Beware: The companies that hold your crypto aren't insured the way banks are
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Bitcoin and other digital currencies are highly risky investments. But your traditional bank and brokerage accounts offer greater protections for your money. Legal, tax and regulatory frameworks for digital assets are still being worked out. They're not legal tender and they're not always viewed as securities. So read the legal fine print before buying, selling or storing digital assets with any company facilitating crypto trading to see what protections they do offer for those looking to invest in crypto. If you have a checking or savings account, a money market deposit account or certificates of deposit at a bank or credit union, make sure the institution has deposit insurance. Source