Bitcoin Forum

I recently verified my account with coinbase, the only thing left for me to do is refer a friend.... The reason I verified my account is because they said I will be able to buy and sell instantly if I did.

Now they are telling me that I can only buy up to .10 instantly and buying a full Bitcoin will take up to 4 days, why is this? Is it because I haven't referred a friend?

I kno somebody knows watsup

The limits are increasing with your succesfull trades over time

Many places impose limitations to ensure that you are a legit customer and that the funds you are using are legit.
I know there is a lot of pressure about having regulation and security around purchasing Bitcoins. I know for a fact that there is a lot of fraud that happens with bitcoins.  People takeover peoples actual bank accounts, and buy bitcoins with stolen money.  Buy limiting the purchase for new customers will help reduce some of this fraud.

That makes sense, so I will have to be a level 2 member to buy a full Bitcoin all at once?

Doesn't make much sense to me that the rules would change after you jumped threw the hoops.  But I can't way I'm aware of how they operate so I'll just follow along here and see how they do things I guess.

What it boils down to is that they actually may not have bitcoins to sell, I know it's funny but think of it as if it was a corner money exchange place, when you walk in and want 10 grand of Euros not a lot of places have them, so they have to go out and buy them from the wholesaler and it takes time. (same when you walk into a bank and want to withdraw 200k it may take a few day for that money to come into the bank).

We have plenty of bitcoins to sell instantly with no BS, No problems, No waiting, No ID - Just coins quickly.  Give us a try with no fees!

good!

Coinbase is great for converting BTC to USD and deposit it back to your bank account. If you want to buy "Instantly" there is not a direct way that worths the time. 0.1 BTC max? that is way too few! Instead, recommend you to buy via vircurex, here is a tutorial:

http://bitcoinwithpaypal.com/

Be aware that your first transaction will be moderated and they will take up to 48 hours to approve it, then everything else should go smoothly. Also, the fees after all the steps are more than 20%. Coinbase is way cheaper but when you need BTC urgently, the 20% fee might worth it.

Wow 20% fee!

Well there is quite a bit of risk involved, so obviously they need to have lots of fees to cover the costs.

Any thoughts on btcquick?

Hookmankelz, referring a friend is not a requirement. I think you need to buy bitcoin and hold it for 30 days to fulfill the last requirement for instant bitcoin purchase.

Yes, and some crazy PayPal fans can buy with such high fee. Why not use exchange for cheaper coins  ???

.1 BTC is definitely very low for the instant buy.  In my experience, there was a 30 day hold period(Buy and hold on to BTC) along with registering a credit card for the instant buy.  After that, you can buy up to 10 BTC instantly a week. How it works is if you buy x amount(up to 10), the amount of instant buy starts replenishing at a rate of (10BTC/7Days).

According to coinbase's documentation, the .1 bitcoin / week limit means you're still in Partial Level 2. In order to get to Full Level 2, where you can buy / sell 10 per week, you'll need to wait 30 days after opening your account.

.1 BTC is not so bad for most, this is ideal amount for first buy and try the Bitcoin

This is true at current prices. With the crazy price fluctuations recently, I'm using it as an opportunity to "average in" until I get to the quantity I want.

I'll definetly be sure to keep in mind that they are very good with getting funds back into my account that is something I've been very interested in finding an exchange with proper customer service and reliability.

Places that trade bitcoin for real world currency always have a target painted on them.

Any place that sells any significant amount of bitcoin instantly for any sort of real currency won't be in business long. The first real organized scammer that comes along will put them out of business rather swiftly.