How does the FDIC insurance apply to cash stored in a brokerage account used for trading cryptocurrencies?
Richard AndemDec 25, 2021 · 3 years ago1 answers
Can the FDIC insurance protect the cash stored in a brokerage account that is used for trading cryptocurrencies?
1 answers
- Dec 25, 2021 · 3 years agoWhile the FDIC insurance can protect the cash stored in a brokerage account, it does not cover cryptocurrencies. Cryptocurrencies are not considered cash and are not insured by the FDIC. If you want to ensure the safety of your cryptocurrencies, it's important to choose a reputable exchange with strong security measures in place. Additionally, storing your cryptocurrencies in a hardware wallet or cold storage can provide an extra layer of protection against hacks and theft.
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