Bitcoin Forum

Hey guys

With all the recent hacks and loss of funds and then Binance going down and causing quite a lot of panic I was wondering if others would like to see funds insured against a hack.

Would you switch your trading to an exchange if trustworthy insurance was offered as standard to protect all your funds in the result of loss from a hack

Thanks

This insurance will come at a price. So it will be irrelevant if you get hacked from time to time or you pay insurance. I wouldn't use it.
However, I am using decentralized exchanges like EtherDelta and IDEX.
I have never encountered any problems with them.

Well Coinbase has their hotwallets insured with Lloyds of London - and I'm sure that is part of the reason they've become so big. People feel safe with them. And yes, people pay more when they buy their coins from Coinbase - but that's the price of safety.

With the other exchanges, you are taking risks. This is fine if you understand the risks and move your money out of the exchange as soon as you have made your trade. Sadly there is a group of people who think it's possible to have low fee exchanges AND safety, and they keep getting burned.

If the exchange offers hack insurance then I am interested. But we also still see how much it fee trading or withdrawal and what pair is available there. Trading volume is also one of my considerations whether to trade there or not.

Of course i am interested as long as the other fee and features is good enough. If they only offer insurance but the other is lacking then it's no point on using them as i will still use the other exchange. That's why i only use exchange when i want to trade and withdraw my coins after that, i also start using dex to prevent something like that from happening.

Insurance is something very sensitive and i haven't seen any that offers this.

It Will be for sure interesting but transactions fee must remain low...
This year There Will be also many decentralized exchange... so let’s see how market will evolve

An exchange with hack insurance will be the best and people will buy it pretty sure.
If any exchange offering this, then i am for sure join that exchange ;)

An exchange with hack insurance will be the best and people will buy it pretty sure.

I think I'll buy an insurance policy.
Because the risk of encryption money market is very big, so if token is stolen, can let money suffer, so buy an insurance is a very wise choice.

I am into many exchanges and no one is having that way, i will go to that exchange and put my funds as i am getting more security.
Today's crypto is really in trouble and people are getting worried about their tokens and coins. The first exchange that will offer insurance will get the boost of volume!

DEX would really be a different story but would really come to a point on where we would really need to use up those traditional exchangers for selling out or trading up a certain coin which cant be found on DEX then you hadn't any choice but to deal with it.
If insurance is offered same as mentioned above it would really be just the same which you would really need to pay up for that thing which isn't really different on being hacked. :)

Yes obviously, switching to an exchange that offers insurance for users crypto funds would be a benefit for mostly those users who are doing day trading as they can keep their coin without any fear. If funds were stolen due to breach then the insurance company will be liable to reimburse those users. Due to many hacking attempts may be in future top exchanges will deploy insurance facility & guarantee their users. If right now we are having health, car, travel insurance etc. then why not for crypto exchanges? But there will be a long-run audit done on the security of the exchanges before any insurance company ready to offer their services.