Forex Insurance?

[OJ Wales 0]

I'm quite new to the Forex market so please forgive me if this is dumb, but I read something about U.S. Forex brokerage accounts being covered up to a certain amount, similar to the FDIC covering up to $250,000 in your checking account.  Is this true, who does this, what is the exact amount, can you have multiple accounts covered, and is there anything else that would help this new fish regarding this topic?  Thanks in advance.

Edited March 18, 2018 by OJ Wales

[zdo 20]

Two broad types of ‘insurance’ for fx accts

Some brokerages will sell you a ‘put’ on your performance,  insuring all or part of your account equity for a premium of 0  to 10% of your account equity.  All these policies have various requirements, ‘traps’, and ‘gotchas’ in the terms and conditions... like -  Some companies require you to wait a year after making a claim to take out another policy. etc, etc.

Any brokerages offering FDIC level insurance on deposits are NOT insuring losses due to your trading.  FDIC insurance only covers losses from ‘failure’ of the ‘bank’

hth