In this article, we will delve into the security measures put in place by Finst to ensure that your investments and personal data are protected.
Table of Contents
Is Finst Regulated?
Yes, Finst is regulated by De Nederlandsche Bank as a crypto service provider based in the Netherlands, with registration number R189158.
Where is my Cryptocurrency stored with Finst?
Finst uses Fireblocks to securely store your crypto, one of the leading providers of wallets worldwide. Fireblocks uses Multi-Party Computation (MPC) technology and other highly secure protocols to guarantee maximum security for all of your investments.
Where is my fiat money stored with Finst?
Your money is securely kept with Bunq, one of the largest regulated banks in the Netherlands. This ensures that your money is separate from our assets and is 1-on-1 stored with a reputable, regulated bank.
Is Finst legit?
Asset Separation
Your digital assets are separated from Finst, providing you with maximum protection no matter what happens to them. They also state to never trade against their customers, or lend out customers assets.
Advanced Security Protocols
Finst uses advanced security protocols to protect your assets at all times. Such as strict storage mechanisms, extensive compliance measures, and asset separation.
No Conflicts of Interest
Unlike many crypto platforms, Finst will never trade against its customers, and we do not lend out or use your assets in any way.
Risk Management
At Finst, they use strict risk management and control frameworks to ensure maximum security for its customers. Their processes are designed to minimize risk and ensure the safety of the assets.
Employee Screening
All of the Finst employees undergo rigorous background checks, and are subject to ongoing screening throughout their employment. This helps to maintain the highest levels of security and integrity.
Third-Party Screening
Finst carefully selects its partners to maximize value for their customers while minimizing any possible risks.
What security measurements does Finst provide?
Finst outlined some of the key features and measures it has taken.
Two-Factor Authentication
With 2FA enabled, access to your account will require a password and a second form of verification, usually a code sent to your smartphone. This adds an extra layer of security to your account, preventing unauthorized access even if your password is compromised.
Own bank account only
Finst uses a closed system, which means that even if someone gains access to your account, they will not be able to transfer money to a bank account that is not yours and verified.
Protected by Biometrics
Your account is protected by biometrics, so you can be confident that your investments are secure. Only you will have access to your account and your cryptocurrencies.
Link to Trusted Devices
By linking your account to trusted devices, you can ensure that only you have access to your account and your cryptocurrencies.
Data Encryption
Your data is fully encrypted, processed confidentially, and stored within the EU. Finst states never to sell its data to third parties.
Am I Safe as a User on Finst?
What happens to my KYC Data?
Your data is fully encrypted, processed confidentially, and stored within guidelines of the EU. Finst states to never sell data to third parties. Read the privacy policy for more information.
Can You Control the Private Keys of Your Finst Wallet?
You do not have a personal wallet with Finst and thereby do not control any private keys. This approach is counterintuitive to the spirit of cryptocurrency, where the idea of decentralization and individual control over assets is highly valued.
Is Finst safe and secure?
Based on the information provided, it appears that the platform places a high emphasis on security measures such as asset separation, advanced security protocols, strict storage mechanisms, and security measures to protect its users and their assets. Finst also claims to never trade against its users or lend out their customers assets.
However, the disability to withdraw funds from the exchange is not optimal and may impact the overall user experience. The platform is suited for traders in euro and not necessarily for holders of cryptocurrency.
