As one of the most popular cryptocurrency exchanges in the world, Coinbase is often lauded for its security measures. In particular, many investors feel more secure trusting their money to Coinbase because it is a “regulated” company and is backed by the FDIC. However, is Coinbase actually FDIC insured?
The answer is a bit complicated. Coinbase is a custodial exchange, which means that it holds your private keys on your behalf.
This is different from a non-custodial exchange, like Kraken, where you control your own private keys. Because Coinbase holds your private keys, they are technically the owner of your cryptocurrencies.
NOTE: WARNING: FDIC does not insure digital assets such as cryptocurrencies, so Coinbase is not backed by FDIC. Your deposits in Coinbase are not insured by the Federal Deposit Insurance Corporation. Investing in cryptocurrencies involves a high degree of risk and should be done only after careful consideration and advice from a qualified financial professional.
This means that if Coinbase were to go bankrupt or be hacked, your cryptocurrencies would not be FDIC insured. However, Coinbase has implemented multiple security measures to try and mitigate this risk.
For example, they keep the majority of customer funds in offline storage and have implemented insurance policies that would pay out in the event of a hack or bankruptcy.
Ultimately, whether or not you feel comfortable trusting Coinbase with your money is up to you. If you are looking for an exchange that is FDIC insured, you will need to use a non-custodial exchange like Kraken.
However, if you are willing to trade off some security for convenience, then Coinbase may be a good option for you.
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1. You can earn free crypto simply by learning about it.
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