Be Aware of Withdrawl Limits (Strike)
1998 sats \ 6 comments \ @hodlpleb 23 Jan bitcoin_beginners
Remember that exchanges are businesses and make money when you buy, sell, or withdraw your bitcoin.
Also note that some exchanges have limits on how much you can withdraw. For instance, I noticed that Bitcoin darling Strike has some heavy restrictions on how much bitcoin you can withdraw in a day/week.
Even with their "Level 2 Limits", Strike only allows you to withdraw $2,000 of bitcoin per day and $5,000 per week. They do offer a "no fee" withdrawal, which takes longer (up to 24 hours) but will save you a bit - but point being, if you have been stacking on Strike for a while, you might want to start some withdrawals while the bitcoin price is still in the 40s.
I am sure the other exchanges have limits, but this is the lowest that I have noticed.
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31 sats \ 0 replies \ @hodlpleb OP 23 Jan
By contrast, Kraken's limits are 250x higher than Strikes
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42 sats \ 0 replies \ @south_korea_ln 23 Jan
To be expected for all KYC platforms. They need to comply with broader regulations. Put up with it or find non-KYC approaches.
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10 sats \ 0 replies \ @erict875 23 Jan
In most parts of the world, like Africa where strike will soon operate, this threshold is more than good enough
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1 sat \ 0 replies \ @aoeu 23 Jan
The really nice part about Strike though is that it is super easy to get the limits raised. I reached out to Strike on X and within 30 mins had my limits increased. In Jack's latest blog post, he mentions how they will have no limits for loyal users and higher limits for everyone.
This is in comparison to CashApp which has hard limits of $2000/ day and $5000/week on-chain and $999/week on Lightning. I've talked to support a bunch to try and get those limits raised so that I can do more direct deposit with them and so far they have refused to budge.
My limits were raised to $10,000 per day, $15,000 per week on Strike.
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0 sats \ 0 replies \ @fm 23 Jan
Very very low indeed..
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0 sats \ 0 replies \ @Zenul_Abidin 23 Jan
Strike is a custodial LN wallet so I am not so surprised at this.
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