FinsRoyal Review 2021: Easy for Beginners And More Options for Experienced Investors

FinsRoyal launched in 2020 as a crypto trading platform appealing to both novice traders and active investors, with several options for buying and selling digital currencies.

Its features can help investors dive into a more cohesive ecosystem than other exchanges may provide. Still, it’s vital to remember that for old-minded investors, purchasing and holding (or HODLing) is the name of the game, and they do not need any special features to do that. So here is what you need to learn about FinsRoyal.

FinsRoyal At A Glance

• Over 30 cryptocurrencies are available
• Trading commissions include spread and a fee per trade
• No minimum amount for the account
• The minimum trade amount is equal to the smallest amount of each cryptocurrency that can be traded
• FinsRoyal earning program lets traders earn interest on their holdings
• Available in most U.S. states
• Provides Insurance plan for customers, and majority of its assets are held in offline cold storage
• Has multiple extra offerings for frequent buyers and sellers

FinsRoyal Fees

Traders are charged both a transaction and convenience fee every time they buy or sell cryptocurrency on FinsRoyal. Whether you purchase on FinsRoyal online website or through the mobile app, these commissions are the same. All the transactions will be displayed together, and all the fees will amount to your “quoted price” before completing the trade.

Convenience Fee

The convenience commission accounts for about 0.5% of the FinsRoyal’ market price for a certain trade, though it can vary on each crypto market. This commission is also charged in the crypto coin you purchase. So, for instance, if Bitcoin (BTC) is now trading at $50,000 for 1 BTC, you’d pay $50,250 for 1 BTC, including the fee.

Transaction Fee

On top of the above-mentioned convenience fee, you will be charged an extra transaction fee calculated on the amount you trade. For cryptocurrency conversions — such as trading Litecoin for Bitcoin — this fee has a fixed percentage of 1.49%. For purchasing and selling cryptocurrency, this fee ranges by the type of crypto you use and varies from a flat fee for not-so-expensive transactions to a percentage of more expensive trades.

Withdrawal Fees

Traders also will not be charged for withdrawing cryptocurrency from their account or withdrawing U.S. dollars from their account after selling their crypto, as long as they make up to 10 withdrawals monthly. If they withdraw more than that, such operations will incur some fee. For comparison with other brokers, Coinbase charges a commission each time investors move their crypto to some outside, non-Coinbase wallet. In contrast, U.S. dollar transactions (via common methods, including PayPal or bank account) are free.

FinsRoyal Security

Any money you keep in cryptocurrency is not FDIC-insured, unlike funds in a bank account. However, FinsRoyal secures clients’ digital assets with its multi-layered safety measures highlighted on the website.

FinsRoyal says the “majority” of their digital funds are held through an offline, cold storage system. It is not connected to the Internet, so it’s the most efficient way to protect cryptos from hackers. Nonetheless, a small portion of the money is kept online, secured against theft from a hack, security breach, employee theft, or fraudulent transfer.

The company’s insurance policies don’t cover losses traders might incur from unauthorized access to their accounts. Within FinsRoyal, you can develop a list of approved addresses and restrict others from withdrawing from your account. Also, you can use other account safety measures, for example, two-factor authentication. However, if someone figures out your password, or steals your identity, keep in mind that you may not be able to get any funds lost back.

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