Are there any companys offering insurance policys for crypto exchanges ?

[zigger33]

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

[1714522497]

1714522497

[1714522497]

1714522497

[rat03gopoh]

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.

[mk4]

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

[SquirrelJulietGarden]

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.

[GreatArkansas]

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.

[hd49728]

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.

[cryptoaddictchie]

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?

[Taskford]

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.

[knowngunman]

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.

[Husires]

If you are in some countries that require cryptocurrency exchanges to make an emergency fund in the event of bankruptcy, you may be able to recover part of your money, but this process is slow and may take several months, if not years. So why do you need to secure your money with a third party instead of using a multi-signature wallet in the bank vault or in the bank, where you can place wallet seed in safe place or using services that encrypt part of the private key and enable you to recover your money even if you do not remember the seed, are all safer solutions than leaving your money in an exchange and waiting for compensation to occur if the exchange goes bankrupt or is hacked.

[boyptc]

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

If it's the exchange itself, there are for sure insurance companies that they're securing their funds in terms of hacking incidents.

But as an individual, I don't think that there's one service that gets a policy from an insurance company to secure your funds sleeping on an exchange.

The best insurance is that if you're not going to trade, don't keep your funds in any exchange.

[hugeblack]

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.

Secure Asset Fund for Users (SAFU) has these reserves:

 - https://blockchair.com/bitcoin/address/1BAuq7Vho2CEkVkUxbfU26LhwQjbCmWQkD ----> 565 M USD
 - https://etherscan.io/address/0x4B16c5dE96EB2117bBE5fd171E4d203624B014aa  ----> 99 M USD
 - https://bscscan.com/address/0x4B16c5dE96EB2117bBE5fd171E4d203624B014aa  ----> 313 M USD

Almost a billion dollars, and a third of these reserves are in the form of BNB Balance, which may be zero if binance collapses.

according to ----> https://coinmarketcap.com/exchanges/binance/ Spot Trading Volume(24h) was 7 B USD and Total assets was 70 B USD meaning that SAFU represents about 1/7th of the daily trading volume and 1/70 of Total assets.
the chance of getting your money back seems to be one dollar in every seventy dollars at best.

[Huppercase]

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

The only place you can secure your crypto money is your personal wallet, thinking that an exchange will bail you out if something happens in the future is another mistake that will cost you losing everything to an exchange. If you have coins on exchanges, it's better you take them out because that is not how self custody work, you can wake up one day and find out you have nothing under you anymore because you don't have the private keys and when you have no keys, you don't control such assets and if they chose not to pay back, you can't do nothing but to beg to have access to your one crypto.

You remember what happen to FTX, how the exchange went from being one the most to been one with nothing because the team were disorganized, some stole assets through back door that till today, nothing has been recovered from them, and crypto doesn't have any insurance that cover this company.

If you are insurance company, you will not accept to run insurance for any crypto companies because that's one of the biggest and riskiest investment any company will want to insurance. Even if they received money for insurance, the day it might want to collapsed, you will need more to settle this company. Some may even played dirty just to have money from insurance company, nothing safe about insurance here.

[Bushdark]

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

This is mostly provided by insurance crypto companies insuring exchanges so in case of hack or bankruptcy. I think you will need to read the team of service of the cryptocurrency exchange you are using so that you can be rest assured that your funds are protected in case of hack of bankruptcy. Many of the big cryptocurrency exchanges do have insurance policies supported by their insurance companies. I think exchanges like Binance, Kraken, Crypto.com etc have something like insurance funds for there customers so in case of bankruptcy.

[bittraffic]

Even if the exchange offers insurance, you won't be able to get the whole amount of assets. This will be like the FDIC which the amount offered is $250,000 regardless of how much millions you have.

The best thing to do is just take them out from exchanges and send them back if you want to trade again or sell in the bull market. There is no safer way than to keep your coins in your wallet.

[Nrcewker]

It’s always better to go for trusted crypto exchanges. If you run after exchanges that provides exciting offers but their security is poor, then no one can help you from getting hacked. There are also many trusted exchanges, who provide insurance upto a fixed amount if your funds are in the form of fiat money. So you can have a research on that also. But if you are planning to store your coins in any of the exchanges, then let me say you that it’s a bad idea. In exchanges you completely don’t own the coins. Move it instantly to any cold wallet for better protection.

[goaldigger]

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

Some good site have their own insurance to cover any losses if there’s a hack but if you are asking for a personal insurance that can cover your money if there’s something bad happen, I guess no services yet for this but this is actually a good idea. Though even on bank, you can’t take any insurance to protect your money in the bank, aside from the government insurance that can give you protection for just a small portion of your money in the bank.

[zigger33]

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.

thats what i am searching for

[stomachgrowls]

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

There's none for sure, if there's one then it would be hella of expensive. Why? We do know that exchange platforms turns out to be like honeypot for scammers. If there's one then i had might be able to miss
out but just like on what i had said that it is something that would really be that impossible or unlikely. This isnt something an information that would really be shared out, not unless if its announced.
This is why its really that important as a trader on which you shouldnt really be that storing up your coins on an exchange platform or centralized so  that you wont really be having that kind of risks on losing with those funds.

We've seen some exchangers had been hacked and ended up on not to be operational anymore or completely stop, and there are situations which  exchange owners do ran off the money of their traders.
There's so much possibilities for you to lose up money if you arent that careful, this is why HW or storing up your coins on non-custodial wallet would be always that recommendable.
Somewhat it do understand on why people do really love on leaving out their coins on exchange to make those fast executions of buys and sells if ever there's an opportunity.

[rhomelmabini]

If you aren't trading most of your crypto then just bought a hardware wallet and keep your crypto there rather than trusting an exchange because they have an insurance policy/ies. As what others suggested here or stated you won't get a full refund even if they do have something to get it back, imagine the hard earned money and you'll just risk it by staying it on an exchange. If you really want to hold your crypt, buy a hardware wallet.