Regarding Gemini KYC, back when I registered, they even required a copy of my SS card, not just the number, but the actual card. Regarding limits, I was not referring to Gemini, but specifically to Coinbase as it relates to credit card purchases.
Depends on the broker. Most brokers require you to withdraw from them using the same address that was used to deposit, for security purposes.
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I just signed up with them last week, and they did not require a copy of my SS card.
Right. Things have likely changed since I signed up.
What was your method of deposit that took 4-5 days? ACH?
Not that it matters, but here is an excerpt from an email response that was given by Gemini a few years ago:
Gemini is a financial institution — as a New York State-chartered trust company, we are required by law to collect your SSN/SIN in order to comply with the Bank Secrecy Act (BSA) and anti-money laundering (AML) rules and regulations. To learn more about how we safely and securely store this information, please refer to our ‘Security’ page: Security for a description of the security design we employ.
Please upload a copy of your SSN card to your profile for review.
Yes it was ACH.
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As far as where you can withdraw to for COINEXX, this is what I found out.
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Good to know about Coinexx. I do not recall where I saw that. I have looked at so many broker sites, but maybe I am losing my mind. I make a habit of sending/receiving via my wallet in lieu of direct transfers.
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So… how would they verify that a given BitCoin wallet address is
"under your name" ??
[EDIT] Here’s a great idea !! Let’s have the Banks administer
Crypto Wallet Addresses just like they do Bank Accounts now !!!
Who’s on board with that idea, thus defeating the very purpose
of Crypto?.. no LOL cuz that is very sad … And of course they’ll
try to do that under the guise of Anti Money Laundering (AML).
Hey, maybe I mentioned before that I tried to make a CASH Fiat money
deposit to my brother’s Chase account. THEY WON’T ACCEPT CASH.
Why? AML, of course…
hyperscalper
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I was thinking the same thing!
I did a wire transfer. They explained to me that folks doing ACH transfers get treated with extreme care after a bunch of clowns last year were initiating ACH transfers then reversing/stopping the process at their bank causing all sorts of problems.
Use wire for Coinbase and they will treat you like a human.
Deposit in Coinbase, transfer to Coinbase Pro, buy your stable Crypto with a limit order, then send it on its way to your broker of choice. Don’t sweat it. It’s easy as pie if you follow those steps.
And yes, customer service was very patient and cordial with me.
Not millions, but a decent chunk of change.
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it would be hard to deposit crypto from broker to broker because broker gives you a time limit to deposit crypto, so if you request a bitcoin withdrawal from coinexx witch takes upto 48hrs to process the bitcoin address you got from tradersway already expire
Thanks for clarifying!
THE DEMISE OF CRYPTO BACKED SHIFT CARD
I thought this was a great thing, linked to my Coinbase BTC. There were
issues, in the implementation, as linking it to some Crypto other than BTC
was still accounted for in BTC, etc…
You could spend the Shift Debit card like normal, and it was backed by
your BTC account at Coinbase, in my experience anyway…
I don’t know why it was discontinued. My suspicion would be “nanny state
regulators”, but that’s one article on it, anywayz…
hyperscalper
Hopefully this won’t happen with bitpay personal
In one of the comments to the above linked article, there is a
discussion of BitPay, I think… here’s that link people may not
have seen as it was in a user comment.
buried in that Reddit article, one person makes these discouraging claims:
QUOTE:
"On the Bitpay website they make multiple claims:
“Load dollars using your bitcoin wallet, spend anywhere”
- You can’t spend everywhere because compliance will close your account
“The BitPay Card is one of the fastest, easiest ways to turn your bitcoin into dollars.”
- Turning Bitcoin into dollars apparently will trigger compliance to close your account
“Load dollars onto your BitPay Card using your bitcoin wallet. Funds are ready to spend in minutes.”
- Spending funds shortly after loading will trigger compliance to close your account"
…end of QUOTES
hyperscalper
That’s discouraging! QUOTE: “Seems like nearly every crypto card is being shut from the US”
Not sure if I’m the first to ask this question, at what point do we say we are fed up with Nanny State and become a citizen of a country that is ideal/friendly to FX/Crypto traders? If I had a enough money, I might consider it. I’ve read recently record number of ‘wealthy’ people are leaving the US because they are fed up. What country would that be? Could I finally get an account with Dukascopy if that were the case?
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IMO the problem with these cards is the instability of crypto price’s. There needs to be price stability for adoption to grow. Some of these crypto’s get tremendous gains but also tremendous losses.