Step 9: Validate Your Bitcoin Account
NOTE: You only have to complete the validation process the first time.
I do not have an image for this, but just below the “Buy Sell” buttons, you will see an option to validate your Bitcoin account. To do this you will need to upload your driver’s license and take a camera selfie. It may ask the reason for validating, say “personal use” – do not select “Investing”.
Once you have uploaded the information, it takes a little while to complete the process – they say up to two days. You will receive an email once it is finished.
NOTE: Your name should be the same on your driver’s license, bank and Cash App Accounts!!!
Random Information about Cash App:
CashApp has variations and quirks. I have seen different experiences for different individuals, and there is no way to understand the reason. Just letting you know, it’s not you, it’s them most of the time. However, if it is a new account, things seem to level out after a day or so if the validation has been completed.
The good news: You only have to go through the validation procedure one time!
Your Cash App Limits (How much you can deposit and withdraw):
- From the main green screen (See step 1 above), click on the small circle in the upper right, which is your profile link.
- Click on “Limits” to see your Cash App limits. Make sure your account is fully verified to increase limits.
Bitcoin Withdrawal Limits:
The maximum withdrawal limits for everyone are the same (if yours is less, it may be because of a new account). It will never be more than:
- $5,000 weekly limit for withdrawal
- $2,000 daily limit for withdrawal
The “withdrawal period” (day or week) starts with any transaction you make.
- If I withdraw $2,000 on Tuesday at 4:00PM, I will not be able to withdraw again until Wednesday at 4PM. Also my weekly limit remaining will be $3,000 until the following Tuesday at 4PM
- If I withdraw $500 on Thursday at 11AM, my remaining daily limit will be $1,500. The daily level will return to $2,000 on Friday at 11AM. The weekly limit will be $4,500 until the following Thursday at 11AM.