In June of 2017 I opened a Coinbase account to try my hand at Bitcoin Investing . I had attended a Fintech Seminar earlier in that month and this triggered a renewed interest in Bitcoin Investing.
Coinbase has a limit of $100 weekly purchase amount for new account holders. I am based out of Toronto Canada. It took me some time before I was able to increase my limit to $200, $1000. I understand this is required for them to avoid fraud and to manage the on boarding of new users to their platform. However this can be extremely painful for an investor and can cause many lost investing opportunities. Coinbase also only allows you to trade a set number of cryptocurrencies ( Bitcoin ([BTC], Bitcoin Cash [BCH] , Ethereum [ETH], Litecoin [LTC] ) .
I decided to try a new exchange in order to have a higher limit and access to other cryptocurrencies. A friend of mine had signed up for Kraken – so I decided to give Kraken a try.
Please note investing in Cryptocurrencies is very high risk – only invest money you are comfortable losing.
I had signed up for Kraken in August of 2017 . However, I am guilty of procrastination and it has caused me dearly ! My Tier 1 and Tier 2 verification for Kraken was done in August 2017 ! However it seems like I will not be able to use my Canadian Bank Account unless I go through Tier 3 verification. I just uploaded my Passport Image and Credit Card Statement today . Will update on how long Tier 3 verification takes on Kraken ! I am looking to invest in Ripple and I can currently only do this once my ID is verified on Kraken.