Due to our partner Cybrid's requirements, there are different limits and minimums for purchasing and selling bitcoin and depositing fiat when using Coinbits.
Individuals without SSN
- $3,000 rolling 24-business-hours limit
Individuals with SSN
- $5,000 rolling 24-business-hours limit
- $15,000 rolling 7-business-days limit
Business accounts
- $6,000 per transaction limit
- $15,000 rolling 24-business-hours limit
- $50,000 rolling 7-business-days limit
General limitations
- Limits per rail: Fiat transaction limits are independent of bitcoin transaction limits.
- Per direction basis: Limits on funding deposit transfers are independent of limits on funding withdrawal transfers
Bitcoin custody period
- Coinbits accounts may not hold bitcoin balances greater than $1,000 for more than 48 business hours. These balances are monitored weekly and members are alerted to remove the bitcoin balance, either via on-chain withdrawal or conversion to fiat currency, when they exceed $1,000.
Can limits be increased?
Members who wish to transfer amounts exceeding the standard limits can apply for increased limits through an Enhanced Due Diligence (EDD) process. This includes:
- Manual review of KYC and transactional history
- Verification of occupational details and source of funds (SoF)
- Documentation declaring the source of wealth (SoW) for transactions of $50,000 or more
Maximum Limits:
- $50,000 per day
- $200,000 per month
- Transactions over $6,000 must be sent via wire transfer.
EDD is a thorough review process that may take several days or longer to complete.
To inquire about the EDD process, contact our support team.