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This article is produced in collaboration with our partner StartupAmsterdam

Amsterdam-based Finst launches crypto platform with lowest fees in The Netherlands

Editorial team by Editorial team
January 9, 2023
in (Crowd)funding, Amsterdam, Coin Canals, Energy, News, Promoted content, Startups
Finst

Image credits: Finst

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Amsterdam-based Finst, a cryptocurrency investment platform, announced on Monday that it has launched its services to retail investors after obtaining its registration as a Crypto Service Provider from De Nederlandsche Bank (DNB).

Julien Vallet, co-founder and CEO, says, “We are delighted to launch a crypto platform that will truly benefit all types of investors and set the highest standards in the industry. Unlike many providers, we don’t trade against our clients, charge any hidden costs in the form of spread, or engage in high-risk activities such as coin lending. In the past, we have proven that it is possible to offer a trustworthy, high-quality, and secure investment platform at exceptionally low costs, and we will continue doing so with Finst.”

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Finst says that retail investors can now open their account in less than five minutes and benefit from 82 per cent lower fees than the average fees of eight other major platforms.

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

For example, a transaction of €1000 in Bitcoin would therefore only cost €1.50 with Finst, which is, on average, 82 per cent cheaper than other main Dutch providers.

Finst: What you need to know

Founded by the ex-core team of DEGIRO, an online stockbroker in Europe, Finst aims to offer an investment platform with the lowest trading fees in The Netherlands.

Finst says investors can diversify their wealth across 30 popular digital assets, trade 24/7 in EUR (€), and monitor the market with real-time news.

The assets coverage will be expanded in the coming weeks to include 55+ major digital assets, claims the company. 

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

“All money is held with Dutch regulated bank Bunq, and the company has embedded institutional-grade risk management in all its activities to mitigate counterparty, IT, and human risks,” says the press release. 

Finst says its platform is suitable for active traders and long-term investors and aims to become the largest cryptocurrency platform in Europe within five years.

Maria Gallo, Chief Compliance Officer & Board Member, says, “The digital assets industry needs to improve in terms of safety, transparency, and risk management. A significant number of providers operate without regard to the regulatory environment, trade against their clients, and are opaque about some of their activities. Among others, having a structure whereby clients’ assets are segregated from the provider’s assets should also become the norm in the crypto industry. We have invested significantly in safety and corporate governance to provide our clients with a trusted and reliable platform.”

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