Coinbase Increases Daily Crypto Buying Limit to $25K, Adds Support For Ethereum Classic

Coinbase, one of the world’s largest cryptocurrency exchanges, has increased the daily purchase limit for its customers to $25,000 a day instead of the previous $25,000 a week. This is like seven times increasing for weekly trading limits and customers won’t need to go through the hassle of getting multiple approvals and delay while trading.

For the time being, this change of facility is only available of U.S. customers and the exchange is working to bring it to its global customers as well. Also, only those customers who have completed their identity verification with Coinbase are allowed to avail this service.

In addition to increasing the buying limit, Coinbase in its official blog post notes that the exchange has now introduced “instant” buying facility for its customers following the customer bank transfers. Currently, Coinbase customers have to wait five days for the funds to settle before they can start trading. This update allows customers to get an immediate credit of funds sent from their bank accounts. This would be really convenient for customers to leverage the volatile price swings in the market without missing on crucial opportunities to trade.

The customers can trade using the USD in their wallet, but won’t be able to send the funds back unless those have been settled. The blog post mentions: “Millions of people turn to Coinbase to get started buying and selling cryptocurrencies. But when someone makes the decision to sign up, they don’t want to wait days before they can start buying cryptocurrency. While we do support instant transfers via wire transfer and debit cards, purchases via direct debits from your bank account can take days to appear.”

In addition to this, Coinbase has also announced support for Ethereum Classic on its ‘Pro’ platform and will soon be rolling it to its platform in coming weeks. In the official announcement, Coinbase wrote: “We are beginning the launch of ETC on our exchange at Coinbase Pro. We plan to add support for ETC at Coinbase.com when sufficient liquidity is established. We expect this to occur approximately 1–2 weeks after trading begins on Coinbase Pro.”

The official rollout for Coinbase customers will take place in four stages: transfer-only, post-only, limit-only, and full-trading mode.