Recent reports show that Coinbase has changed the minimum deposit for U.K. customers. Now the minimum deposit is £1000 staff has confirmed in private e-mails on July 16.
Recent news report that Coinbase has suspended the U.K’s Faster Payments system and raised the minimum deposit amount to 1,000 British Pounds. Now Coinbase users in the U.K. have to use the standard international transfer option, also known as SWIFT, to send and deposit funds. Coinbase hasn’t yet justified the motivation for this action.
“We’ve temporarily suspended Faster Payments and added support for GBP Swift payments in the interim,” reads the e-mail.
They go on and claim that Faster Payments will resume sometime in the next few months but failed to specify an exact date.
“For your account’s security and to prevent any potentially fraudulent activity, you will be unable to withdraw these funds or send the value of this deposit from Coinbase for 5 calendar days after deposit,” Coinbase staff added.
Since SWIFT payments usually take 5 working days to complete, The United Kingdom becomes a subject of a ten-day delay for making deposits.
CoinSpeaker was able to contact and ask for a comment from one of the owners of a UK-based cryptocurrency exchange, CoinBurp. He thinks that this move by Coinbase is disappointing and that it is failing many UK customers:
“This move by Coinbase is a clear indication that they no longer intend to serve traditional UK retail customers. As a company who has previously done so much for the UK crypto space, it is very disappointing to see the same customers who made them so successful are now being abandoned,” said CoinBurp CEO Peter Wood.
Coinbase’s New Crypto Trading Tools
In other news, Coinbase recently unveiled new tools for crypto investors to make informed trading strategies. Coinbase explains that these tools are “the first of their kind in crypto” and are meant for entry-level investors to better understand how seasoned traders pick their signals. Coinbase also has unveiled the three trading signals: Holder Activity, Typical Hold Time and Popularity, and Price Correlation.
“The top holder activity signal is the percentage of Coinbase customers with large balances of an asset (top 10%) who have net increased (bought) or decreased (sold) their positions in that asset through trading over the last 24 hours. This is updated approximately every 2 hours,” comments Coinbase.
Coinbase’s senior engineer, Will Drevo, who also had done some early analysis of these tools said that Coinbase’s top crypto accounts usually are more keen on buying rather than selling. He believes that there is a direct correlation between bullish and bearish market cycles:
“Historically, when top holders are either unusually bullish or bearish this has been indicative of changing market conditions, but not always.”