Are you having a hard time sending or receiving transactions on Coinbase? If so, it could be because your limits have been reached.
This is a frustrating problem that many people face when using this popular exchange. Luckily, there are steps that you can take to increase your limits and get back to the business of trading!
In this post, we will discuss four ways to increase your limits on Coinbase.
1. Connect Your Bank Account
This one is pretty straightforward, but also very important. Coinbase can only see what you are doing on their site when they access your bank information.
This means that if you never connect a bank account, it is difficult for them to verify you and subsequently raise the limits associated with your account.
Once this is done, you will need to wait a few days for them to verify the transaction.
It only takes about three business days for this to happen, but it can take up to 5 depending on how much activity has been happening in your account recently.
So make sure that when you connect your bank account, you are not expecting instant gratification. There’s a good chance you will have to wait a bit for this to take effect.
2. Deposit or Send More Money From Your Bank Account
This is pretty straightforward, but this is actually how most people end up increasing their limits on Coinbase.
In order to increase how much money you can move around with Coinbase, you simply need to deposit more money into your bank account.
Coinbase will look at how much money you have in the account when you are trying to send them, and if it is above a certain threshold, they will raise your limits to move more money around.
So make sure that when you are trying to increase your limits on Coinbase, you are depositing more money into the account.
If you deposit $5,000 today and then ask to increase your limits, it will not go through because they only look at the balance at the time of withdrawal.
3. Send or Request More Money on Coinbase
Similar to the previous point about how much money is in your Coinbase account, they also look at how much money you have sent or requested from other Coinbase users.
If your transactions with other people on Coinbase account for a large percentage of all of the activity in your profile, then you will be able to move more money and thus increase your limits.
If you do not buy and sell very often and instead use Coinbase as a wallet to hold on to your money, this is actually one of the easiest ways to increase your limits quickly.
All you need to do is send or request more money from other people and then ask for your limits to be increased (it usually takes about 24 hours).
4. Use it as a Payment Processor
Coinbase can be used as a payment processor if you want to spend or accept money online.
If you keep a certain threshold in your account and use it frequently, they may increase your limits to ensure that you can continue to use their service.
You would think this is very similar to the previous point where we looked at how much money you are spending on the site, but Coinbase doesn’t count this as all of your transactions.
They only look at when you buy or sell your cryptocurrency on their service, so if you are using them to accept payments, there is a great chance that you will not have any problem increasing your limits.
These are ways to increase your limits on Coinbase;
- Connect your bank account.
- Deposit or send more money from your bank account.
- Send or request more money on Coinbase
- Use it as a payment processor
Coinbase can be a great way for beginner investors to get started with cryptocurrency, but having low limits when you first start can make it difficult to move your funds around.