In January of this year, a new cryptocurrency exchange was launched in Amsterdam. The crypto name is Finst. The brand new Finst started pumping up almost immediately, which is not surprising since the exchange offers users a number of unique advantages that cannot be found anywhere else.
We asked one of the founders and CEOs of Finst, what exactly are these benefits? Julian Valette. Not only that, but we also talked about the story that led to the founding of Finst, and the future of this new Dutch exchange.
Finst sees a market opportunity
The first thing to talk about is the DEGIRO stock platform. Why? Both Julien and co-founder Marcel are from here. Both are partially responsible for the great success of the DEGIRO trading platform over the past few years.
They, along with other former DEGIRO managers, saw an opportunity in another market; the cryptocurrency market
“Surprisingly, we found that cryptocurrency trading is somewhat similar to stock trading 15 years ago. First, investing in cryptocurrencies is very expensive for individuals, and for many platforms it is almost impossible to know exactly how expensive it is. We I thought: We can do better.”
Julien and Marcel were also dissatisfied with the features offered by almost every other exchange. For example, it is almost impossible to find today a broad profit and loss (P&L) tool through which you can clearly see how much profit and/or loss you are making. So Finst has made a much-needed change here.
As it turns out, some features are almost non-existent among established players. For example, performance analysis is extremely important to investors. After all, how can you get better if you don’t know how you’re actually performing.
Finally, according to Julien, there is a major problem with security and transparency. Long before FTX went bust, they saw that certain companies weren’t doing well. Finst would have taken a different approach, and the FTX crash shortly thereafter confirmed that Finst was on the right path.
Finst also works closely with Bunq. All client funds are held in this regulated Dutch bank, which of course makes Finst much safer than before. Finst will also always be fully transparent about its financials, which is not one of the priorities of many cryptocurrency exchanges today.
“We want to set the highest standards in the cryptocurrency industry. We want to make it a safe industry where users can trust their platforms to be reliable. That’s why we founded Finst.”
Expansion in Europe
Finst is based in Amsterdam, but does not intend to limit itself to the Netherlands. The ambition of the Finster team is obviously also to “conquer” Europe.
“Investors in Germany, France, Spain, Italy have the same problem in the current cryptocurrency industry and we have solutions. Therefore, expansion to these countries will definitely be on the agenda. It is too early to determine the exact date, But we could be operating across Europe within 24 months.”
It can be seen that Finster’s team is not lacking in ambition. The battle has been waged against other exchanges, and with the feature pack and extremely low cost that Finst offers, they can certainly win this battle.
Currently, Finst can already exhibit some unique features. An example of this is the performance analysis as a Finnish client discussed earlier. Previously, many investors still used Excel to track their performance. Finst claims to have built the best performance analysis tools in Europe.
In the future, the number of unique features will only increase. For example, more cryptocurrency trading pairs will be available quickly, and customers will soon be able to send and withdraw cryptocurrencies.
But according to Julien, there are a number of truly revolutionary new features on the agenda. While Julien wasn’t ready to say exactly what this was, he said no platform has such a feature yet. Regardless, we’re curious.
If you’re also curious and want to try out Finst, you can create an account for free here Sign up now to trade $5,000 absolutely free
Source of information: Compiled from CRYPTO-INSIDERS by 0x Information.The copyright belongs to the author Roy van Krieken and may not be reproduced without permission