Hello there, how have you been? We are still here for you, behind our keyboards, trying to work on our exchange to bring you as an enjoyable service as we can, hope you enjoy it at your side of the screen as much as we do. For the same reason, we are here with another explanatory article.
We get a lot of questions about the inner workings of Coinmate and we want to give you a glimpse of how certain processes work so your experience could be more seamless and comfortable. Today we’d like to get a bit into the limits on the exchange.
Why there are any limitations in the first place?
We ask ourselves the same question, but in this world, we’d have to be cryptocurrency exchange only to be able to stay completely without any limits. And actually, in that field, we are. Trading and transactions in crypto are not limited in any way.
What legislation dictates us, is to limit FIAT payments to and from Coinmate. And to be honest, complying with these rules is not a bad move in today’s world. Nowadays, many institutions and banks reject their cryptocurrency clients or services, because of fraud suspicion or any other similar reasons.
It is very easy to get there, such easy as just to not comply with this given set of rules. Therefore, as much as it is obligatory, it also helps us to stay stable even at this age, and in addition, to provide stable service to our clients.
OK then, but what are these limits exactly?
We implement various limits tiers, you can find these on your Account – Limits menu. It applies to both FIAT deposits and withdrawals combined. There is a daily limit, which means 24 hours turnover from since the last payment was made. And a monthly limit, which is the same turnover, but for 30 days.
For various levels of limits, it is required to upload appropriate documents. These requirements, as well as the upload option, can be found found in account settings – Get Verified menu. There is also an individual limit option, that could be requested after at least a month of trading on highest limits.
After that, you can just let us know through support messaging how high month and day limits you would like to have and we will get to you with any additional requirements briefly.
In addition to daily and monthly volume limits, here is also a second FIAT transaction limit that should be taken in consideration. It restricts the number of FIAT transfers to 2 per 24 hour turnover period. If you send or request more of these, don’t be afraid, they will be processed automatically after the limit times out.
As mentioned, these limitations does not affect crypto transactions, or trading.
Now you are wiser again, we hope this knowledge will make your Coimnate experience even more pleasurable one, and of course, you can look forward to more basic tutorials to come.
See you next time