Is your Coinbase account limited?
In that case, you may not be able to add a payment method.
Here’s the error message you’ll get when you try to add one, “You can’t add a payment method while your account is limited.”
As a result, you will not be able to buy or sell cryptocurrencies.
This can also happen if you have completed the KYC (Know Your Customer) process.
The process includes verifying your identity by uploading your ID and a photo of yourself.
In this article, you will learn why your Coinbase account is limited and why you cannot add a payment method.
Table of Contents:
Why is my Coinbase account restricted?
Your Coinbase account is limited because your country does not support certain features on the exchange (e.g. selling cryptocurrencies).
It could also mean that you have not verified your identity or have violated coinbase’s User Agreement.
When your account is restricted, you will have full access to your wallets, but you will not be able to buy or sell cryptocurrencies.
If you can’t add a payment method, your country doesn’t support it.
In countries like Australia, New Zealand, and Singapore, you can only buy cryptocurrencies using a debit/credit card.
However, you will not be able to sell cryptocurrencies since transferring funds to a card is not supported.
That said, you can still send cryptocurrencies from your Coinbase account to another wallet or exchange.
Funds in your local currency wallets can still be withdrawn to a bank account as well.
Simply put, if your country does not support the sale of cryptocurrencies, your account will be limited and you will not be able to add a payment method.
Why can’t I add a payment method on Coinbase?
You can’t add a payment method on Coinbase because it’s not currently supported in your country.
In some countries, you can only buy cryptocurrencies using a debit/credit card.
However, it is not possible to sell cryptocurrencies since transferring funds to a card is not supported.
The countries affected by this are Australia, New Zealand and Singapore.
Here’s a response from Coinbase support, “At this time, Coinbase only supports purchases in Singapore.”
Followed by, “Although sales and withdrawals are not available in your country on our platform, you can still send your cryptocurrency to an external wallet or exchange.”
If you are unable to sell cryptocurrencies or add a payment method on Coinbase, you can transfer them to another exchange and sell them there.
An example of an exchange to which you can transfer your cryptocurrency is Binance.
If you don’t have a Binance account, you can create one here: https://www.binance.com/en/register?ref=73583477 or use “73583477” as your referral code.
How to Fix a Limited Coinbase Account
To fix a limited Coinbase account, you should contact Coinbase Support.
But before you do that, you must first check if the sale of cryptocurrencies is supported in your country.
If you live in Australia, New Zealand or Singapore, you won’t be able to sell cryptocurrencies on Coinbase.
As a result, you won’t be able to add a payment method.
In that case, it is redundant to contact coinbase support because they will tell you that selling cryptocurrencies is not yet supported in your country.
One solution to this is to transfer your cryptocurrencies from Coinbase to another exchange like Binance and sell them there.
If your country supports selling cryptocurrencies but your Coinbase account is still limited, you need to contact Coinbase for assistance.
Here’s how to fix a limited Coinbase account:
1. Contact Coinbase Support
To get started, you need to visit Coinbase’s Help Center: https://help.coinbase.com.
In coinbase’s Help Center, you’ll see multiple categories that you can choose from.
Scroll down until you reach the “Contact Us” button.
Click on “Contact Us” to go to the Coinbase contact page.
Alternatively, you can click on this link to visit the contact page: https://help.coinbase.com/en/contact-us.
2. Choose your product
Once you are on the contact page, you need to choose your product.
There are multiple products you can choose from.
This includes “Coinbase”, “Coinbase Pro”, “Coinbase Custody” and more.
Since your Coinbase account is limited, choose “Coinbase”.
3. Select the problem you are experiencing
After choosing the product for which you need help, scroll down the form.
Now you need to select the categories of the problem you are experiencing.
First, since you’re having trouble adding a payment method, select “Trading and Funding on Coinbase.”
Secondly, select “Buying, selling or converting cryptocurrencies”.
Thirdly, select “I’m having trouble selling” if you can’t sell cryptocurrencies.
Fourth, select “Fiat Wallet” if you are looking to sell to your fiat wallet.
Finally, select “Transfer Not Completed/Not Showing Up”.
4. Provide information about your problem
After you select the problem you are experiencing, you should provide more information about it.
This includes the amount of cryptocurrency you’re trying to sell, the date of the transaction, the referral code, and more.
If you can’t start a sale, you can simply indicate it in the “What was the date of the transaction?” field and in the “What is the referral code?” field.
In the “Email address associated with your Coinbase account” field, enter your email address.
Finally, enter the subject line of your issue (for example, My Coinbase account is restricted).
5. Describe your problem
After providing more information about the issue, scroll down the page.
Now, you have to describe the problem you are experiencing.
Here is an example of a description, “Hi Coinbase support, my Coinbase account is limited and I am not able to add a payment method. I need help solving this problem.”
Add any other information that can help Coinbase better identify your problem (such as your country of residence).
Finally, tap on “Send Verification Email” to verify your email and send the message.
After sending the message, you need to wait for Coinbase’s response.
Coinbase will typically respond in 24 hours via email.
So, you need to periodically check your inbox for Coinbase email.
If your Coinbase account is limited, you will not be able to buy or sell cryptocurrencies.
Similarly, if your Coinbase account is still under review, you won’t be able to buy or sell cryptocurrencies.
If your Coinbase account is still under review, you have to wait until it is approved.
In some cases, it can take several weeks for Coinbase to review your identity.
This is because there are too many users joining the exchange.
As stated in the article, the sale of cryptocurrencies is not supported in some countries.
So even if you have completed the KYC process, you will not be able to sell cryptocurrencies.
If you want to sell a cryptocurrency but are unable to do so, you can transfer it to an exchange like Binance and sell it there.