If you’re a Coinbase user, you may have noticed that your weekly buying limit is pretty low. Why is this? Well, there are a few reasons.
For one, Coinbase is a regulated company. This means that they have to comply with know-your-customer (KYC) and anti-money laundering (AML) regulations.
In order to do this, they need to collect some information from their users.
This includes things like your name, address, and date of birth. They also need to verify your identity.
It is important to note that Coinbase may set a weekly limit on the amount of money that you can buy or sell in a given week. This limit is usually based on your account activity and transaction history. If you exceed this weekly limit, Coinbase may temporarily suspend your account or apply additional limits to protect your account security. Please make sure to monitor your weekly limits and take necessary precautions to avoid any issues.
This can be done with a government-issued ID or by linking your bank account.
All of this information is used to help prevent fraud and keep your money safe. It’s also used to comply with regulations.
So, why is your weekly limit so low? Well, it’s likely because Coinbase is trying to prevent you from buying too much Bitcoin all at once. They want you to slowly build up your position over time.
This is actually a good thing! It shows that they’re trying to protect you from making impulsive decisions and buying too much Bitcoin before you’re ready.
Of course, you can always increase your weekly limit by providing more information to Coinbase and verifying your identity. But, if you’re not comfortable doing that, you can always just wait and buy more Bitcoin next week.