Are cryptocurrency brokerage accounts covered by the FDIC?

3 answers

• MatiusJSJul 22, 2024 · a year ago
  No, cryptocurrency brokerage accounts are not covered by the FDIC. The FDIC only provides insurance for traditional bank accounts, such as checking and savings accounts. Cryptocurrency is not considered a traditional form of currency and therefore does not fall under the FDIC's coverage. It's important to understand that investing in cryptocurrency carries its own risks and it's crucial to do thorough research before entrusting your funds to a brokerage account.
  466

  233
• idan amarFeb 13, 2023 · 3 years ago
  Unfortunately, the FDIC does not cover cryptocurrency brokerage accounts. The FDIC's insurance only applies to traditional banking products and services. Cryptocurrency is a relatively new and volatile asset class, and as such, it falls outside the scope of the FDIC's coverage. When dealing with cryptocurrency, it's important to be aware of the risks involved and take appropriate measures to protect your investments.
  420

  140
• Anh Minh TranAug 24, 2020 · 5 years ago
  While the FDIC does not cover cryptocurrency brokerage accounts, there are other measures in place to protect investors. For example, some brokerage accounts may offer insurance through third-party providers. It's important to carefully review the terms and conditions of any brokerage account you're considering and understand the extent of the insurance coverage provided. Additionally, it's always a good idea to diversify your investments and not rely solely on one account or asset class for financial security.
  516

  129