiting so in theory this information should not be forwarded at a later date. Once he filled out the pop up stating it was his own funds he went ahead and repurchased the crypto he had sold on Revolut X.

When moving to the Trezor wallet he was asked again via a pop up where the funds were going which he stated his own wallet. To say he is now happy is an understatement as this has been eating away at him for the last 3 weeks. The positive part is he has self taught himself so much by having to do this on his own. This is how we have all self taught and learned our crypto knowledge by just doing the various steps required.

At least the crypto is now off the exchange and in a cold wallet which he can purchase more and add to his portfolio following the same steps. I must purchase my Trezor shortly and move whatever crypto I have on Binance which I will most likely sell and buy only Bitcoin and Ethereum.

Posted Using INLEO