coins.ph,
These are your current levels and limits:
Level 1: email verification
Level 2: phone, identity, selfie verification
Level 3: address verification
And then there are custom limits (Level 4?) but it doesn't say how or what, and you guys have to be contacted. There is also a business option, but I don't want to run or register a business account, I just want higher daily limits.
Recently, I had to do a few million pesos worth in transactions, so that took me several days.
I would appreciate it if you guys have maybe a Level 4 with a 1M or 2M daily limit or something similar, as I have an account with one of your other competitors and my daily limit with them was 2.5M pesos. Or have more levels, maybe Level 4 and Level 5 and Level 6. With 1M, 2M, 5M ...
I'd prefer it if there was specific requirements for individuals for these higher levels and not a "please contact us" form.
Following the examples of banks and other financial institutions, I can open an account with them and deposit or withdraw with no limits over the counter (or with daily limits through their ATM machines.)
This would also discourage people from creating multiple accounts. You can't prevent them from doing so. (Yeah, you can make it harder, but nasa pilipinas tayo, madali lang mang hiram ng ID sa kaibigan o kamag anak.)
Just throwing it out there.
Hi Dabs,
Thank you very much for the insightful feedback!
Coins.ph has designed transaction limits to ensure that our customers are in compliance with local laws and international norms, but as you've mentioned, there are certain use cases that require custom limits and that’s something we’re more than happy to help you with! In order to raise your transaction limits we need to get an in-depth understanding of how you fund your account, where those funds come from, and what you plan on using your increased limits for.
To upgrade to custom limits:
1. document your source of income - provide payslips, bank statements or other financial documents
2. explain your past and intended use of the account - we request to please be as thorough as possible in explaining for us to have a solid understanding of customer activity
3. request limits - provide your expected daily, monthly, and annual transaction volume so we can build your transaction limits around these volume expectations
We'll evaluate all documents as fast as we can and give you feedback once done.
Our team is continuously working on streamlining our verification process and reduce limit upgrade evaluation wait times. With that, we're happy to evaluate your suggestions!
If you have any clarifications, feel free to drop us a message
Best,
Pem
