News emerged this week that Coinbase, the largest cryptocurrency exchange platform in the United States has made some changes, including increasing its trading limit to $25,000 per day from $25,000 per week and enabling instant trading facilities.
The San-Francisco based crypto exchange announced the changes via its blog and claimed that the alterations to its trading policies had been implemented with the aim of improving the user experience of its customer base.
Avoiding hold-ups and inconvenience
The leap from a trading limit of $25,000 per week to $25,000 per day is a bold step and will allow US-based customers to avoid various layers of approval and inconvenient hold-ups when going through the process of purchasing cryptocurrencies.
More than just increasing the purchasing limit, Coinbase has canceled restrictions on how much crypto a client can buy and sell at any one time.
This takes effect shortly after the clients’ funds have reached the companies wallet.
Previously, restrictions on transactions made the entire process a bit of a chore, with limits imposed on the amount of cryptocurrency that could be bought and sold due to security and regulation compliance issues.
The limits varied though and were dependent on such factors as the age of the account, purchase history, and the payment method used.
In an attempt to make crypto transactions less daunting and troublesome Coinbase has decided to cancel buying and selling limits for both ease of use and also convenience.
Instant trading facilities
Another addition to the Coinbase service is instant trading facilities.
From earlier this week users have been able to trade cryptocurrencies immediately after making their purchases.
In the past, they would have to wait for up to five days for their funds to settle.
According to their blog, the instant trading facilities update would only apply to US customers who have completed the Coinbase identity verification process –
“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.”
Other announcements made within the blog post included news that Coinbase had successfully launched Ethereum Classic, and was now happy to accept transfers of the digital currency.
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.