Coinbase users now don’t need to wait for five days for funds to settle as the cryptocurrency exchange on Tuesday, August 7, launched instant trading.
The San Francisco-headquartered firm also increased the default trading limits to $25,000 per day. US customers will avail these functions over the next few weeks, the company stated in a Medium blog post.
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
While scores of crypto enthusiasts turn to Coinbase to begin trading in digital assets, waiting for days after the sign-up is a major turn-off. Addressing this issue, the company came up with this update where customers will get credit immediately after transferring from their bank account. Coinbase, however, supports instant transfer via wire transfer.
Coinbase daily limit increased to $25,000
“They (customers) 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,” the post read.
The company is also increasing the purchasing limit for the majority of the US customers. While it was $25,000 till now, for verified customers, it is increased to @25,000 daily. After funds are transferred to Coinbase, there is no limit on how much one can sell and buy.
The updates will roll out over the next month to the US customers who completed the identity verification process with Coinbase. Customers who did not complete it, are required to do so, to gain access for instant purchases, increased trading limits and the ability to withdraw and send coins off-platform.
The company said the team is working to provide the updates to the customers around the world.
Image via Shutterstock
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