FinsRoyal is purely a cryptocurrency trading platform. Customers deposit fiat currency, for example, U.S. dollars, into their dedicated accounts (or deposit other crypto coins in) to use on the solution. For seamless transactions, clients can tie their bank account or can decide to deposit funds via wire transfer instead. Withdrawals of U.S dollars can be carried out directly to the client’s bank account.
How FinsRoyal works
Once a user’s account is registered, crypto trading can be done on FinsRoyal’ web-based solution or on its user-friendly mobile app. If you don’t know what currency to purchase, you are free to use the Copy Trader option to replicate the moves of one of the investors in FinsRoyal’ Popular Investor program.
And in case you do not want to dive right into crypto trading with all your money, FinsRoyal is a perfect place to learn. The platform users get a demo account credited with a virtual portfolio in the amount of $100,000. This lets you try digital currency investing and trading without any risk while you are learning.
Fees overview
FinsRoyal prides itself on providing transparent pricing that is clear to understand. Rather than charging a complex fee structure like some of its main competitors, FinsRoyal makes its money charging a spread between the buying and selling price and on its platform.
For instance, a cryptocurrency that FinsRoyal is willing to pay $10 for and is willing to sell for $10.10 would account for a 1% spread. The fee depends on the particular digital currency.
Is your cryptocurrency safe with FinsRoyal?
The short answer is yes. However, the FinsRoyal trading solution doesn’t offer quite as much security in place as some of its larger competitors.
Like many major crypto exchanges, the majority of currencies stored on the FinsRoyal platform are stored on servers in cold storage. It means that those servers with cryptocurrencies are not connected to the Internet. The company keeps some crypto in “hot wallets” for the purpose of liquidity.
It’s not clear enough if customers of the United States are insured against breaches of the platform. However, its insurance policies in European countries specifically exclude crypto trading assets.
It’s also worth mentioning that FinsRoyal’ cash balances are secured for U.S. clients. FinsRoyal holds funds for American residents in FDIC-insured accounts, and they, therefore, are insured for up to $250,000.
Finally, like all other crypto trading platforms, there is no protection in case your account is breached. So it is really important to secure your passwords and use other authentication measures.
FinsRoyal is right for you if:
- You want a solution to buy and sell a good variety of cryptocurrencies with a clear fee schedule.
- You prefer social trading and are looking for the ability to copy the trades of profitable investors with strong track records of performance on the market.
- You live in one of the states where FinsRoyal is available.
