Buying Bitcoin at a Bitcoin ATM is one of the fastest and most convenient ways to trade cryptocurrencies. However, it is important to understand the withdrawal limits and rules and regulations surrounding Bitcoin ATMs. In the United States, every Bitcoin ATM operator is considered an MSB who has to help FINCEN enforce the Bank Secrecy Act. In Europe, Bitcoin ATM operators tend to be smaller companies with less access to financial markets.
In order to increase your withdrawal limits at a Bitcoin ATM, you may need to contact the operator. Regulatory authorities will require maximum Bitcoin ATM withdrawal limits and the KYC procedures necessary to withdraw more than this amount. As private companies, Bitcoin ATM operators strive to provide the highest security and customer support for their customers. When buying at a Bitcoin ATM, you always have the option of buying the maximum amounts for several days.
However, many traders require staggered levels of account verification at the ATM to reach their true limit. It is important to identify a high-quality Bitcoin ATM operator and understand their fees before you visit the kiosk. The spot indices used to calculate vary depending on accuracy and efficiency, such as BitcoinAverage, Gemini, Coinbase, & GDAX. Two-way ATMs also allow you to sell your existing cryptocurrency in exchange for fiat money.
Just be sure to use a provider that complies with the law and that operates under an established company such as Hermes Bitcoin. Even sites like LocalBitcoins are now conducting KYC checks on all users, although this site was historically used to meet person to person anonymously for a cryptocurrency exchange. You may not even need to complete steps 4 and 5 if you only buy a small amount of Bitcoin in cash.
