Common Questions

What limits exist on Coinbits?

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.

Updated on:
July 9, 2024