How does Schwab handle FDIC insurance for money market accounts related to cryptocurrency?

3 answers

• Dec 27, 2021 · 3 years ago
  Schwab does not offer FDIC insurance for money market accounts related to cryptocurrency. As cryptocurrency is a highly volatile and unregulated market, it falls outside the scope of FDIC insurance. It's important to understand the risks associated with investing in cryptocurrency and to consider alternative security measures to protect your funds.
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• Dec 27, 2021 · 3 years ago
  Schwab does not provide FDIC insurance for money market accounts that involve cryptocurrency. The FDIC only covers traditional banking products, such as savings accounts and certificates of deposit. Since cryptocurrency is not considered a traditional banking product, it is not eligible for FDIC insurance. Therefore, if you choose to invest in cryptocurrency through Schwab, you should be aware that your funds are not protected by FDIC insurance.
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• Dec 27, 2021 · 3 years ago
  While Schwab does not offer FDIC insurance for money market accounts related to cryptocurrency, there are other ways to ensure the safety of your funds. For example, you can consider using a hardware wallet or a secure digital wallet to store your cryptocurrency. Additionally, it's important to do thorough research and choose reputable exchanges and platforms to minimize the risk of potential losses. BYDFi, a popular cryptocurrency exchange, offers advanced security features and cold storage options to protect users' funds.
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