The last few months I have been buying bitcoin by first purchasing USDC on Coinbase, immediately transferring it to Coinbase Pro, and then purchasing bitcoin. It has been the fastest and more cost effective way to purchase BTC considering the ACH hold times on Coinbase Pro and the cost and hold time on Coinbase.
I've been buying nominal amounts, pursuing dollar cost averaging. However, I discovered last week when I was buying USDC at an amount greater than $1,600 that the amount available for me to transfer to Coinbase Pro was capped at $1,600 and the remaining amount will have to clear ACH first, about seven days. The bronze lining was that if I wanted to I could convert the USDC to whatever crypto on Coinbase and pay the high fees on Coinbase.
Candidly, this doesn't surprise me that Coinbase would limit the amount of USDC you can purchase through ACH and transfer to Coinbase Pro until the ACH clears. However, it did catch me by surprise when the amount I purchased above $1,600 has been sitting there. Needless to say, this lack of awareness on my part annoyed me.
What is r/CoinBase thoughts around this? Is there a similar way to quickly purchase BTC like the method I indicated above and not be held hostage by ACH clearance lag times in the event I, or anyone else, would want to purchase BTC, or any crypto for that matter, at an amount greater that $1,600?
Separate question, does anyone have any insight as to why the actual ACH clearance time is around seven days? I think is ridiculous considering ACH batches generally take around two days to clear. Age and stage of Coinbase, and the recent articles in May that it's now a client of JPMC, it's a sophisticated financial services company (or however you want to label it, exchange, whatever). It makes me skeptical and frustrated that Coinbase, and the other exchanges for that matter, hold funds for so long, even after the money is taken from your account.
Thanks, community! I appreciate your help! Have a great week!
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