Anyone who has been a long-time user of Coinbase knows that the cryptocurrency startup hasn’t exactly always made it easy to buy Bitcoin.
In the early days you had to link your U.S bank account, verify it via two small deposits, andstill wait up to five days for the Bitcoin to be sentto your wallet each timeyou made a purchase.Then, the company added instant purchases (which allowed you to receive the Bitcoin immediately), but only if you had a credit card linked to the account as a backup payment method.
But today that has finally changed, as the company announced that instant buys from debit cards are now available to all users in the United States.
This is a big deal, mainly because of the increasing amount of consumers in the U.S who solely rely on debit cards. And since waiting 3-5 days to receive Bitcoin kind of defeats the purpose of buying it at all, many consumers shied away from Coinbase’s platform, turning instead to companies like Circle.
For the privilege of using your debit card, Coinbase will charge a 3.75% fee, compared to the 1% fee they charge for purchases fundedby your bank account. In addition, the company is requiring all users who use debit cards to verify their identity before making their first purchase.
One more downside;the company will be limiting debit card purchases to just $250 worth of Bitcoin per day, compared to $10,000 per day when using your bank account.
But even with the additional verification and low purchase limits, the acceptance of debit cards should still lead to a floodof new users signing up to purchase Bitcoin on the platform.
The company says the feature is coming to other countries soon, although most European users have been able to use a debit card on Coinbase since late last summer.
FAQs
For the privilege of using your debit card, Coinbase will charge a 3.75% fee, compared to the 1% fee they charge for purchases funded by your bank account. In addition, the company is requiring all users who use debit cards to verify their identity before making their first purchase.
Why is Coinbase declining my debit card? ›
Solution: Check for insufficient funds, exceeding the daily limit, prohibited merchant categories, or high risk transaction status. Contact our Support team at +1 844-208-5005 if you believe a transaction was wrongly declined.
Can I buy Bitcoin on Coinbase with my debit card? ›
You can buy Bitcoin on Coinbase with an approved payment method, including a bank account, a debit card, or you can initiate a wire transfer.
Are debit card purchases on Coinbase instant? ›
Purchases made using a debit card or the USD balance are instant. Bank purchases use the ACH transfer system, which typically takes 3-5 business days to complete (timing is displayed prior to confirming your order and in the confirmation email).
Why is Coinbase not letting me buy crypto? ›
Sometimes, we need more information to confirm you own the payment methods on your account. If you haven't already, please upload an ID document for each person with verified information on your Coinbase account. This helps speed up our review process.
Why can't I use my debit card on Coinbase? ›
You will get an error message if your card does not support 3D Secure. Some banks require security steps to authorise a purchase using 3D Secure. These may include text messages, a bank-provided security card, or security questions.
Why won t my debit card let me buy crypto? ›
Contact Your Bank: Sometimes, banks may block certain types of transactions, including those related to cryptocurrency, as a precautionary measure. If you're experiencing issues with your card payments, a simple call to your bank can often resolve these blocks and provide clarification on any transaction limits.
What debit cards does Coinbase accept? ›
If a Visa or Mastercard debit or credit card is already added to your Google Wallet, Google Pay can automatically be used to buy crypto on Coinbase from an Android device (or supported browsers like Chrome, Samsung Internet, and Microsoft Edge).
How to buy and send bitcoin instantly on Coinbase? ›
Web (Coinbase.com)
- From your Dashboard, select Send and Receive in the toolbar.
- On the Send tab, enter the amount of crypto you'd like to send. ...
- Choose the asset to use for the send.
- Enter the crypto address, phone number, or email address of the person you would like to send the crypto to.
- Leave a note (optional).
Current Coinbase status is UP.
The Coinbase Card, a Visa debit card linked to your Coinbase account, allows you to spend your cryptocurrencies directly. The spending limit for the Coinbase Card can be up to $2,500 per day, which includes withdrawals from ATMs and retail transactions.
What is the 1000 limit on Coinbase? ›
Currently, the spending limit for the Coinbase debit card is $2,500 per day. The maximum ATM withdrawal is $1,000 per day.
How to bypass Coinbase hold? ›
How can I avoid Coinbase's holding period? The fastest way to avoid the holding period is to buy crypto or fund your Coinbase account via debit card. However, the debit card fees are high and the limits for purchases are low, which means you can only buy small amounts of crypto at high fees.
How to buy bitcoin on Coinbase with debit card? ›
Users with this feature enabled can add a debit card by going to the payment methods page on Coinbase.com, or through the payment method option under settings in our iOS and Android apps. Once a debit card has been added, users can then go to the buy page, and instantly buy bitcoin.
Why does my debit card have a $0 limit on Coinbase? ›
Coinbase account limits are determined by an algorithm which takes a variety of factors into account, including but not limited to, account age, location, transaction history, payment method, and verification steps completed. Unfortunately this means that limits can sometimes go down for customers.
Why is Coinbase declining my purchase? ›
Here are some reasons why your payment may have been declined: The credit card number, expiration date, or security code has been entered incorrectly. Try re-entering the information as it is shown on your card. The credit card has expired.
Why is my debit card declining when I have money on it? ›
Why might my debit card be denied even if I have money in the account? It indicates an expandable section or menu, or sometimes previous / next navigation options. Your debit card may be denied due to overdrafting, reaching daily purchase limits, or your bank suspecting fraud.
Why does my Coinbase transaction keep failing? ›
To ensure the security of Coinbase users' accounts and transactions, Coinbase may decline certain transactions if potential security issues are observed. If you believe your transaction should not have been canceled, please follow these steps: Complete all verification steps, including verifying your identity.
Why is my debit card unable to cash out on Coinbase? ›
If you don't see your card listed as an option, this means your card does not allow this feature. Card eligibility requirements are created by your bank or card provider—please contact them for more information about providing Visa Fast Funds or MasterCard Send for your card.
What is the debit card restriction on Coinbase? ›
The maximum daily spending limit for the Coinbase debit card is $2,500 per day. If your spending limit is below $2,500, you should complete the verification process and/or reach out to Coinbase Support.
