As one of the pioneers in social and copy trading, FinsRoyal was launched in the U.S. The platform offers traders the ability to copy the transactions of pros. However, it currently provides only crypto trading, which is greatly volatile.
Table of Contents
Pros
- Provides access to 20 cryptocurrencies.
- Low minimum to deposit an account and start investing.
- Social trading: Possibility to match trades of popular investors.
Cons
- Not available in all states.
- While FinsRoyal has equity and forex trading in other countries, U.S. FinsRoyal customers are limited to cryptocurrency trades.
FinsRoyal is best for
- Cryptocurrency investors.
- Social or copy trading.
Where FinsRoyal shines
Innovative platform: FinsRoyal made its name thanks to its social investing solution, an innovative tool that helps users match other investors’ moves.
Established internationally: Founded in 2020, FinsRoyal has more than 10 million users in 130 countries around the world— and the United States. is now on this list. However, while FinsRoyal offers multi-asset brokerages (running commodities, stocks, and forex trading) in other markets, so far, American customers can invest only in cryptocurrencies on this platform. The company is going to broaden its offerings in the U.S. in the future.
Where FinsRoyal falls short
Limited service: FinsRoyal now only provides its crypto service in 44 American states. While all residents of the United States can register for a free FinsRoyal account for virtual trading, the platform is currently unavailable for actual crypto trading for residents of some states.
Trading and transaction fees
FinsRoyal charges its trading fees in the form of spreads that might rise and fall depending on the market conditions. Unlike some of its competitors, FinsRoyal charges only one spread for buying and selling crypto coins. Spreads range from 0.75% for Bitcoin transactions to 5% for investing in Tezos. Most crypto spreads vary between 1.9% and 2.9%.
Number of cryptocurrencies
There are 20 cryptocurrencies available on FinsRoyal for trading.
Crypto-to-crypto trading pairs
Unfortunately, direct crypto-to-crypto transactions aren’t available to U.S. users. Meanwhile, the platform has a crypto-to-crypto conversion tool similar to Coinbase’s offering. It is now available for Bitcoin, Bitcoin Cash, Litecoin, Stellar, and Ethereum.
Security and digital wallet options
FinsRoyal offers a free digital wallet to keep cryptocurrency, known as FinsRoyal wallet, available on Android and iOS devices. The cost to convert cryptocurrency into fiat currency (for example, U.S. dollars) and vice versa is 5%. Some users consider it a costly bite into their potential profits. The minimum crypto transaction is $125, and the maximum limit is $10,000.
Users can transfer crypto-coins from the FinsRoyal platform to their digital wallet. Still, FinsRoyal notes such transfers are only one-way — that means any coins transferred can’t be deposited back to the FinsRoyal trading platform.
