Your first-ever Bitcoin withdrawal from Swan typically takes up to one business day. Subsequent cold storage withdrawals process within 24-48 hours.
Why do cold storage withdrawals take a long time?
- We take security very seriously; outside of the security checks required of the client that is withdrawing (email login, second factor), we also apply automated and human checks to authenticate the withdrawal. While this does slow down the withdrawal, it is a key preventative measure against hacks of the client. All withdrawals go through a Swan risk checkpoint that requires extra time, but reduces the chance that someone hacks your computer and/or phone and gets away with it.
- When you purchase Bitcoin, that Bitcoin is delivered from the liquidity partners to the custodian. If you withdraw within the same business day (as in the case of a wire), you will likely be able to receive your withdrawal within the same business day, but not always.
- Any Bitcoin not withdrawn from the custodian within the same business day will be sent to cold storage, which requires additional time.
- The cold storage vault is stored at BitGo under physical security, requiring multiple personnel for access to the cold vault, and a video verification call to authorize the move of funds.
- This level of security creates an additional operational overhead to move the coins, but allows us to provide an insurance policy ($250M, via BitGo)
- Once coins are in cold storage, it may take longer, up to 2-3 business days to move the coins due to the multiple human authorization steps involved.
- We offer deep cold storage and security checks as part of our overall transactional service fee
If you are experiencing issues with withdrawals please reach out to email@example.com