Coinbase has announced that it will be allowing its investors and traders to have a daily token buy of $25,000.
Increase In The Daily Buy Limit
This announcement was made by Coinbase via its website, which stated that the firm would be letting its users that they would henceforth be able to enjoy instant trading as well as an increase in their purchase limits. With the announcement being made on Tuesday, it has hailed a change to the firm’s policies.
The original statement on the website was stating that instant trading and higher default limits were to be effected for all the firm’s accounts. It went further to say that starting that day (Tuesday) the firm would be giving its consumers the opportunity to trade immediately upon the purchase of the digital coins stating that their consumers will no longer have to wait for the funds to settle in order to start trading.
Coinbase’s Former Policies
Before this change was made, anyone who had bought digital coins on the platform had to adhere to a five day wait period before they would be allowed to make any transaction with the account. Coinbase is however to seen to have come to the understanding that fast response times are very important when looking to add their accounts.
The firm noted in their statements that formerly their systems were supporting instant wiring of funds and debit cards but the transactions would take a few days to appear. It said that with this update, customers would be receiving a credit for the funds being sent from their bank accounts instantly which will then, in turn, allow them to trade their cryptocurrencies from their USD wallets. It did, however, specify that the customers would not be able to transfer any funds off of the platform until the funds to be received from their respective financial institutions have settled in their accounts.
This new functionality will be implemented for all US users in the coming weeks, as well as the increase in daily trading limits.
Coinbase’s Verification Process
In order for a customer to have their daily limits increased to $25,000, they are required to complete an identity verification process on the firm’s website. This limit was previously applied on a weekly basis. The completed update will for the moment be only available to users residing in the US, however, the firm has confirmed that it is working towards extending it to other users. These transactions will be available from next month.
A representative for the firm has stated that the improvement that Coinbase has made to their policies is geared towards zoning in on the crypto industry, with the particular aim towards making its exchange the most trusted and compliant exchange in the world. He added the firm will be developing a fraud detection system that will be state of the art and will rely on machine learning. He said that Coinbase has in the last year dedicated itself to improving its systems significantly in order to provide a system that not only gives the users a good experience but that is also secure against losses via fraud.