Module #3 - Making Your First Investment
Lesson 6 - Changing Your Limits
This is the final lesson within Module #3. By now you should be comfortable navigating your way around Coinbase and own a little Bitcoin. Perhaps you want to now buy some more Bitcoin or some of the other Crypto available on the site. We, therefore, need to work on increasing your limits.
Understanding Your Account Limits
You can see your account limits on the Verifications page.
The limits are weekly, and you will notice they exist for buying and selling. You will also see that your buy and sell limits are significantly higher from your fiat wallet (mine being GBP) than your Credit/Debit Card.
If you intend on buying larger amounts of Crypto with Coinbase, then it is recommended you complete the verification process by linking your bank account and transferring money directly into Coinbase.
To increase the limits on your Credit/Debit card, the only way to do this is to keep buying with it each week. Coinbase will build a trusted relationship with you and start to increase your limits.
The following are things you should do to help increase your limits:
- Ensure you have a phone number linked to your account
- Ensure you have completed all your personal details
- Upload as many forms of photo ID as you have
- Establish a purchase history
The latter is the most important. This said, I would always recommend transferring funds from your bank for your buying.
Module #3: Lesson 6 Summary
- Your account has limits to prevent fraud: and you can see these on your verifications page
- You can increase your limits: by adding a phone number to your account, completing all personal details, uploading all forms of ID and then establishing a purchase history
Now you understand Coinbase and own some Bitcoin, you can move onto Module #4 where you will learn about creating a portfolio.