Q: Does Finst offer Two-Factor Authentication (2FA)?

Summary Two-Factor Authentication is enabled by default at Finst already during the registration. We use the best security standards to protect customers and their assets, this includes device pairing and email + SMS verification for every new device used for log in. Additionally to login to the web app (https://app.finst.com/identity/login) customers can scan the QR code with the app - just like major banks in The Netherlands. This way, only the owner of the phone can ever access the account. Additional information Most users are probably used to an Authenticator app that generates temporary codes, but there are more Two-Factor Authentication solutions out there, for example: confirming a log in from a paired device with biometrics (like via an App), SMS code authentication, or even a physical security key like a USB. We have built our authentication to work in the background and provide our clients with convenience and high security at the same time. Here is how it works: We use Strong Customer Authentication (SCA) which is the European banking standard. This is an authentication process based on the use of two or more secure elements, and you’ll need either a confirmation from a paired device (App) or an SMS code. When you create your Finst account, we send you a code by SMS and that helps us to verify your phone number and mark it as a trusted secure element. Once the phone number is trusted, there is a security certificate that is saved in the local storage

Question 1

How to deposit cryptocurrencies to my Finst wallet?

Accepted Answer

Transferring cryptocurrencies to your Finst wallet is easy and free:

Log in to your Finst account and click on the “Deposit” button on the market page
Search the crypto you want to deposit and click on it
Carefully read the deposit requirements and warnings, and click the copy icon next to your wallet address
Paste the address (and other details if applicable) into the platform or wallet from which you want to deposit. Do not type the address manually to avoid any mistake.

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Question 2

How to withdraw (send) cryptocurrencies to an external wallet?

Accepted Answer

Finst supports withdrawals for a large selection of cryptocurrencies. It is possible to send your crypto to different exchanges or personal wallets. Please note that, due to laws and regulations, it is only possible to transfer cryptocurrencies to a wallet address that belongs to you.

Before you can withdraw cryptocurrencies, you need to whitelist an external wallet address and add it to your address book from the settings page of your account. Once this step is completed, you can withdraw your cryptocurrencies by following the steps below.

||| Warning: Withdrawals made through an unsupported network will result in the permanent loss of your cryptocurrencies.

1) Log in to your Finst account 2) Select the asset you want to withdraw and click “Withdraw” on the asset page 3) Enter the quantity you want to withdraw 4) Select the address where you want to send cryptocurrency and click continue 5) Preview the transaction details and applicable withdrawal fees and click confirm

Your cryptocurrencies should arrive within a few minutes up to several hours depending on the asset and network activity. Please note that, once confirmed, withdrawal requests cannot be cancelled.

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Question 3

Can I withdraw cryptocurrencies from my Finst wallet?

Accepted Answer

Yes, you can withdraw your cryptocurrencies to other exchanges or your personal wallets. Please note that some cryptocurrencies are in trading-only mode and cannot be deposited or withdrawn at this time. You can find more information about how to withdraw your cryptocurrencies from your Finst wallet here.

Question 4

How to recognize a potential cryptocurrency scam or fraud?

Accepted Answer

Online fraud is globally on the rise and unfortunately, there are also many scams and frauds scheme active in the world of cryptocurrencies. As a rule of thumb, when something looks too good to be true, it often is too good to be true. Examples of this are websites or services offering exceptional returns or other investment opportunities that are unrealistic. Always be skeptical and suspicious if you are approached by any third party asking you to send cryptocurrencies. Moreover, beware that unless explicitly mentioned on our official channels, Finst is not affiliated with any third party offering any type of investment-related services.

To make you aware of these risks and to protect you as best as possible, we have drawn up a list of security tips and risks that you should be paying attention to when dealing with cryptocurrencies.

||| Warning: transactions involving cryptocurrencies are irreversible and funds sent on the blockchain can never be retrieved. We recommend you to always do your own research (DYOR) before transacting on the blockchain. As a general rule, you should never send cryptocurrency to any third party, even if you think that this party can be trusted. You are solely responsible for all transactions performed to and from your Finst account.

The following overview is not exhaustive and is only intended as an indication.

|| Security measures to protect your Finst account and your assets:

Never share the login details of your Finst account

Question 5

How do I verify an external wallet?

Accepted Answer

To comply with applicable laws and regulations, we may require you to perform additional ownership verification regarding your external wallet prior to withdrawing cryptocurrencies.

To ensure that you control the wallet where you wish to send cryptocurrencies to, we need to receive a screenshot where the address of your external wallet is clearly visible. Please make sure that, at least the first and last letters/digits of your external wallet address are visible, otherwise the verification will fail.

You can send us your proof of ownership by chat or email at support@finst.com. In general, your documentation will be reviewed within 1 business day, although it may take longer in some cases.

Question 6

Does Finst offer Two-Factor Authentication (2FA)?

Accepted Answer

Summary Two-Factor Authentication is enabled by default at Finst already during the registration. We use the best security standards to protect customers and their assets, this includes device pairing and email + SMS verification for every new device used for log in. Additionally to login to the web app (https://app.finst.com/identity/login) customers can scan the QR code with the app - just like major banks in The Netherlands. This way, only the owner of the phone can ever access the account.

Additional information Most users are probably used to an Authenticator app that generates temporary codes, but there are more Two-Factor Authentication solutions out there, for example: confirming a log in from a paired device with biometrics (like via an App), SMS code authentication, or even a physical security key like a USB.

We have built our authentication to work in the background and provide our clients with convenience and high security at the same time. Here is how it works:

We use Strong Customer Authentication (SCA) which is the European banking standard. This is an authentication process based on the use of two or more secure elements, and you’ll need either a confirmation from a paired device (App) or an SMS code.

When you create your Finst account, we send you a code by SMS and that helps us to verify your phone number and mark it as a trusted secure element. Once the phone number is trusted, there is a security certificate that is saved in the local storage

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