Good news for crypto-traders: Coinbase will be enabling instant cryptocurrency purchases and higher daily limits for trading and deposits.
A new update is going to be rolled out that will make it possible to purchase $25,000 worth of cryptocurrency every day for US users. Once live, deposits should be immediate, with the daily trade limit also being increased to match the new purchase limit.
The release reads:
We are also increasing limits for the majority of our US customers. Until now, the maximum allowable purchase was $25,000 weekly. For verified customers, the limit will now be $25,000 daily, a 7x increase over our prior limits. And once your funds are transferred to Coinbase, there are no longer any limits to how much you can buy or sell at a time.
The fine print
Only verified users will be able to make use of the new features. It remains unclear when the features will go live – though Coinbase expects it to be rolled out over the coming month.
Debit cards won’t have the same limit – it’s lower, up to $7,500 a week. If users want to deposit more, they will need to deposit funds via bank transfer.
The release also states that the upgrade will be available to a “majority” of the US, we have reached out to Coinbase for clarification and will update this piece should we receive a response.
Deposits above these limits have really always been possible one way or another – the biggest takeaway here is that funds sent via direct debit will be much quicker and available for trade instantly.
UK Coinbase to get even higher limits
While US investors are surely happy to enjoy more freedoms when buying cryptocurrency, those in the UK are being catered as well. Coinbase is now hooked up to Faster Payments, which means that it finally allows deposits in Pound Sterling.
The limit for transactions through Faster Payments is a whopping £250,000. Coinbase even say there’s no real limit – you can certainly deposit more and even make multiple transactions per day – it just takes a bit longer for the larger deposits to show up. It also lowers fees by not having to deal with conversions between Euros and pounds.
Published August 8, 2018 — 10:01 UTC