Coinbase remains one of the most popular Bitcoin exchange platforms to date. The introduction of new weekly buy and sell limits on the platform is an interesting change. In doing so, the company is moving away from their daily limits, which annoyed a lot of people. After a very long period, this change has now gone live.
Weekly Limits Seem Better For Most Users
Just because the Coinbase limits are changing from daily to weekly, it does not mean users will have unrestricted access to buying or selling Bitcoin all of a sudden. On the buy side there is still a US$10,000 weekly limit, or a US$2,000 instant limit. Users can lift these thresholds by purchasing more cryptocurrency, as was to be expected.
Purchasing cryptocurrency with a credit or debit card will remain subject to a standard US$500 limit per week. However, once users purchased US$1,000 worth of Bitcoin or more, that limit will be gradually lifted. All in all, this is a welcome change and one that many Coinbase users have requested throughout the years.
For the time being, these new weekly limits will only be rolled out to select countries. The US, Canada, Singapore, and Australia are the first countries to enjoy this new feature. However, the company mentioned how the functionality should be available to European customers in the coming weeks. No specific timeline was provided at the time of writing.
Converting Bitcoin to local currency will also be subject to a US$10,000 weekly limit. For most people, that should be more than enough, although high-volume traders may reach this threshold a lot quicker than everyone else. Still, it is better to have one weekly limit instead of having to access the platform every day.
These changes to the way Coinbase works have been coming for a while. Over the years multiple users complained about these small daily limits, which caused a lot of unnecessary frustration. The same limits will apply to buying and selling Ethereum on Coinbase as well. An exciting development, that much is sure.
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