You can’t add a payment method while your account is restricted. Coinbase account restricted: A lot of Coinbase users will face an error after signing in Coinbase exchange and completing the two factor authentication and KYC that says: “you can’t add a payment method while your account is restricted. done”. Why does the Coinbase overpayment method not work and how do we fix it? In this article on Shetcoiner we want to explain this issue for you, and we want to talk about:
- What is Coinbase?
- How does Coinbase make money?
- Is Coinbase profitable?
- How to buy different currencies on Coinbase?
- Why is my Coinbase account Restricted?
- Why coinbase add payment method not working?
- What is the reason for limiting the Coinbase account?
- How to fix Coinbase account restricted?
So stay with us! You can also read about How many Coinbase accounts can I have? or How to buy Vechain in Coinbase? and etc, on our magazine.
These days, crypto currency has been able to transform from a small investment to an investment worth ten million of dollars in total. If you want to use crypto currencies as a method of investment or a payment method, you have probably heard of Coinbase. This platform is one of the most popular online cryptocurrency exchanges with tens of millions of users. It is also one of the easiest ways to buy digital currency, which has helped increase its popularity.
What is Coinbase?
Coinbase is an exchange that allows you to buy and sell various digital currencies such as Bitcoin, Ethereum and about 50 other currencies. You can also use this exchange to convert one digital currency to another or send and receive digital currency to or from other people. Just like the stock trading apps you may already be familiar with, this exchange shows you the current price and trend of cryptocurrencies, an overview of your stock portfolio, and industry news. Coinbase was the first major crypto exchange to begin trading in the US at $381 on the Nasdaq in April, completely undermining the cryptocurrency exchange’s initial market cap of $99.6 billion.
How does Coinbase make money?
Coinbase has several revenue streams, but 96% of its total revenue comes from fees charged every time someone buys or sells a cryptocurrency and margin fees. It also generates revenue by allowing other companies and partners to use its software. The company has developed $3.4 billion in revenue since its founding in 2012. The Coinbase platform is at the heart of the business, and this is complimented by Coinbase Pro, a separate program aimed at more advanced traders.
A wallet service that stores cryptocurrencies for free for retail traders. It also offers a Prime service, a solution for brokerages, exchanges and high-tech companies that allows them to embrace digital currencies quickly. In contrast, its other services provide a way for them to invest in cryptocurrencies. Store themselves in a hedged business independent of capital. It also empowers businesses by providing the technology needed to accept digital currencies as payment.
The company continues to expand into all areas of the broader cryptocurrency space to become a trusted market leader. For example, it is a site that allows people to acquire cryptocurrencies by learning more about digital currencies, blockchain and other related topics to encourage more people to adopt them.
Is Coinbase profitable? Why is my coinbase account restricted?
The company’s revenue increased in 2020 as it more than doubled to $1.14 billion from $482.9 million in 2019. Its operating profit last year was $409 million, from a loss of $45.4 million the year before, and net income was $322.3 million. As shown by the massive growth seen in 2020, Coinbase’s finances are likely to fluctuate as much as the cryptocurrencies it trades, with most of its revenue coming from trading volume. Relies on Interest in Bitcoin and other cryptocurrencies have increased this year, reflected by Bitcoin’s price breaking above the $50,000 mark for the first time, all in favor of Coinbase.
How to buy different currencies on Coinbase?
After completing the process of opening an account, now we want to check how to buy some digital currency. You can buy any currency you want. The following steps are similar in all currencies:
Tap Get Started at the top of the screen. You will see a list of crypto assets that you can buy. Choose any currency you want. In this section, choose how much you want to buy. Don’t forget that you can buy part of the digital currency, so you can spend $5 on any currency as much or as much as you want. The minimum order you place is $2.
Tap the preview purchase, then review the order, and note that Coinbase takes a percentage of the purchase, so if you’re buying $10, about $1 will be deducted from the transaction. If you buy $1000 of Ethereum, it will cost about $14. Now you can make your purchase. After this part it takes some time to confirm your transaction, then you can trade your digital currency immediately after buying it, but you have to wait eight days to send it to someone.
Why is my Coinbase account Restricted?
What this video from shetcoiner’s YouTube channel to learn how to fix Coinbase add payment method not working:
What is “you can’t add a payment method while your account is restricted.” error on Coinbase?
Coinbase account restricted: In the last few months, a lot of Coinbase users in India, Philippine or a lot of other countries has received and error from Coinbase website after signing up that says:
“You can’t add a payment method while your Coinbase account is restricted. Done”
This error means that your account has probably been restricted by Coinbase during an operation, so Coinbase gives you this notification and warning that you cannot add any payment method to Coinbase for yourself. From time to time, Coinbase Exchange may restrict access to the sell/buy services in your account due to violation of the User Agreement. This can be for a variety of reasons but not related to things like scam.
Why coinbase add payment method not working?
In the continuation of Coinbase account restricted article, we should say that: The only official reaction from Coinbase exchange about this error to the customers is that these users have to send their Case Number to this exchange’s support and wait for an unknown amount of time.
What is the reason for limiting the Coinbase account?
Scam
Another scenario that can lead to an account limit is that you have encountered a cryptocurrency scam. The cryptocurrency market is currently largely unregulated, so it is not inconceivable that illegal activity could take place on DeFi exchanges. You may have inadvertently become involved in a problem related to a cryptocurrency scam that has caused Coinbase to restrict your account activity.
Suspicious activity
Coinbase may limit your account if it is at risk of cryptocurrency fraud. If the platform detects signs of suspicious activity, it limits trading until it can figure out what’s going on.
Data breach
This exchange may condemn you for data breach. As much as Coinbase does its best to ensure the safety of users’ private data, the platform can still be targeted by hackers. If your information falls into the wrong hands, Coinbase may restrict your account until the situation is resolved.
Security problems
If a transaction receives a chargeback or is reversed, Coinbase may prevent further orders from being processed. If a recent transaction resulted in a chargeback, you should notify the platform’s customer support team. An account limit may cause a lot of anxiety, but there’s no need to worry. After the transaction is completed, the funds will be deposited into your wallet or bank account.
While you may not buy and sell crypto, you will still have access to your funds and this restriction will not affect your previous transactions. You can also withdraw funds from your wallet to an authorized bank account. Most account limits are lifted within a few days, so you should be back trading in no time. If your problem is not solved for any reason, you can raise it with the support of the site.
How to fix Coinbase account restricted?
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Changing your specification and your living location
This problem happened to some users and they couldn’t do anything about it for weeks so this is clearly a really serious problem that Coinbase users have with this American exchange.
At some cases the solution for Coinbase account restricted is to go to your profile and change and reenter your location and address in United States of America. Some of the users has done this and waited for Coinbase confirmation and verification to solve their problem.
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Enter your information correctly
It has been seen that the user enters his specifications wrongly and with mistakes. Pay attention that you entered your name as John Blue but your real name in your credit card is John Doe and pay your payments in this exchange or if you want to add a payment method will restrict your account.
Conclusion
If you have faced these Coinbase account restricted problem or had a different experience, we would be thrilled to share your problems with others in the comment section for others and answer them for you and help you to fix it in shetcoiner. We also talked about:
- What is Coinbase?
- How does Coinbase make money?
- Is Coinbase profitable?
- How to buy different currencies on Coinbase?
- Why is my Coinbase account Restricted?
- Why coinbase add payment method not working?
- What is the reason for limiting the Coinbase account?
- How to fix Coinbase account restricted?
We are waiting for hearing your experiences about this matter in this article’s comments. You can also refer to our other articles such as How many Coinbase accounts can I have? or How to buy Vechain in Coinbase? and etc, to learn more.
FAQ
What is the meaning of you can’t add a payment method while your account is restricted. error?
This means that your account has been restricted by Coinbase during an operation, so Coinbase gives you this warning that you cannot add any payment method to Coinbase for yourself.
How to fix Coinbase account restricted?
If you want to fix Coinbase account restricted, you can do these two methods: Enter your information correctly and Change your specification and living location.
If you want to know more about crypto currencies read the following articles on shetcoiner site:
Transfer cryptocurrency from Coinbase to Kraken + guide
I live in Singapore, will changing my address solve my problem?
Users have reported that some of them have had their issues resolved by changing their address. You can try.
I can’t thank you enough for your guidance…
I want to know that is it still reliable platform despite the problems that exist on this exchange?
What is your suggestion?
Yes, this exchange is suitable for US citizens despite its problems. But it is not suitable for citizens of other countries.
Thank you
What should I do if my problem is not solved after all this?
Hello
hope you’re doing well
What should I do if my problem is not solved after all this?
Hello
You should try to talk to the support team.
Thank you for your information …
What should I do if my problem isn’t solved with this method?
I have a question
If I create a new account, is it possible that this problem will be solved?
Hi
Can you give me a little more information about why this error happened?
How can I change my location while it is still unchanged? Is this legal?
Hi; this information is practical.
I want to know that is it necessary to do two factor authentications?
Hello
No; But if you want to make your account secure, it’s better to do that.
Hi
What is the most important reason for restricted an account?
Hello
There are many reasons to restrict your account. If you haven’t found it yet, you can talk with the support team.
Hello
If crypto currencies are decentralized, why we can’t work with exchanges that offer currencies in some countries?
Hello
Crypto currencies are decentralized, but some exchanges have laws that restricted some countries.
hello .I followed all the mentioned steps to unblock my Coinbase account but it didn’t work for me. Can you mention another way?
Asghar, please exit this section once and log in with vpn
What happens when an account restricts you?
because they can no longer find that user on the platform — it won’t be obvious when they’ve been restricted. They will see that user’s posts in their feed like they usually do. But they will no longer see when the user is online or has read their messages.
Hi
What is Coinbase?
Hello
Coinbase Global, Inc., branded Coinbase, is an American publicly traded company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquarters.
Hey
I have a question
Why is my Coinbase account Restricted?
Hello
From time to time, due to violations of our User Agreement, Coinbase may restrict access to buy/sell services on a customer’s account. This can happen for a number of reasons including, but not limited to, high risk of fraud.
Hi
Why coinbase add payment method not working?
Hello
In other cases, we may just need some additional information to confirm your ownership of the payment methods added to your account. If you have not done so already, please make sure there is an ID document uploaded for each person who has information verified on your Coinbase account.
Hello
Hope you’re doing well
What is the reason for limiting the Coinbase account?
Hi
Many thanks.
Coinbase account limits are determined by an algorithm which takes a variety of factors into account, including but not limited to, account age, location, transaction history, payment method, and verification steps completed. Unfortunately this means that limits can sometimes go down for customers.
Hello
How does Coinbase make money?
Hi
Hope you’re doing well
The company makes money primarily through fees earned for the transactions processed through the platform, custodial services offered, interest, and subscriptions. What is this? Coinbase generated $3.2 billion in revenue in 2022, compared to $7.84 billion in 2021 and $1.28 billion in 2020.
Hello
What is the reason for limiting the Coinbase account?
Hi
Coinbase account limits are determined by an algorithm which takes a variety of factors into account, including but not limited to, account age, location, transaction history, payment method, and verification steps completed. Unfortunately this means that limits can sometimes go down for customers.
Hey
I have a question
How to fix Coinbase account restricted?
Hi
How do you do?
Ensure that your email password and 2-step verification setup is secure.
Perform a password reset on your Coinbase account.
Contact Coinbase Support and provide the following: When the last successful sign in and authorized action on your account took place.