Bitcoin Forum

...it.

This is really a follow-up to my previous question about using Bitcoin to send money to a friend.

I'm new to bitcoin and cryptocurrencies in general.   I recently joined Coinbase.  Today, I wanted to buy $500 worth of bitcoin but was informed that I have a $300 bitcoin purchasing limit.

OK fine.  I just wanted to know, is that a "per day limit"?  Or is that an account balance limit?

In other words, can I buy $300 of bitcoin today, and buy $200 of bitcoin tomorrow, in order to have a balance of about $500 bitcoin in my Coinbase wallet tomorrow?

OR

If I buy $300 of bitcoin today, do I have to remove it from my Coinbase wallet before I can purchase any more bitcoin? 

I asked this question more than once to a Coinbase customer service rep in an online chat, but he did not answer it.  (He may have been a bot; It's so hard these days to tell if service reps are bots or just humans who know nothing about their company's policies.)

The limit is not on your balance, but on your buy volume.

You can see your limits (which would explain on which timeframe is the $300 limit) and how to increase them on this page: https://www.coinbase.com/verifications

As you wait for a reply from the support, which is usually slow. Take your time to read through this articles

• Limits and account levels (https://help.coinbase.com/en/coinbase/trading-and-funding/buying-selling-or-converting-crypto/limits-and-account-levels)
• Why did my limits change? (https://help.coinbase.com/en/coinbase/trading-and-funding/buying-selling-or-converting-crypto/why-did-my-limits-change)
• How do I raise my limits? (https://help.coinbase.com/en/coinbase/trading-and-funding/buying-selling-or-converting-crypto/how-do-i-raise-my-limits)
• Purchasing up to your buy limit (https://help.coinbase.com/en/coinbase/trading-and-funding/buying-selling-or-converting-crypto/purchasing-up-to-your-buy-limit)

The limits are typically time based (like every 24 hours, every 30 days or every 365 days) and not balance based.

Just so you know you aren't limited to coinbase only when buying coins, there are other options that have higher limits per day than coinbase and you don't need to pass any type of KYC verification.

What kind of reputable service would allow buying and selling crypto with bank accounts/credit cards with no KYC? Unless you're referring to P2P platforms, this sound like a service people should stay away from.

I’ve read through this external guide (https://cryptoguidepro.com/coinbase-weekly-limit-increase/) to get some ideas on how to increase the limits (ignore the persistent references to using their referral on that site), and it seems to be something that the more ID information you provide, and the more you max out the upper purchase limits, the more it increases over time.

The initial values are not the same for everybody, and seem to be set base on.
https://help.coinbase.com/en/coinbase/trading-and-funding/buying-selling-or-converting-crypto/why-did-my-limits-change

I can’t be sure, but perhaps explore the option of moving over to Coinbase’s brother, Coinbase Pro, which could perhaps provide you different limits to begin with:
https://www.stilt.com/blog/2021/09/how-to-transfer-from-coinbase-to-coinbase-pro/
 

Even p2p with no KYC for credit car purchases almost extincted, KYC has became mandatory to avoid money laundering and purchase using stolen cards which is actually good for the cryptocurrencies but it may take the anonymity so if it is your most priority then you need to find someone personally and pay premium price for it.

I was actually referring to card providers that allow C2C transfers such as Payoneer, Paysera, Wise, etc. which AFAIK P2P exchanges never did anything to prevent dealing with them, it's the user's responsibility to choose whom to trade with and not the platform's. The same thing applies to gift cards, we know that plenty of them are bought with stolen credit cards, but you can't expect the exchange to ban them or delete the listings just because there's a certain risk associated with them.