Finst significantly expands crypto offering, yet still lags behind Bitvavo and OKX

European crypto exchange Finst has announced that the platform has added 73 new cryptocurrencies. The new listings include well-known projects such as Pi Network, Theta Network and IOTA. This brings the total offering to more than 400 cryptocurrencies. Users thus gain more opportunities to diversify their portfolios.

The newly added coins are currently only available for trading. Deposits and withdrawals of these cryptocurrencies are not yet supported, although Finst has indicated it intends to add this functionality at a later stage.

Furthermore, via the Upvote feature in the Finst app, users can vote on which cryptocurrencies they would like to see listed next.

Finst lags behind the largest crypto exchanges

Although Finst is taking a significant step with more than 400 cryptocurrencies, the platform still lags behind the biggest players in Europe. Bitvavo currently offers 455 cryptocurrencies and also gives new users a welcome bonus of €10. Finst also fails to distinguish itself in terms of trading fees.

OKX charges only 0.10% for makers and 0.08% for takers by default, and with this code you receive an additional 20% discount. With a trading fee of 0.15%, Finst currently has no cost advantage.

Moreover, the larger exchanges have a more extensive ecosystem, with greater liquidity, advanced trading features, higher trading volumes, and full support for deposits and withdrawals of nearly all supported cryptocurrencies. Finst’s expansion is a step in the right direction, but for now the platform is not yet a full competitor to the established names.

Further expansion needed

With the Upvote feature, Finst aims to actively involve the community in future listings. This can be interesting for investors who like to invest in new or emerging projects. The addition of, among others, Theta Network, Pi Network and IOTA allows users to choose from more cryptocurrencies.

Nevertheless, Finst will need to take further steps in the coming period to truly compete with the largest crypto exchanges. Supporting deposits and withdrawals for all new coins, further expanding the offering, and especially reducing trading fees are important areas for improvement. Until then, Finst remains an interesting alternative, but not yet a serious challenger to parties like Bitvavo and OKX.