Coinbase Sets Limits on Transactions | Users Seek Clarity on Deposit Rules
Edited By
Jack Dorsey
New limits announced by Coinbase are sparking confusion among users. With a £10,000 deposit cap, many are questioning if this is a daily limit or can be spread across multiple transactions. The clarity on other limitations related to cryptocurrencies has left some people looking for answers.
Decoding the Deposit Limits
Coinbase users report having a daily limit on deposits from UK bank accounts set at £10,000 per transaction. However, many are unclear about whether this applies to each day or can be executed multiple times within a given period.
As one commenter stated, "If the limit is mentioned as 'per day,' it means you can deposit that amount in 24 hours." Yet, doubts linger regarding purchase limits for Bitcoin, leading to a buzz of inquiries on user forums.
Purchase Limits Spark Debate
In addition to deposit limits, users are voicing concerns about Bitcoin purchases. The ability to buy varies based on account verification levels and payment methods. Notably, one person asked, "Where can I find my account's daily purchase limits?" This highlights a common challenge amidst the newly established rules.
Interestingly, responses vary, indicating a broader issue surrounding account types. As another echoed, "It depends on your account type and age."
Key Insights from User Feedback
🚫 Confusion on Limits: Many express uncertainty on how the deposit and purchase limits work.
💬 Seeking Guidance: Frequently asked questions reveal a need for clearer messaging from Coinbase regarding these restrictions.
📈 Verification Impact: User-defined account types and lengths drastically influence purchasing power—and understanding this can be crucial for trading.
"This policy needs to be clearer. Users deserve to know their limitations," noted a top-voted commenter.
Ending
With mixed sentiments surrounding the limitations imposed on transactions, Coinbase users are left navigating confusing terminology. The company’s upcoming communication will be pivotal in addressing these concerns while fostering user trust in the platform.
Stay tuned for more updates as this situation develops.