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. If you have never withdrawn Bitcoin, your Bitcoin resides in Prime Trust's cold storage wallets for extra security.
As soon as you decide to withdraw Bitcoin for the first time, your Bitcoin is sent to a hot-wallet at Prime Trust. That transition is processed manually and may take up to 48 hours. Thereafter, your Bitcoin is stored in hot wallets, so any succeeding withdrawal can be processed instantly.
When you confirm these Bitcoin withdrawals, the transaction is broadcast to the network at a fee rate that should get the transaction included in the next few Bitcoin blocks. Thus, your Bitcoin should be sent to your wallet within the next hour.
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.
Bitcoin withdrawals are free of charge for Swan customers. Your Bitcoin can be withdrawn immediately after purchase unless it is locked due to a high value plan.
You may withdraw from Swan to any standard Bitcoin public address type. Your addresses can begin with a "1", a "3", or Native SegWit addresses that start with "bc1."
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.
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 a few minutes for the withdrawal to show on the Bitcoin blockchain.