Are there any companys offering insurance policys for crypto exchanges ? - page 3.

knowngunman

sr. member

Activity: 574

Merit: 308

Quote from: zigger33 on November 03, 2023, 04:44:45 PM

im looking to secure my crypto money on the exchange ! are there any reliable companys offering insurance policy for individuals against bankruptcy ore hack of the exchange ?

thanks

I doubt if you truly want to secure your crypto. Choosing exchange to store your assets over personal wallet where you have your keys and full control of your assets is unwise decision. Regarding your question, the simple answer is Yes, there are a few exchanges that offer insurance for their users in case of a hack or bankruptcy but not all exchanges offer insurance for their users, so you should take your time to do your research before choosing an exchange. Don't lose guard with insurance mentality, you should also consider factors like fees, security features (very important) and customer support. It's also worth noting that these insurance policies usually have limits and don't cover all types of losses, so you should try to read the fine print.

Taskford

hero member

Activity: 2520

Merit: 783

Quote from: hd49728 on November 04, 2023, 12:09:31 AM

Quote from: GreatArkansas on November 04, 2023, 12:05:01 AM

Using centralized exchange is already a risk for everyone. But there are some exchanges that have their own emergency fund like Binance called Secure Asset Fund for Users (SAFU)
Where they have their own insurance which comes from a portion of trading fees generated by their exchange.

Since this is still centralized exchange, they are still the one who control it. Still risky.

They can have their Secure Asset Fund for good intention but their exchange is centralized and we can not trust them. It can be used to deceive us and make us more believing in their service. At the end, some exchanges turn to be scam, bankrupted like FTX exchange so it's risky, very risky.

Always remember what has been repeatedly warned to Bitcoin users, investors. Not your keys, not your bitcoins.

Still nothing because the one who control the funds for insurance is the exchange who running the business so if they turn scam for sure that they can't recover anything including the insurance money that they supposed to get. That's why we should always think that the word Not your keys not your coins is always valid to think about. Maybe the only we can do with them is not to put a huge money then hodl it on their exchange or other so that we will not get any problem if the same like FTX issue will happen.

But that is binance they are strong so hopefully they will not follow the foot tracks of FTX since if they turn scam for sure there's huge effect on crypto market, also it might get a impression that there's no legit business running using crypto.

cryptoaddictchie

legendary

Activity: 2058

Merit: 1315

Quote from: GreatArkansas on November 04, 2023, 12:05:01 AM

Using centralized exchange is already a risk for everyone. But there are some exchanges that have their own emergency fund like Binance called Secure Asset Fund for Users (SAFU)
Where they have their own insurance which comes from a portion of trading fees generated by their exchange.

Yeah see this but this does mean that they got a tight insurance privilege to users or just a fund in case theres a hack or breach on their exchange and got some loss on the users. But we are talking about insurance like a sure money back guaranteed which differs right? Cause what if the safu funds exceeds the loss so theres anyone who will not be reimburse? What do you think mate?

hd49728

legendary

Activity: 2044

Merit: 1018

Quote from: GreatArkansas on November 04, 2023, 12:05:01 AM

Using centralized exchange is already a risk for everyone. But there are some exchanges that have their own emergency fund like Binance called Secure Asset Fund for Users (SAFU)
Where they have their own insurance which comes from a portion of trading fees generated by their exchange.

Since this is still centralized exchange, they are still the one who control it. Still risky.

They can have their Secure Asset Fund for good intention but their exchange is centralized and we can not trust them. It can be used to deceive us and make us more believing in their service. At the end, some exchanges turn to be scam, bankrupted like FTX exchange so it's risky, very risky.

Always remember what has been repeatedly warned to Bitcoin users, investors. Not your keys, not your bitcoins.

GreatArkansas

legendary

Activity: 2282

Merit: 1344

Buy/Sell crypto at BestChange

Using centralized exchange is already a risk for everyone. But there are some exchanges that have their own emergency fund like Binance called Secure Asset Fund for Users (SAFU)
Where they have their own insurance which comes from a portion of trading fees generated by their exchange.

Since this is still centralized exchange, they are still the one who control it. Still risky.

SquirrelJulietGarden

hero member

Activity: 1260

Merit: 723

Quote from: zigger33 on November 03, 2023, 04:44:45 PM

im looking to secure my crypto money on the exchange ! are there any reliable companys offering insurance policy for individuals against bankruptcy ore hack of the exchange ?

Reminder: do not keep your money in online accounts.
Be careful with online services.

Exchanges are centralized, online services and like above warnings, you should not store your bitcoin there.

Choose open source, non custodial wallets to use.
Choose your wallet
https://walletscrutiny.com/ for wallet review, deeply technical.

mk4

legendary

Activity: 2716

Merit: 3817

🪸 NotYourKeys.org 🪸

Depending on country and exchange, some exchanges have user's funds insured up to a certain amount. But — take note that most of the time only your fiat deposits are insured, not your crypto.

Best option is still to get your funds out and self custody. Only leave on exchanges the amount you're actively trading, no more no less.

https://NotYourKeys.org

rat03gopoh

hero member

Activity: 2002

Merit: 633

Your keys, your responsibility

Read "about us" on any exchange. When an operational license is awarded, a centralized exchange is automatically subject to regulation and becomes part of the supervision of the authority where the license was issued. As far as I know, there is no special protection offer for certain customers, you must have legal representation and get your own insurance to cover the risk of loss.

zigger33

newbie

Activity: 37

Merit: 0

im looking to secure my crypto money on the exchange ! are there any reliable companys offering insurance policy for individuals against bankruptcy ore hack of the exchange ?

thanks

Topic: Are there any companys offering insurance policys for crypto exchanges ? - page 3. (Read 388 times)