what to do with my coinbase account?

[NewbieTreider]

Hi all!,

Some days ago a friend told me about buy bitcoins due to halving (now, I know what halving is!) because I can win some money, he recommended me coinbase, then I created an account in coinbase and I bought some bitcoins with my personal savings. Now, I'm so lucky due to his ATH.

But now I have a problem, in coinbase the day limits to sell or buy bitcoins is 3000€. Imagine that in some months I can win about 10000€ (hopefully!), and I want to sell all my bitcoins. In that situation I must spend 4 days. If this happens I must wait those days to sell all my bitcoins. If in those days the bitcoin price dramatically decrease, then I will lost all my savings, due to the high volatility of bitcoin price, and in this situation I will lost all my savings because I need those 4 days to sell all my bitcoins in coinbase.

In this situation, I'm thinking about search another exchange service that let's me sell all my bitcoins whitout limits, create an account in that exchange and transfer all my bitcoins to that exchange service, or, create a local wallet, transfer all my bitcoins to my wallet, and wait until I want to sell all in a exchange that let's me sell all my savings.

What do you think?. What do you do in this situation?.

Thank you very much for all your support, and sorry about my English!

[mrhelpful]

There are always going to be a verification limit on any exchange, unless its done through cash.

What youre looking for is a local deal at a safe secure location at a bank on a person to person basis.

If you go through this route this is usually through ads on localbitcoins - but should be kept aware scams and robberies since its the same thing as cash.

[Chris!]

First of all, yes we're all very happy about the rise in bitcoin's price recently. Secondly, don't risk more than you can afford to lose. The block reward is halving which is causing hype and people want more coins ve of it. It's not a guarantee by any means that the price will go/stay up so be careful. That's not to say that the price won't stay where it is or increase but it's not a sure thing.

I wouldn't worry too much about the price going to €10,000 and not being able to withdraw from coinbase. You could always import your private key into a better wallet that's not centralized/online. I would get rid o your account either way. Try localbitcoins, this forum or cash in person for better deals that don't rely on a start-up company to stay in business. Any bitcoin business is a start-up at this point in time.

I highly doubt we'll reach €10,000 anytime soon. If we do there will also be a huge correction or worse, a huge dump. A nice stable rise is what we want so the price will continue to be high.

[NewbieTreider]

First of all, yes we're all very happy about the rise in bitcoin's price recently. Secondly, don't risk more than you can afford to lose. The block reward is halving which is causing hype and people want more coins ve of it. It's not a guarantee by any means that the price will go/stay up so be careful. That's not to say that the price won't stay where it is or increase but it's not a sure thing.

I wouldn't worry too much about the price going to €10,000 and not being able to withdraw from coinbase. You could always import your private key into a better wallet that's not centralized/online. I would get rid o your account either way. Try localbitcoins, this forum or cash in person for better deals that don't rely on a start-up company to stay in business. Any bitcoin business is a start-up at this point in time.

I highly doubt we'll reach €10,000 anytime soon. If we do there will also be a huge correction or worse, a huge dump. A nice stable rise is what we want so the price will continue to be high.

Ok Chris!, Thank you very much for your advice.

I think I didn't explain correctly due to my bad English, sorry. I'm not saying that I expect price of €10,000 for one bitcoin!, I only try to explain the situation where I have several bitcoins for that value, in that case in coinbase I only can withdrawal  €3,000 every day... I mean, imagine that you have several bitcoins for that value, in that case if you want to sell all your bitcoins in a day, you can't do it.

I hope I explained correctly.

Thank you very much for your support!

[odolvlobo]

I believe the limit is on how much you can transfer out of Coinbase.

If you move your bitcoins to Coinbase's GDAX exchange, you can sell them all at once if you desire. Then you withdraw the cash from Coinbase over several days if necessary.

[pooya87]

if you are really new to bitcoin i suggest you don't invest this much money in the beginning of all things. just learn more about bitcoin and see how you can make a secure wallet on your own (a desktop or preferably a cold storage) after learning these then it is time to invest and check the price.

besides you can always use other bitcoin exchange services for doing the transactions you are looking for if you face limits.

[NewbieTreider]

I believe the limit is on how much you can transfer out of Coinbase.

If you move your bitcoins to Coinbase's GDAX exchange, you can sell them all at once if you desire. Then you withdraw the cash from Coinbase over several days if necessary.

Thank you odolvlobo, that's the problem that I don't like, the amount I can transfer out of Coinbase. Imagine that you are lucky and suddenly at the end of this month you have €7000, but you think that at the next day the price decrease dramatically, in that situtation you will lose money, due to the limits of transfer out.

Thank for the info of GADX exchange, I will check the option, I saw that service, but I don't know how runs.

if you are really new to bitcoin i suggest you don't invest this much money in the beginning of all things. just learn more about bitcoin and see how you can make a secure wallet on your own (a desktop or preferably a cold storage) after learning these then it is time to invest and check the price.

besides you can always use other bitcoin exchange services for doing the transactions you are looking for if you face limits.

Thank you pooya87, I understand you, and thank you very much again for your suggestion, at the end I think your advice to do a secure wallet to store my bitcoins is a really good idea, maybe in a USB pendrive.

[odolvlobo]

I believe the limit is on how much you can transfer out of Coinbase.

If you move your bitcoins to Coinbase's GDAX exchange, you can sell them all at once if you desire. Then you withdraw the cash from Coinbase over several days if necessary.

Thank you odolvlobo, that's the problem that I don't like, the amount I can transfer out of Coinbase. Imagine that you are lucky and suddenly at the end of this month you have €7000, but you think that at the next day the price decrease dramatically, in that situtation you will lose money, due to the limits of transfer out.

Thank for the info of GADX exchange, I will check the option, I saw that service, but I don't know how runs.

I don't use Coinbase so I don't know the details, but I know that you can store dollars at Coinbase. So, it should be possible to sell your all of your bitcoins at Coinbase at one time without withdrawing the dollars. You probably don't even need to use GDAX.

[NewbieTreider]

I don't use Coinbase so I don't know the details, but I know that you can store dollars at Coinbase. So, it should be possible to sell your all of your bitcoins at Coinbase at one time without withdrawing the dollars. You probably don't even need to use GDAX.

No, that's the problem, my day limits in coinbase for sell or buy is limited to €3000. That's the reason why I'm wondering if I want to sell all my bitcoins in a day... in coinbase with that limits it's impossible!

[gentlemand]

If you're in Euros look at a proper exchange like Kraken. Bitstamp also has a Euro market now but I don't know how big it is. How much you can deposit and withdraw from Kraken depends on your verification level but I can't imagine it's any more onerous than Coinbase. People cash out much larger amounts from exchanges.

[amacar2]

Atleast you have coinbase to easily buy and sell bitcoin with your bankaccount, 3000 euro per day is not a small amount atleast from my point of view. However there have few problems out there stated by some members in this forum about their account and bitcoin getting blocked by coinbase due to verification issue or so. You better do proper research before trusting any exchanger with closed eye.

[Tred]

Hi all!,

Some days ago a friend told me about buy bitcoins due to halving (now, I know what halving is!) because I can win some money, he recommended me coinbase, then I created an account in coinbase and I bought some bitcoins with my personal savings. Now, I'm so lucky due to his ATH.

But now I have a problem, in coinbase the day limits to sell or buy bitcoins is 3000€. Imagine that in some months I can win about 10000€ (hopefully!), and I want to sell all my bitcoins. In that situation I must spend 4 days. If this happens I must wait those days to sell all my bitcoins. If in those days the bitcoin price dramatically decrease, then I will lost all my savings, due to the high volatility of bitcoin price, and in this situation I will lost all my savings because I need those 4 days to sell all my bitcoins in coinbase.

In this situation, I'm thinking about search another exchange service that let's me sell all my bitcoins whitout limits, create an account in that exchange and transfer all my bitcoins to that exchange service, or, create a local wallet, transfer all my bitcoins to my wallet, and wait until I want to sell all in a exchange that let's me sell all my savings.

What do you think?. What do you do in this situation?.

Thank you very much for all your support, and sorry about my English!

Just stick with Coinbase, it will be the safest platform for you.

[outatime1]

Coinbase is not really for making quick trades.  It's more for buying and holding or cashing out. If you want to trade for other altcoins or fiat with quick trades, find a good exchange to transfer your money to. There are several out there,you just need to find the right one for your situation.

[Ethey]

Where is the Problem my Friend You have to Believe! If the Bitcoins rises once again uppon 1k it will stay there 

[gogodr]

Just get approved and you can take out as mush money as you want or just go by the limits and do the max for a few days in a row.
I don't see the need for a thread though, are you just trying to bump up your post count?

[serje]

Take the BTC out and sell them on bitonic.nl
There is no verification and you only need to provide them a email address and IBAN if you are in Europe then you have the money in your account next day around noon, only if you sell before 12 holland time!

[NewbieTreider]

Where is the Problem my Friend You have to Believe! If the Bitcoins rises once again uppon 1k it will stay there 

In fact I love the idea of bitcoin!, and in that sense, I expect the same! 

Just get approved and you can take out as mush money as you want or just go by the limits and do the max for a few days in a row.
I don't see the need for a thread though, are you just trying to bump up your post count?

Sorry It's not my objective, in fact, believe you or not, I usually don't write in forums so much... and on the other hand it's not easy to me write in English. I only want to get some advice about what to do with my coinbase account. I put there some savings and seeing the high volatility of bitcoins, I was wondering about what happens if suddenly I want to sell all my bitcoins.. I promise I will not write anymore in this thread, as I said, It's not my objective.

Take the BTC out and sell them on bitonic.nl
There is no verification and you only need to provide them a email address and IBAN if you are in Europe then you have the money in your account next day around noon, only if you sell before 12 holland time!

Thank you serje!, I will check this, I'm creating rigth now an account in Kraken, and why not, I will create another in bitonic.


Ok, Thank you very much to all for your answers, to me, this thread is closed, it's not my objetive increase my post count! . I think the best idea is create another account, because I verified my account in coinbase, and I don't no why, but the limits are the same!, again, thank you all for the advices!!!

[hermanhs09]

Well, you can always transfer your bitcoins to localbitcoins from your coinbase wallet and exchange your bitcoins for fiat there. Although the prices may not be the best it still works.

Good luck with your bitcoin investment!

[Joel_Jantsen]

1.Where have you stored your coins right now ?
If your answer is coinbase,please move them asap to your own wallet.Keeping coins in an exchange is not safe and not advised.You can either use a lightweight wallet like Electrum or an online wallet like Blockchain.info in the worst case.

2.Why trade only on exchanges ?
Its much safer and anonymous to trade on peer to peer platforms such as Localbitcoins which don't really have a limit.You can simply find a peer interested in your rates and sell them your coins.

3.Would you be interested in dealing with the buyer face to face ?
This is an alternative too.If you wish to avoid all the online trouble you can use btc2bid.com,place a deal,you will be approached by someone who's interested in buying your coins meeting in person.Since its a big amount you have to take precautions here.

4.Why only one exchange?
Distribute your funds in different wallets like Kraken/Polynix and trade there.You can trade with small amounts on different exchanges to avoid restrictions.First things first,move your funds from coinbase to your own wallet.