FAQ

Most common Q&As

What is Crypto Insurance?

Crypto Insurance is an insurance product sold on the cryptoins.io. Guarantees of insurance payment for the product are provided by the insurance company Selecta Insurance and Reinsurance company - https://selecta.re/about/.

What type of protection does the Crypto Insurance offer?

Crypto Insurance protects any user's funds (BTC, ETH, USDT, XMR, BCC, etc.) on crypto exchanges. Protection works in case of bankruptcy/termination of the operation of crypto exchange due to:

  • cyber-attacks on crypto exchange software;
  • theft, fraud, illegal actions of personnel, management or owners of a crypto exchange.
Details of the insurance conditions are described in the Insurance Rules.

Who does guarantee the payment of insurance compensation?

Payment of compensation is guaranteed by the Selecta Insurance and Reinsurance company - https://selecta.re/about/.

In what currency is the compensation paid?

Compensation is paid in BTC.

How much does it cost to protect my funds on a crypto exchange?

To determine the cost of protection, use the calculator on the www.cryptoins.io.

How to declare an insurance event?

You can declare the insurance event in your account at www.crypoins.io by clicking on the current insurance policy.

How to pay for insurance by Crypto Insurance?

Payment is made in the personal account of Crypto Insurance through the payment gateway Coinpayments.

Who can become a Crypto Insurance client?

Any user of crypto exchanges can become a Crypto Insurance client.

Which crypto exchanges accounts can be insured?

There is a list of crypto exchanges which accounts can be insured on the cryptoins.io.

What is the maximum amount of funds that can be protected on one exchange?

15 BTC or equivalent in other cryptocurrencies.

Can I get the protection for my funds on several exchange accounts?

You can insure several accounts on one exchange, with a total of up to 15 BTC.

What cryptocurrencies can I pay with for insurance?

BTC, ETH, and more than one hundred currencies are supported by the payment gateway.

Can I insure other cryptocurrencies except for BTC?

Yes, the equivalent of any cryptocurrency is insured. The insurance amount is displayed in the BTC recalculation and payment is made in BTC for convenience. Example: The user has 362 ETH and 720 EOS, equal to 3 BTC at insurance time. The user insured r 4 BTC taking into account the growth of exchange rates. If the exchange rate of these currencies against Bitcoin grows and/or the amount of funds increases due to successful trading (including new cryptocurrencies in the portfolio), up to 4 BTC will be paid in case of the exchange collapse.

Can I get the protection of my funds on the accounts of several crypto exchanges?

Yes, you can. You need to buy several policies - for each exchange separately. The maximum limit per one exchange is 5 BTC, the limit can be less within some exchanges.

Can I get discounts on insurance?

After the first purchase in your account, you can set discounts for subsequent purchases when providing API for your account on the exchange. The API does not give the insurer access to trading operations on your account.

For what period can I insure my funds on account of crypto exchange?

The insurance period ranges from 90 to 365 days and depends on your choice. Protection can be renewed at the end of the period.

What are the signs of an insurance event?

Signs of the insurance event: The terminal of the exchange does not allow operations on the exchange account All or part of the funds disappeared from the client’s account during the insurance period. The technical/client support of the exchange does not work/does not answer without providing clients with information about technical works.

When will I be able to recover my losses?

The decision on payment is made within 30 days after the application of the insured event. Payment is made within 5 days after making a favorable decision.

If I had more funds in my account at the insured event than I had insured, can I get compensation for these losses?

You can be compensated within the amount of funds on the exchange at the time of the insured event, but no more than the insured amount.

How much will I be paid, if the value of my cryptocurrency grew and exceeded 15 BTC at the time of exchange collapse?

The maximum amount of payment is equal to the amount of liability purchased under the insurance policy.

Why does the insurance policy come into effect three days after payment?

Insurance policy comes into effect three days after payment to eliminate the risks of fraud. It is how we make insurance cheaper for conscientious clients.

In what cases the compensation is not paid?

There is a complete list of excluded events in the "Exceptions" section of the Insurance Rules.

Will I need to provide my personal data?

The client will have to undergo the KYC procedure to get compensation, following international law. Sending your documents and photos in electronic form will be necessary.

Can the cost of insurance change?

The cost of insurance does not change for already purchased policies. The cost of renewed coverage may vary in case of the discovery of the exchange's vulnerabilities or other factors.

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