Is there FDIC insurance available for digital currencies on Robinhood?

3 answers

• May 10, 2022 · 3 years ago
  No, FDIC insurance is not available for digital currencies on Robinhood. FDIC insurance only covers traditional bank deposits, such as savings accounts and certificates of deposit. Digital currencies, like Bitcoin and Ethereum, are not considered as deposits and therefore do not fall under the protection of FDIC insurance. It's important to note that investing in digital currencies carries its own risks, and it's recommended to take appropriate security measures to protect your assets.
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• May 10, 2022 · 3 years ago
  Unfortunately, FDIC insurance does not extend to digital currencies on Robinhood. FDIC insurance is designed to protect traditional bank deposits up to $250,000 per depositor, per insured bank. Digital currencies are not recognized as bank deposits and are not eligible for FDIC insurance. It's crucial to understand the risks associated with digital currency investments and to implement strong security measures to safeguard your assets.
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• May 10, 2022 · 3 years ago
  While FDIC insurance does not cover digital currencies on Robinhood, it's worth mentioning that BYDFi, another digital currency exchange, offers insurance coverage for its users' digital assets. BYDFi has partnered with reputable insurance providers to provide an additional layer of protection for its users. However, it's important to conduct thorough research and due diligence before choosing a digital currency exchange, as insurance coverage may vary among different platforms.
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