The San Francisco-based exchange Coinbase can’t catch a break– after a slew of recent announcements, it dominates the news cycle once again by raising daily limits and enabling immediate deposits. Traders will take advantage of the brand-new perks starting from next month.
The wait is over
Until now, Coinbase customers had to wait up to five days for their wire transfer to be proceeded. That’s highly uncomfortable for traders who want to immediately deposit money into their account. Luckily, Coinbase has just ditched the wait: it has made changes to the protocol to allow ‘instant’ payments. Because of this new update, users can start trading right after signing up to the exchange.
Another part of the big announcement concerns the buying limits that have been pushed up to $25,000 for US users. With this sevenfold increase, Coinbase customers will get more enjoyable trading experience.
However, it applies only to bank transfers– users are prohibited to deposit more than $7,500 via credit card. Of course, there is still a possibility to substantially increase buying limits by pumping up your weekly trading volume. Coinbase UK customers can bypass these restrictions because of the recent GBP support and the adoption of Faster Payments.
It is worth mentioning that only verified members will get access to the new updates. This is a mundane practice for any exchange that has to comply with AML and KYC regulations. In order to get verified, US users are required to confirm their identity by uploading a scan of their driver’s license. The identity verification usually takes up to two business days.