Crypto Platforms

These categories can overlap. Some platforms offer exchange, broker and wallet functions.

Neither approach removes cryptoasset price risk.

• Treatment of assets depends on the provider’s legal and custody structure.
• Assets may not receive the same protections as bank deposits.
• Platform insolvency is different from investment-market loss.
• Users should understand how assets are held.
• Recovery can depend on legal structure and jurisdiction.

Do not assume crypto holdings receive ordinary bank-deposit protection.

Crypto holdings are generally not protected by the FSCS. FSCS protection also generally does not cover losses caused by cryptoasset prices falling. The Financial Ombudsman Service (FOS) may not apply to cryptoasset services. Different protections may apply to particular regulated services or fiat money arrangements, so check the specific product and legal entity. Do not assume crypto holdings receive the same FSCS treatment as cash deposits or mainstream investment accounts.

Treat promises of guaranteed or unusually high returns as a major warning sign.

FCA ScamSmart · Action Fraud

1. 1Build an appropriate emergency cash reserve first
2. 2Be prepared to lose all the money invested
3. 3Check the relevant platform entity and UK status
4. 4Understand custody arrangements
5. 5Compare total trading and withdrawal costs
6. 6Use strong security and two-factor authentication
7. 7Avoid investing based solely on social-media claims
8. 8Understand scam and impersonation risk
9. 9Only use money you can afford to lose

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