How does the FDIC insurance apply to cash stored in a brokerage account used for trading cryptocurrencies?

1 answers

• May 05, 2022 · 3 years ago
  While 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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