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That is exactly what it is. It is informing Coinbase's customers that their resources are finite and that they cannot be relied upon to execute trades nor provi
by ISL 9y ago
That is exactly what it is. It is informing Coinbase's customers that their resources are finite and that they cannot be relied upon to execute trades nor provide support in a heartbeat.
It is important that they say this, as it appears to be true.
PSA: If you're a Coinbase customer, and you have never made a withdrawal, are you aware that there are weekly sell limits, priced in USD, not BTC? It was a surprise to me.
If you're sitting on a little BTC kitty at Coinbase that has grown large, do know that you may not be able to convert it all to USD on a single trade even if Coinbase has liquidity and buyers.
- maxerickson 9y agoDo they not lay out those limits in a clear way somewhere or had you not looked for the info?
- hobofan 9y agoI transferred my BTC to Coinbase a few years ago (because I didn't trust myself to keep my wallet safe), and this is the first time I have heard of this. To be fair my account isn't set up for withdrawal (no bank account connected), so you might be notified about this there.
- g09980 9y agoDeposit/withdrawal limits can be increased if you ask them (if you are a high net worth individual.)
- maxerickson 9y agoI meant something like https://support.coinbase.com/customer/en/portal/articles/2108820-coinbase-account-limits https://support.coinbase.com/customer/en/portal/articles/210... Which is a top result searching Google for "coinbase transaction limits".
- ISL 9y agoIt is a surprise if you expect Coinbase to operate like traditional trading platforms/banks. Those tend to have lots of KYC friction to make deposits, little friction to make withdrawals. I continue to be surprised that Coinbase doesn't allow instantaneous execution, if they really do have buyers/liquidity, and then allow the USD to sit in a cash account and trickle out slowly if necessary. I was similarly surprised that I'd have to set up a GDAX account just to place a limit order. Making what is essentially a forex exchange with market orders alone is fraught with uncertainty.
- ryanmerket 9y agoMy weekly withdraw limit is $50k... I have zero problems with that.