Are Balances Stored on Ferriswheel Insured?

When you buy crypto, it’s essential to understand every aspect of the crypto trading world. The safety of your funds is our top priority here at Ferriswheel.

Cold storage wallets are provided by BitGo, the leader in digital asset financial services. BitGo Custody carries $100,000,000.00 in insurance protections through a syndicate of underwriters through Lloyd's, the world’s specialist insurance and reinsurance market. This premium service comes in at no additional cost. We’re doing everything we can to keep your fun safe so you can continue to buy Bitcoin, stress-free.

The $100 million policy covers digital assets where the private keys are held 100% by BitGo in the event of:

  • Third-party hacks, copying, or theft of private keys
  • Insider theft or dishonest acts by BitGo employees or executives
  • Loss of keys
  • Ferriswheel has chosen BitGo as its custodian because BitGo provides 100% cold storage technology in bank-grade Class III vaults and the BitGo platform is SOC 2 Type 2 certified. Advanced authentication mechanisms are employed to ensure data integrity, and assets are distributed geographically and organisationally.

The account holders’ responsibility is to safeguard their accounts by means including but not limited to using a strong password and controlling all login credentials to Ferriswheel. Clients remain owners of the crypto assets placed into Ferriswheel accounts.

As Ferriswheel is not yet regulated, traditional fiat balances are not insured. However, Ferriswheel only works with regulated E-Money Institutes to enable best practices to be followed when safeguarding user fiat balances.

Does Ferriswheel Hold Full Reserves?

Yes, Ferriswheel ensures all customer cryptocurrency and fiat balances are held in full. It’s our job to make crypto exchange simple.

Is it Possible to set a Beneficiary or Nominee?

While we do not have any formal way of nominating a beneficiary, we have a process for handling such cases if you want your  funds to go to someone.

In the event of your passing, the executor of your estate or your legal successor(s) will have to provide us with several documents such as your death certificate and will.

The executor will need to provide proof of their role along with a government-issued photo ID. Other documents may also be required.

To make things easier for the executor, please include your email address in your will.

If your loved one has passed away and they had a Ferriswheel account, please fill out a support request with our Compliance team. We’ll do everything we can to help.

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