coinbase.com buying queue

I am trying to buy bitcoins, and I have just recently got my bank account verfied on coinbase.com, and I am trying to buy bitcoins.

When browsing the buy page, I got the following message

Note! We've exceeded our normal buy limits for today. If you would still like to purchase you will receive the market price of bitcoin on Tuesday Apr 16, 2013 at 08:24AM PDT after your funds have arrived. read more

When I click read more, it just tells me

Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.

Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Tuesday Apr 16, 2013 at 08:24AM PDT.

Note that you can cancel your order at any time up until your bitcoin arrive from the transfer history page.

The market price of bitcoin changes frequently. Below are some recent prices to give you an idea. These do not guarantee what the price will be in a few days.

It looks like it's allowing you to put yourself in a queue to buy bitcoin, but I have no idea how to take advantage of this feature.

Am I correct about what this feature is? and If I am, how do I take advantage of it?

Sam I am says Reinstate Monica

Posted 2013-04-11T15:37:58.083

Reputation: 121

Answers

As far as I can tell the queue itself is not actually functioning. The limit they have only exists for some hours during the day, and at some point they allow you to buy bitcoin and charge it to your bank account. You are then locked in at the rate which you purchased them at, however it takes about 5 days generally to receive your bitcoins.

I think this happens because they are fronting the money themselves to buy the bitcoins, and have a limited amount of funds per day which they can spare. Each day a new volley of bank transfers comes through and they can then afford to front more for people.

Loourr

Posted 2013-04-11T15:37:58.083

Reputation: 3 022

I just managed to buy 0.1 bitcoins from them, and It's looking like I'll receive them next Tuesday, which matches the time-frame of the queue, but it appears as though I bought a flat number of bitcoin for a flat rate, so I'm still a little confused by this queue thing – Sam I am says Reinstate Monica – 2013-04-11T16:51:41.963

was the message that said they had exceeded their daily limit still being displayed? – Loourr – 2013-04-11T16:52:56.847

no, it wasn't.. . – Sam I am says Reinstate Monica – 2013-04-11T17:16:37.330

So the message you have displayed, wont apply to your purchase, and your locked in at the rate you agreed to – Loourr – 2013-04-11T17:23:28.327