wallet purchase limits

[KHamilton]

So I recently set up wallets thru Celsius and Binance. Celsius is telling me the daily purchase limit is $500. Binance US is saying $1000 daily.

Is this just temporary since the accounts are new?? These amounts are a hinderance!! 

[Oshosondy]

Binance is not a wallet, it is an exchange, you set up an exchange account, not a wallet. I do not know much about Celsius, but I think it would be a wallet, it would be a custodial but I do not know.

Your deposit and withdrawal limit will be based on your level of verification, though I am only using binance as an example, it is not because your wallet is new.

[ranochigo]

There are no limits on how much you can send or receive in any Bitcoin wallets, unless they're custodial.

The limits that you're seeing is enforced by the exchanges as part of their KYC policy and validation should increase that. Keeping your Bitcoins on exchanges is not safe and you should not treat them as wallets.

[DdmrDdmr]

<…>

Binance US seems to have a daily limit of 5K$/day using ACH (see https://support.binance.us/hc/en-us/articles/360046785934-Binance-US-Increases-ACH-Limits-for-USD-Deposits-and-Withdrawals - article updated 2 months ago), although I've read multiple cases stating that they are limited to 1K$/day for some unknown reason. The referenced article also states that wire transfers have higher limits (I’d double ckeck the terms in this case).

No idea about the other site. It might be better to contact each of their support in order to further inquire about those limits, and alternatives to bypass them if that is what you want to do.

[nakamura12]

Binance is not a wallet but an exchange as mentioned in post above. About the other site is that I don't know about it. I would say that the Celsius is a wallet and according to what I searched is that you can lend or borrow btc. I think that is why op said that there is a limit when you use thw celsius wallet. There are some custodial wallet plus exchange that you can buy and sell but of course there is a limit on how much you can transact.

[Bitcoin_Arena]

Is this just temporary since the accounts are new?? These amounts are a hinderance!! 

It's not temporary as such. You have to verify you account in order to have higher purchase limits. The problem is the regulatory bodies especially if you are from the US

As for celicius network, they also use third party services to make purchases such as GEM and simplex. So I don't understand why you are trying to use them to purchase bitcoins directly.

1. Try checking bestchange.com to see if there is any suitable exchange that can match your payment methods
2. You can use p2p exchanges that don't require KYC to purchase crypto using fiat such as
- https://localcryptos.com
- https://hodlhodl.com
- https://bisq.network