- What is Crypto Price Insurance?
- How Does Crypto Price Insurance Work?
- What Can Be Covered with Crypto Price Insurance?
- Why Is Crypto Price Insurance Important?
- Why Do We Provide the Option of Crypto Price Insurance?
The market of cryptocurrencies is highly volatile, and it is quite a typical scenario when a person purchases some crypto at the local peak of its price only to discover that the coin has started downside movement bringing its holder losses, not profit.
What is Crypto Price Insurance?
Price Insurance is an option to fix a guaranteed minimum price when buying BTC or ETH. In other words, users receive the opportunity to cover the crypto they buy with protection against depreciation for a certain period. If the price of a given crypto appears to be less than the insurance price at expiry, Choise.com will cover the losses.
How Does Crypto Price Insurance Work?
The scheme is as follows:
Launch your Choise.com App and press the “Top up” button.
Select the preferred payment method for the crypto purchase.
After selecting the cryptocurrency, press the “With insurance” button, fill in the payment details, and select the Price Insurance conditions.
At this stage, you need to specify the desired amount of cryptocurrency to insure, set the insurance period (an expiry date), and choose the insurance price.
Note that the insurance conditions are always shown in USD in the Choise.com wallet, even if you buy crypto for fiat, like USD or EUR, or other crypto. The insurance price will be included in the transaction, and the coverage payment will be provided in USDT at expiry if the insurance conditions are met.
How does it work?
Suppose, you buy 0.1 BTC at a $20,000 rate and cover the asset with an insurance rate of $18,000 for 30 days. You pay $2000 for 0.1 BTC and $X for insurance plus fees for the transaction (the system will automatically make the calculations).
If after 30 days the BTC price is above $18,000, the insurance will simply expire.
If after 30 days the BTC price goes under $18,000, e.g. $17,000, you will receive 0.1 x (18 000 – 17 000) = 100 USDT coverage.
Note that you cannot sell Choice.com Crypto Price Insurance ahead of schedule, just hold until it expires.
What Can Be Covered with Crypto Price Insurance?
Currently, Choice.com offers Crypto Price Insurance for the market’s major cryptocurrencies – Bitcoin (BTC) and Ethereum (ETH). But the range of supported cryptocurrencies will expand.
You do not need to hold BTC or ETH in your wallet. Insurance is a separate product that can work without being tied to your crypto position. The price difference will be credited on your wallet balance once the insurance conditions are met.
The status of your active insurance contracts is displayed in your wallet on the BTC or ETH pages. All data concerning previous Price Insurance purchases and payments is kept in your transaction history.
Why Is Crypto Price Insurance Important?
While there is no shortage of platforms that sell all sorts of cryptocurrencies, exchanges and wallets still fail to offer robust financial protections to users. People cannot trade and invest in crypto safely, because the level of unpredictability in the industry is still high.
Choise.com introduces a handy option for all crypto users who want to own crypto with peace of mind, irrespective of market fluctuations.
Choise.com Price Insurance covers cryptocurrency risks associated with negative market fluctuations. While the crypto market is subject to volatility, this should never be an excuse for inaction, no-participation, and no money-making.
With Choise.com Price Insurance, crypto risk hedging becomes simpler than ever and takes only a few seconds to protect your digital possessions against depreciation.
Why Do We Provide the Option of Crypto Price Insurance?
Cryptocurrencies have high potential, but many people are afraid to invest in digital assets because of the market volatility. We want to engage the community in crypto activities without the fear of losing investments. For this reason, we offer Crypto Price Insurance.
Hedge your risks with Choise.com Price Insurance and feel safe while going crypto.