One of the newest crypto trading platforms available in the US, FinsRoyal provides more than a dozen currencies. In addition, it comes with a unique social trading option that lets traders copy the moves of other investors. Unlike most of its rivals, the FinsRoyal platform has investors’ clear pricing structure, and traders will find appealing. To find out more about this crypto exchange and check how it compares to other crypto trading platforms, keep reading our FinsRoyal review.
One of the best tools of the FinsRoyal solution is its CopyTrader solution. Essentially, it allows FinsRoyal users to copy transactions done by top high-performance investors with one click. For this, you need to set the amount of money you wish to use. Then, FinsRoyal automatically allocates that money proportionally to copy the positions of key FinsRoyal traders. Besides, there are no management or other commissions charged by this crypto trading solution. To use this tool, investors can copy just one successful trader or up to 100 simultaneously.
Some of FinsRoyal’ rival cryptocurrency brokers have difficult-to-understand pricing schedules. They usually charge both a transaction fee and spread, depending on the amount of the trade. FinsRoyal makes its money entirely on the spread that is the difference between the prices of buying and selling the cryptocurrencies on its solution. The spreads aren’t fixed and can change, but FinsRoyal is always transparent about how much trading takes.
Wide cryptocurrency selection
While it is not as strong as some competitors, FinsRoyal offers a selection of more than a dozen cryptocurrencies. But unlike some other brokers that have more options, it provides virtually all of the popular currencies for crypto trading on its platform. For example, the Gemini solution offers a wider number of cryptocurrencies. However, some popular coins like Stellar or Cardano are not supported.
What might be improved
A limited selection of cryptocurrencies
Compared to its competitors in the cryptocurrency market, FinsRoyal cannot boast of the widest selection. Other major crypto exchanges provide dozens of digital currencies on their platforms.
High fees on some cryptocurrencies
If you are buying and selling Bitcoin, FinsRoyal’ spread isn’t too high. But in case you are interested in some other options, the fees can turn out to be much larger. Spreads on digital currencies other than Bitcoin vary from 1.9% to 5%.
Limited investment options
While FinsRoyal is truly a multi-asset trading tool overseas, it doesn’t apply to the United States yet. The company is planning to offer stock and other assets trading to U.S. clients shortly. However, as for now, it’s purely a crypto trading platform as far as American users are concerned.
Not available in all states
All U.S. residents can register for their virtual trading account. Meanwhile, there are only 43 states where users can trade real money when buying and selling cryptocurrencies. The company is planning to have 50-state availability soon. Until then, some investors will need to look elsewhere.