On Tuesday (7 August 2018), Coinbase announced that most customers are going to have their daily trading limits increased to $25,000. Also, Coinbase is now alowing instant trading following transfer of funds to your Coinbase account, instead of having to wait for funds to settle first.
Here is how the Coinbase team announced the news on Twitter:
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
This was followed by another tweet about an increase in the daily trading limit:
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
Although Coinbase supports instant transfers via wire transfer and debit cards, "purchases via direct debits from your bank account can take days to appear." However, now, customers "customers will receive an immediate credit for the funds being sent from their bank account." They will be able to use to buy/sell crypto. but they will not be able to withdraw fiat until the incoming funds have settled.
As for the increase in the daily trading limit, this will affect the majority of Coinbase's U.S. customers. Until now, the maximum allowable purchase was $25,000 weekly. U.S. customers who have completed Coinbase's identity verification process will now have their purchase limits increased to $25,000 daily. Also, "once your funds are transferred to Coinbase, there are no longer any limits to how much you can buy or sell at a time."
Coinbase has started to roll out these updates to its verified US customers, and is planning to support customers outside the U.S. in the future.
Featured Image Credit: Image Courtesy of Coinbase