Investors and Traders on Coinbase Platform Can Now Buy Up to $25,000 Worth of Tokens Daily

Coinbase recently posted their new limits on their website for trading, letting consumers know that they would be able to participate in “instant” trading and that their total purchase limits had gone up. The announcement came on Tuesday, but this new protocol is a big change to the current policies.

We’re announcing instant trading and significantly higher default limits for Coinbase accounts. Starting today, we are rolling out the ability to trade cryptocurrency immediately after a purchase—no more waiting five days for funds to settle. https://t.co/CnIpue9Ns6 pic.twitter.com/HMe22SwHzm

— Coinbase (@coinbase) August 7, 2018

Formerly, any investors on the platform had to wait for five days for any new transaction to be available in their account. However, Coinbase understands the need for fast response times when they want to add to their account. In a post on the official Coinbase blog, the company noted:

“While we do support instant transfers via wire transfer and debit cards, purchases via direct debits from your bank account can take days to appear. With this update, customers will receive an immediate credit for the funds being sent from their bank account. They can then buy and sell crypto to and from their USD wallet right away but cannot send their funds off the Coinbase platform until the funds coming from their bank have settled.”

Most customers will also see their trading limits increased to $25,000 per day. This functionality will be available for US customers over the next few weeks.

— Coinbase (@coinbase) August 7, 2018

For consumers that complete the identity verification process on Coinbase’s website, their daily purchase limit will be increased to $25,000 daily, though that limit used to be weekly. Right now, the only ones that will have access to these transactions will be within the United States when the expansion launches next month. The platform is working to add the update for other users as well.

A representative for Coinbase told reporters that the improvements are based on their plan to zone in on cryptocurrency, evolving their exchange to be the “most trusted” and most “compliant” one globally. In a statement, he said:

“We've focused on building a state-of-the-art fraud detection system that relies on machine learning and, over the past year, we've made significant improvements to our systems that help us balance a good user experience with preventing losses due to fraud.”

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