Coinbase Buying Limits?

Going to buy some btc from coinbase as its the easiest way to do it from the usa. I read that i have to connect my bank account to it to verify and also with phone number. I also read you can put a credit card as well as backup.

1. I read if you verify by bank deposits, it takes few days then you have to confirm it with 2 small deposit amts that they deposit into your bank but you could also do it instantly? I assume everyone does instantly?

2. Can someone tell me what are the limits in amount of btc i can buy when i verify myself. I read theres a level 1, level 2? The thing is i spoke to someone that they said a while back when they created coinbase, they got verified instantly and bought 2k worth of btc... and they told me their buying limit was 50k. But from what i read, you can only buy 100 dollar worth of btc first, then after a week its 1k or 3k a month? Basically i want to buy close to 10k worth of btc so i like to know could i do this immediately after i verify my bank account.

3. I see there is mention of putting a credit card. So if i do that, i could buy instantly but if i don't i can't? The thing is i wouldn't want to pay by credit card b/c the fees are 3.2 percent plus another additional fee whereas buying it from coinbase is 1 percent plus 0.15 per transaction. So does that mean putting credit card information... it only deducts it from credit card if you don't have enough funds in bank account? Would a debit card work or only credit card? Reason i ask debit is b/c debit card there aren't any fees.

I assume the limits are much different previously then it is now? Can someone who opened a coinbase acct recently can tell me the amount of btc they can buy when they first got verified? I would first probably buy $100 just to test it out first to make sure then i would buy $5000 afterwards but once i figure everything out.

Cheers.

1) No it is not instant it will take a few day's. But yes I believe it was two amounts and takes a few days to transfer.

2) It again will not be instantly. You need to go through the levels. 10K is quite a bit at once, so does take a high level.

3) Credit card is put on as a way to insure they don't lose money. If bank failed they could charge credit card. For instant buying it is required.

I would suggest working on gaining levels on coinbase. If you really need 10k in a day there is options like localbitcoins, but you will pay a premium.

Someone posted this and i want to know if its true

This is an easy one:
Level 1 - $3,000 per day.
Level 2 - $50,000 per day.
Level 1 instant - $100 per week.
Level 2 instant - $1000 per week.
Even though instant requires you to add a credit card, it is not used for the purchase. When you first add your credit card for instant, your limit will be $100 per week, and then after 30 days it increases to $1000 per week.
If you are based in one of the supported states, you can also add funds to your USD wallet and both buys and sells become instant when using your USD wallet.

That means its impossible to get like 5k worth of btc instantly through coinbase or circle and only possible if buying from someone then? Thus 1k is the max u can ever get instantly from your checking account when buying it?

So that means i can only buy $3000 per day and thats not instant. But how long would it take for the BTC to arrive in my coinbase account? Example say i bought $3000 worth of BTC how many days? Most importantly, wuld that mean i would have not the $3000 worth of btc b/c the moment i buy it, buy is at certain price but later when i receive it, price went up or down and thus i would have more or less btc than i should if ig et it instantly?

Also how do u go from level 1 to level 2? I assume you have to buy a certain amount of btc from coinbase then you are level 2? Or is it just after X amount of time or is it combination of how much btc u buy from bitcoin and how long u had account for around?

This is why I never really used Coinbase, their structure is just.... weird.

My limit at circle is 2500 a week, 500 is instant I believe, and the rest is available as soon as the transfer actually clears my bank account. Which is usually a day or two.

For large purchases I use an actual exchange, one of which I have been verified at. It takes longer for my fiat to be transferred but when it clears I can purchase one big chunk of coins, and be able to use them instantly.

Are exchange fees higher or lower than coinbase? Coinbase is basically 1 percent plus 0.15 fee each time. How long does it take to receive the btc from someone else?

Quote from: viking02 on December 21, 2014, 06:14:07 AM

Are exchange fees higher or lower than coinbase? Coinbase is basically 1 percent plus 0.15 fee each time. How long does it take to receive the btc from someone else?

Yes coinbase fees are rather low. If you want huge amounts "instant" you are going to go to localbitcoins. You will pay a premium.

Someone wanting to get 10k a day and needing it instantly is just not standard coinbase customer. They limit it so you are not able to get BTC and try to use a empty bank account. It is protecting their self. You could spend 10k a day it just will be a few days before you get the btc.

You just need to plan ahead on BTC if using coinbase.

That's strange if true
My daily limit at Igot is 500 btc which is 160k