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 – this is in reference to the aforementioned verification requirements, as confirmed by Coinbase to Hard Fork via e-mail.
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.
Update 09:01 UTC, August 9: A Coinbase spokesperson has since shared the following statement when asked what has made the new features possible:
“These improvements are built on our 6-year history of focusing entirely on cryptocurrency and building the most trusted, compliant cryptocurrency exchange in the world. [Coinbase] has focused on building a state-of-the-art fraud detection system that relies on machine learning and, over the past year, made significant improvements to its systems that help it balance a good user experience with preventing losses due to fraud.”