The US-based popular cryptocurrency exchange Coinbase has just announced two new developments that should attract regular cryptocurrency traders. First, it has rolled out the ability to trade cryptocurrency immediately after a purchase - no more waiting five days for funds to settle. Second, it has increased trading limits to $25,000 per day for most customers. This functionality will be available for US customers over the next few weeks. The exchange said in a blog post:
"[...] when someone makes the decision to sign up, they don’t want to wait days before they can start buying cryptocurrency. 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."
Coinbase is also increasing limits for the majority of its 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 exchange said.
Time and Limits on Withdrawals Based on the Payment Method at Coinbase:
Coinbase has begun making these updates available and is now beginning to roll them out more broadly. They will be available over the next month to US customers who have completed the identity verification process with Coinbase. Customers who have not yet completed this process will be required to do so before having access to instant purchases, new trading limits and the ability to withdraw or send coins off-platform. Coinbase will also be working to bring these same improvements to its customers around the world, it added.
Coinbase has been on the expansion spree with new updates and developments coming up almost every alternate day. Recently, it added support for British Pound to buy cryptos. It also added Ethereum Classic (ETC) on their platform on August 7. Coinbase also returned to Wyoming, a state in the western United States, after renewing its money transmitter license there.