Amsterdam-based Finst launches free cryptocurrency deposit service

Amsterdam-based Finst, a cryptocurrency exchange founded by the ex-core team of European online stockbroker DEGIRO, announced on Friday, July 28, the launch of its free cryptocurrency deposit service.

Finst claims to have completed the first phase of its entire exchange wallet solution with this latest feature, with crypto withdrawals coming in the following weeks.

Retail investors looking for a secure and trustworthy cryptocurrency exchange can now move their crypto assets from other exchanges and self-hosted wallets to Finst.

To celebrate the launch, the firm has also announced a welcome offer in which all new clients who complete their registration before the end of August will be able to trade their first €10,000 for free for two weeks. Conditions apply.

Asset segregation and self-custody 

The Dutch-registered Crypto Service Provider increased the capacity dedicated to its full wallet solution after tens of thousands of Dutch and Belgian investors were advised to move their assets to another platform, making it possible to send cryptocurrency to Finst quickly and for free.

Customers of Finst will also have the option of withdrawing their cryptocurrency to a personal wallet. 

The platform claims to offer the best of both worlds with this next release: fully self-managed custody with highly secure managed custody and assets segregation. 

Finst offers free deposits for 22 main assets now, and it plans to increase its coverage in response to customer feedback. 

DNB monitors Finst BV’s adherence to the Sanctions Act of 1977 (Sanctiewet 1977) and the Money Laundering and Terrorist Financing (Prevention) Act (Wwft). Neither the DNB’s prudential monitoring nor the AFM’s conduct supervision applies to Finst BV. 

This indicates that there is no explicit financial consumer protection, nor is there any oversight of financial requirements or company risks.

The platform also claims to have achieved substantial progress on a number of key initiatives, including the expansion of the number of tradeable coins to over 100 distinctive assets. 

Julien Vallet, co-founder of Finst, “We are thrilled to announce the launch of this highly demanded functionality. Our teams have dedicated all their time and energy to be able to offer this hassle-free solution in record time, and this was no easy task.”

“While multiple exchanges are winding down in the Benelux, we continue to scale our development capacity even further to provide our clients with a superior trading experience in a compliant manner,” adds Vallet.

What is Finst?

Founded in 2022 by Julien Vallet and Marcel Putina, Finst aims to offer a cryptocurrency investment platform with the lowest trading fees in the Netherlands. 

It will charge 0.15 per cent per transaction without minimum amount, volume commitment, or added spread.

The platform charges just €1.50 for a trade of €1000 in Bitcoin, which is, on average, 82 per cent less expensive than other major Dutch suppliers.

Through Finst’s platform, investors can diversify their wealth across 30 popular digital assets, trade 24/7 in EUR (€), and monitor the market with real-time news. The company is already registered as a Crypto Service Provider with De Nederlandsche Bank (DNB).

On the security front, Finst has partnered with the wallet management provider Fireblocks and is safekeeping all its clients’ digital assets in a bankruptcy-remote custody vehicle.

Finst also mentions that its platform is suitable for active traders and long-term investors and its end goal is to become the largest cryptocurrency platform in Europe within five years.