Swan Bitcoin has different locking periods for different types of purchases. These locking periods help us reduce loss from fraud, which in turn helps us keep our fees low.
$10 Referral Bitcoin
Bitcoin earned by signing up through a ref code is available to withdraw 24 hours after conversion.
Recurring ACH (<$2500/month)
Purchases funded via small ACH recurring plans are available to withdraw 10 days after the purchase. This is a requirement from our bank that we cannot alter.
Recurring ACH (≥$2500/month)
Purchases funded via large ACH recurring plans are available to withdraw 30 days after the purchase is initiated.
Instant ACH (<$2500)
Instant purchases smaller than $2500 are available for withdrawal 10 days after purchase.
Instant ACH (≥$2500)
Instant purchases greater than $2500 are available for withdrawal 30 days after purchase.
Wires
Purchases made with wired funds are available for withdrawal within 24 hours after purchase.
Direct Deposit
Purchases made with push ACH funds or direct deposit funds are available for withdrawal within 24 hours after purchase.
Note: For users that have a history of ACH reversals, we continue to lock up ALL purchases (wires included) for 30 days in order to protect us from potential fraud.
Gifts
Gifts unlock for withdrawal 30 days after they are received by the recipient.
Why Swan Has Delayed Withdrawals
ACH withdrawals from your bank account have a long dispute window. That means someone could fund their Swan account, withdraw their Bitcoin, and then tell their bank that the charge was fraudulent, leaving Swan to foot the bill.
In order to offer you the lowest fees possible for automated ACH purchases, and to ensure that Swan itself is not at risk of insolvency due to fraud, we have a system of coin locking. During the time that your coins are unavailable for withdrawal, your Bitcoin is held in custody with a licensed and regulated trust company, Prime Trust. Also know that during this locking period, your Bitcoin is already purchased and its value will rise or fall with the Bitcoin price, so you will not miss out on potential gains in value.
While we recognize that other services may offer quicker Bitcoin withdrawals after ACH deposits, it's important to note that these services take on tremendous risk by doing so, and the cost associated with that risk is passed along to customers through higher fees.