Coinbase max withdrawal ? | Bitcointalksearch.org

evgenia_volkova

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Quote from: Velkro on October 07, 2019, 07:50:16 AM

Quote from: evgenia_volkova on October 07, 2019, 07:15:40 AM

Why don't you get in touch with their support and ask them for the withdrawal limits.

Bitcoin is about not need to trust anyone.
After reply from exchange you must trust it because i heard too many stories already that when people are verified and want to pay out their funds they suddenly must verify themselfs again literally frozing/taking their funds by exchange.

If it is about trust then even asking in community and forum makes no sense. Then what is the difference in a support email confirmation and a discussion on forum. I actually did not get the point. Probably we are looking from different angles please explain.

I was addressing to the question where OP said that maximum payout of the exchange. And also payout can vary as and when the price changes thus I said of conversion to USDT.

Murat

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Quote from: CryptoLeon on October 06, 2019, 12:57:34 PM

Will they pay you out the full amount at once?
Are their curtain things you need to look out or watch out for?
What will happen if most cryptocurrency goes on a bull run like end of 2017, will they except (coinbase) withdrawals ? Or they go on a lock down or whatever ......... ?

1. No, Their withdrawal limit is $10000/Day.

2. Yes, Coinbase's history is not good. I would send $10k every day from Hardwallet to Coinbase & then withdraw. They may ask more documents if you consistently do that.

3. Sorry, your last question is not clear. Coinbase will not lock your funds if they don't find anything suspicious. It's better if you withdraw slowly to avoid their attention. It's natural that they would double-check for big transactions.

marcotheminer

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┴puoʎǝq ʞool┴

Quote from: Velkro on October 07, 2019, 07:50:16 AM

Quote from: evgenia_volkova on October 07, 2019, 07:15:40 AM

Why don't you get in touch with their support and ask them for the withdrawal limits.

Bitcoin is about not need to trust anyone.
After reply from exchange you must trust it because i heard too many stories already that when people are verified and want to pay out their funds they suddenly must verify themselfs again literally frozing/taking their funds by exchange.

Coinbase wouldn't do that unless they have a very valid reason to (if you're heavily involved in gambling, 'risky' business, fraud, darknets). It's all in their TOS. The average joe has nothing to fear of Coinbase - whether verified or not. Nevertheless, minimise your usages of exchanges people!

Velkro

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Quote from: evgenia_volkova on October 07, 2019, 07:15:40 AM

Why don't you get in touch with their support and ask them for the withdrawal limits.

Bitcoin is about not need to trust anyone.
After reply from exchange you must trust it because i heard too many stories already that when people are verified and want to pay out their funds they suddenly must verify themselfs again literally frozing/taking their funds by exchange.

evgenia_volkova

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Activity: 78

Merit: 20

Why don't you get in touch with their support and ask them for the withdrawal limits. And if you want to withdraw all funds at a time then get accounts on multiple trusted exchanges and at the required price you can withdraw.

Even if it the price like 2017 that is concerning you then covert to USDT at the required price and then withdraw. I think this is a simple and quick way.

Velkro

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Quote from: funsponge on October 06, 2019, 02:05:03 PM

Quote from: squatter on October 06, 2019, 01:30:53 PM

Suffice it to say, if you needed to exchange €15 million worth of bitcoins, it could be done.

But should still be done in smaller increments to avoid theft and accidental loss of coins.

True, its more safe to do in batches than one time. More hassle, but more secure. Its your choice in the end, but this is solution to your problem.
Security is very often about extra work, not doing shortcuts.

marcotheminer

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┴puoʎǝq ʞool┴

Quote from: CryptoLeon on October 07, 2019, 01:06:52 AM

Thanks, lots of answers I'll have to dig trough.

Another question in the same post......

A cryptocurrency transferred from Coinbase to a hardware wallet (Nano X). Can they be transferred from the hardware wallet to any another exchange besides Coinbase?

Thanks for all the reply's given so far

Once the cryptocurrency is in your control (hardware wallet in this case) you're free to send wherever and whenever. You can send back to Coinbase or to another exchange that accepts that currency.

CryptoLeon

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Thanks, lots of answers I'll have to dig trough.

Another question in the same post......

A cryptocurrency transferred from Coinbase to a hardware wallet (Nano X). Can they be transferred from the hardware wallet to any another exchange besides Coinbase?

Thanks for all the reply's given so far

AverageGlabella

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There should be multiple OTC providers that will take transactions which are $50,000+ and although Kraken is probably going to be the most recommended out of these services due to their high quality service they only accept OTC orders of over $100,000. The other benefit of OTC orders is that they do not usually require jumping through KYC verification hoops where as on traditional exchanges they would require extensive KYC verification for transactions of the amount you are requesting.

o_e_l_e_o

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You can see their support page here for your answer: https://support.pro.coinbase.com/customer/en/portal/articles/2945311-limits

When you first create and verify a Coinbase account, your daily withdrawal limit is $10,000. If you want more than that, you will need to go through enhanced KYC procedures (which are likely to be highly invasive) and then request a higher limit, which will take time to be granted.

As others have said, if you want to trade large volumes, then you should explore OTC options.

Febo

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Quote from: CryptoLeon on October 06, 2019, 12:57:34 PM

Dear Gents,

For example there’s a hard wallet with an x quantity of cryptocurrency.

Bought for €50k and now worth €15 million. All hypothetical okay!!!!

Now you transfer the cryptocurrency from your nano ledger X back to Coinbase.

Will they pay you out the full amount at once?
Are their curtain things you need to look out or watch out for?
What will happen if most cryptocurrency goes on a bull run like end of 2017, will they except (coinbase) withdrawals ? Or they go on a lock down or whatever ......... ?

Thanks and once again all hypothetical the figures !

They should never lock down withdrawals. When that happens it means they have some problems and should not be trusted anymore.
I dont know how is on Coinbase, but most exchanges have several levels of verification. Like first level is you just tell them name and address, and you can withdraw that much per day and per month. Second level is you scan a document and you can withdraw more per day/month. When you will be withdrawing $15 millions from any exchange they will for sure do a lot of checking. Do not expect it to happen instant.

squatter

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STOP SNITCHIN'

Quote from: funsponge on October 06, 2019, 02:05:03 PM

Quote from: squatter on October 06, 2019, 01:30:53 PM

Suffice it to say, if you needed to exchange €15 million worth of bitcoins, it could be done.

But should still be done in smaller increments to avoid theft and accidental loss of coins. I can't really stress this enough as anything could go wrong when sending that amount of coins to someone especially when using peer 2 peer exchanges where you are not sure if the person on the other side will keep their side of the deal. I'm not familiar with OTC but I am assuming there is a escrow process?

Not always, but it's certainly recommended. ItBit's OTC trades are always escrowed, and the same is true for some other brokers too:

Quote

By virtue of our Trust Charter, itBit's OTC process is de facto an escrow. We always act in an agent capacity. We will never take a principal position in any transaction to avoid any conflict of interest with the client.

The primary difference between an escrow transaction and an OTC transaction is the addition of an agent or buyer/seller mandates. In the escrow process, itBit acts as a neutral party to settle a trade brought forward by an agent or buyer/seller mandate. In the OTC space, itBit acts as the agent to negotiate a trade between two parties and conducts settlement.

Absent a qualified escrow, significant due diligence on the counterparty should always be carried out. That's one of the reasons to use an established, well-known broker who will have access to buyers and sellers who have already been vetted for AML/KYC and access to funds.

funsponge

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Quote from: squatter on October 06, 2019, 01:30:53 PM

Suffice it to say, if you needed to exchange €15 million worth of bitcoins, it could be done.

But should still be done in smaller increments to avoid theft and accidental loss of coins. I can't really stress this enough as anything could go wrong when sending that amount of coins to someone especially when using peer 2 peer exchanges where you are not sure if the person on the other side will keep their side of the deal. I'm not familiar with OTC but I am assuming there is a escrow process?

squatter

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STOP SNITCHIN'

Quote from: CryptoLeon on October 06, 2019, 12:57:34 PM

Dear Gents,

For example there’s a hard wallet with an x quantity of cryptocurrency.

Bought for €50k and now worth €15 million. All hypothetical okay!!!!

Now you transfer the cryptocurrency from your nano ledger X back to Coinbase.

There's no reason to use a conventional exchange for this. For trades that large, the best option would be an OTC trade desk where the minimum order size is usually around €100K. It sounds like Kraken's OTC desk could handle an order like that without much of a problem:

Quote

Whether you are trading blocks of $100,000, €10,000,000 or 2,000 Bitcoin, the OTC desk will provide you with execution and settlement services that are discreet, secure and ultra-competitive.

Coinbase also launched its own OTC trading desk late last year. I'm not sure how it compares to more established ones.

Suffice it to say, if you needed to exchange €15 million worth of bitcoins, it could be done.

funsponge

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Even if an exchange did offer massive amounts to withdraw I would recommend against storing that amount of coin on a exchange at one given time and would recommend transferring smaller increments over because as the saying goes putting all your eggs into one basket is not a great idea. If something goes wrong during the withdrawal or if the exchange is compromised at the time of depositing your Bitcoin on the exchange you could lose your money.

CryptoLeon

newbie

Activity: 8

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Dear Gents,

For example there’s a hard wallet with an x quantity of cryptocurrency.

Bought for €50k and now worth €15 million. All hypothetical okay!!!!

Now you transfer the cryptocurrency from your nano ledger X back to Coinbase.

Will they pay you out the full amount at once?
Are their curtain things you need to look out or watch out for?
What will happen if most cryptocurrency goes on a bull run like end of 2017, will they except (coinbase) withdrawals ? Or they go on a lock down or whatever ......... ?

Thanks and once again all hypothetical the figures !

Topic: Coinbase max withdrawal ? (Read 197 times)