Is FTX insured by FDIC?

3 answers

• Dec 26, 2021 · 3 years ago
  No, FTX is not insured by the FDIC. The FDIC only insures deposits in traditional banks, and FTX is a cryptocurrency exchange, not a bank. Therefore, the funds held on FTX are not protected by the FDIC's insurance coverage. It's important to understand the risks associated with trading cryptocurrencies on exchanges like FTX.
  326163
• Dec 26, 2021 · 3 years ago
  FTX is not insured by the FDIC. The FDIC's insurance coverage is limited to traditional banking activities and does not extend to cryptocurrency exchanges. It's crucial to do your own research and understand the security measures and policies implemented by FTX before trading on their platform.
  29599
• Dec 26, 2021 · 3 years ago
  No, FTX is not insured by the FDIC. However, it's worth noting that FTX has implemented robust security measures to protect user funds. They utilize cold storage for the majority of their assets and employ multi-signature technology to ensure the safety of funds. It's always recommended to use strong security practices, such as enabling two-factor authentication, when trading on any cryptocurrency exchange, including FTX.
  425107