Episode Highlights:
- 00:16 – Advices You Will Receive From Dan In This Video
- 01:00 – How Much To Start With When Opening Your Coinbase Account
- 01:16 – The Difference Between Using Your Credit Card And A Bank Account When Purchasing Bitcoin
- 02:40 – The Inconvenience Of Purchasing Bitcoin With Your Bank Account
- 03:08 – Why Increase Your Sell Limits?
- 03:49 – How To Increase Your Sell Limits
- 04:19 – How To Answer The Questions Asked When Setting Sell Limits
- 04:51 – How Long Coinbase Take To Reply After Submitting Request For Sell Increase
- 05:10 – Where Will Your Funds Go When You Sell Your Bitcoin
- 05:56 – One Of The Mistakes That Can Be Made When Selling Bitcoin
- 06:51 – Why Is It Important To Increase Your Limits Early?
Grow your cryptocurrency investments with personal one-on-one coaching from Crypto Camacho. Click HERE
Transcription:
Hey guys what’s up? Its Dan again for cryptocamacho.com, where each day I help you make more money in cryptocurrency. And teach you something useful of how you can make more headway in this crazy crazy cryptocurrency revolution that’s going on right now.
00:16 Advices You Will Receive From Dan In This Video
Guys today I’m very happy to report and excited to tell you that I have increased my buy limits on coinbase to $100,000. I’m super stoked about this. I’ve increased my limit a few times never ever had it this time. And actually the process to increase the limits were actually quite simple and painless. So I want to kind of just go through and talk through how I did this. And also want to give you guys a couple words of advice or cautions about when you’re buying and selling bitcoin through the coinbase platform. So there’s a few things that I did early on. Mistakes that I made. Mistakes that other people have made that I know and I’d like to share with you guys what those are, so you don’t make the same mistakes as well.
01:00 How Much To Start With When Opening Your Coinbase Account
So when you first start it open up a coinbase account, you start with a limit of $500. You could purchase about. I think it’s actually $200. You can purchase a limit of like $200 worth of Bitcoin and then slowly that’s increased over time.
01:16 The Difference Between Using Your Credit Card And A Bank Account When Purchasing Bitcoin
Initially you could buy with a credit card. You could attach or add your bank account to coinbase as well. One very very important thing to note, if you use a credit card to make Bitcoin purchases on coinbase you can purchase up to. I can purchase up to $7500 instantly. So I put in my credit card. I buy $7500 worth of Bitcoin and it’s instantly in my coin base account. I could use it, I could transfer it out to an exchange, I could buy and sell it, I can do whatever I want with it. If you do this with a bank account and my limit is higher. If you do that with a bank account, buy Bitcoin with a bank account, you typically have to wait 4 to 6 days to actually access the funds in your coinbase account. This is very important guys because I myself and my brother just did this 2 days ago, where I purchased with a bank account when I was expecting to buy Bitcoin when it was about to rise. So I was all excited. I went to Coinbase and I bought a certain amount of Bitcoin with my bank account and all of a sudden I was like, “where’s my Bitcoin?” And I looked around and it wasn’t in coinbase. I was like “what’s going on?” And there was a little message that said your Bitcoin funds will be released or available in 4 to 6 days. And I couldn’t believe it. I was so upset and I was so angry because I missed out on a huge run-up of Bitcoin at the time and I wanted to be able to use that Bitcoin to buy that run-up.
02:40 The Inconvenience Of Purchasing Bitcoin With Your Bank Account
So keep that in mind if you buy Bitcoin on coinbase with your bank account, you will have to wait 4 to 6 days to actually use that Bitcoin that you purchased. So just know that going into it. Know that you’re gonna have to wait a few days to access it. My brother just did this a few days ago, he bought it on his bank account, he has to wait 6 days I think and he’s all upset that he has to wait 6 days. So keep that in mind guys. So that’s one thing. So again though if you buy with a credit card it’s instant you don’t have to worry about it.
03:08 Why Increase Your Sell Limits?
So I’ve also increased my USD wallet to $100,000 and my sell limits to $100,000 and why did I do this? I have so much cryptocurrency at this point, that I want to be able, if I want to and I’m not doing this but if I want to, I want to be able to take the money from my wallets, from the exchanges and pass it through coinbase back into my bank account if I want. Before I increase my limits to a $100,000 my sell limits were actually very very low. They were like $500 or $1000 and I was like wow you’ve got to be kidding me. I have a lot of money in cryptocurrency and I want to be able to sell it and put it back into my bank account as quickly as I can, you know if there’s like a dip or a panic or whatever. And so I want to be able to do that.
03:49 How To Increase Your Sell Limits
So I immediately went to coinbase and I went to this this area. If you go into settings and then you go into limits and you’ll see this page here. You can apply for higher limits. And the way it works is you just literally click on this little button right here. Apply now for higher limits, apply for higher limits and you just give some information about; are you an individual or a company? What are your weekly trading limits? And it gives you a range. How are you using digital currency and why are you requesting a higher limit?
04:19 How To Answer The Questions Asked When Setting Sell Limits
So what I put in these areas. I said basically I was using digital currency for educational purposes, to buy and sell, to understand how these different cryptocurrencies work and to really understand you know how to use them. And in order to do that I needed to increase my limit, something like that. Why are you requesting a higher limit? And I basically said because my volumes of trading have gone through the roof and I want the ability to transact more frequently, more often so forth and so on. And I submitted it. That’s really all I did and I submitted it. I go to the next screen give a little bit more information, submitted it.
04:51 How Long Coinbase Take To Reply After Submitting Request For Sell Increase
And I thought it was going to take some time to actually process this and go through but probably within two days they sent me an email and they said you’ve been approved to have your account increased to a $100,000 limit for buying and selling. So I was very very happy about that and that’s where I sit today.
05:10 Where Will Your Funds Go When You Sell Your Bitcoin
Keep that in mind as well guys because when you go to sell, there’s also a waiting period. I want to make sure you guys understand this. When you go to sell, you can sell and you can sell Bitcoin immediately right. If you go to buy sell, you can go ahead and buy and sell it and what will happen is if you sell your Bitcoin it’ll go into your USD wallet or you can choose to sell it and have the funds go into your bank account. If you sell it and want the funds to go to your USD wallet, which is basically on coinbase there’s no waiting period, it’s instant. You sell, your funds go into the USD wallet, and you’re done. However you want to sell and push the money back in to your bank account, like I want to sell one Bitcoin and I want to transfer those dollars back into my bank account in US dollars, there is a waiting period.
05:56 One Of The Mistakes That Can Be Made When Selling Bitcoin
And again it’s like 4 to 6 days to get your money from coinbase into your bank account.
So again just be aware of that if you’re going and selling and you need the money quickly, just know there is a wait period there. I don’t want you to make the mistake again.I made that mistake as well. I was selling, I wanted to take some money out for something and now I have to wait to get that money because of the wait period. Not bad if you know what to look for and you know about it. If you don’t it could be a real hassle and a real pain to do that.
06:24 Where To Find Out More About Increasing Your Limits
So anyway I hope this has been helpful for you guys. I just wanted to have a very quick video of that. You could go look at the coinbase documentation on this as well. Here’s everything you need to know about the account limits, on how you see your limits, how you increase your limits. You do have to add your phone number, your personal details, you have to give them a photo ID to increase your limits even to like $15,000, I think you need to give them more information for that.
06:51 Why Is It Important To Increase Your Limits Early?
So I would start that process sooner than later because when you need it there will be a waiting time and you want to do it earlier than not, so that you don’t have to wait. So go to coinbase and do that right now and just talking about linked accounts.
07:04 Research More And Learn More About Bitcoin
You can also go in and figure out how to sell and withdraw. It gets into some of the stuff I’ve been talking about, the wait period, so for the so on but when you sell you actually, here it says right here, you can sell and withdraw USD into your bank account the money will arrive in 4 to 6 days. You have to take that into consideration guys and that’s for us customers only. So hopefully that makes sense. Again I am Dan from cryptocamacho.com, I hope this video has been useful for you and if you have not subscribed please do so on my You Tube channel now and I will talk to you next time, see you guys.
