After each purchase, your Bitcoin is being held at a licensed and regulated Nevada-charted trust company, Prime Trust, in your name, with you as the sole legal owner. Your Bitcoin resides in Prime Trust's cold-storage wallets, which are held offline for high security.
You are not required to withdraw your Bitcoin to your own wallet, but we do highly recommend learning how to use a Bitcoin wallet and withdrawing your coins for maximum security. If you're not comfortable setting up a wallet, take your time and do your research on wallets.
Auto withdrawals
To create a withdrawal go to your Swan dashboard and scroll down to the withdrawal section.
Scroll down past your transaction list and you'll find the auto-withdrawal setup.
You can choose how often to withdraw your Bitcoin - every purchase or at accumulation intervals of 0.01, 0.025 or 0.05 Bitcoin. Click here to learn why withdrawing at set amounts like this is a good idea.
You will then set a wallet address to which we will send your Bitcoin. We are working on ways to improve this process by dynamically changing your address with each withdrawal. You'll receive an email to confirm the creation of the wallet.
The withdrawal's status is available in the "Withdrawal History" list.
Manual withdrawals
You can manually withdraw Bitcoin to your own wallet anytime. To create a withdrawal go to your Swan dashboard and scroll down to the withdrawal section.
You'll receive an email to confirm your new wallet. Click to confirm your wallet and you're good to go.
What to expect after you request your withdrawal
When you create a withdrawal on Swan, you will get a confirmation email from Prime Trust directly. This ensures that Swan can never move your Bitcoin without your permission. The email will contain a link to Prime Trust's website at primetrust.com, where you will confirm the withdrawal. You have 24 hours to confirm your withdrawal. If the withdrawal lapses, you will have to trigger another withdrawal to confirm.
Once the withdrawal is confirmed, please allow some time for the withdrawal to show on the Bitcoin blockchain. Our custodial partner conducts Bitcoin withdrawals from their offline cold storage wallets between 8am and 6pm PST on weekdays only. Withdrawals initiated over the weekend will be executed on the following Monday.
What Bitcoin addresses does Swan support?
You may use any standard Bitcoin wallet address, which begins with a "1", or a "P2SH" address that begins with a "3", which can be used for multi-signature vaults or SegWit addresses.
Our custodial partner does not yet support Native SegWit addresses that start with "bc1" - also known as bech32 - we are actively encouraging them to support these Bitcoin addresses.