Background
After each purchase, your Bitcoin is held at a licensed and regulated trust company until you are ready to withdraw. 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 self-custody.
Withdrawal availability
Your Bitcoin and US Dollars become available to withdraw based on various factors such as your account's purchase method, account age, and purchase history with us.
Over time, you will see the balances available to withdraw update in BTC or USD on your dashboard. Learn more here about unlocking.
Clients can see when funds will be available to withdraw from the Swan dashboard.
All funds available for withdrawal, including Bitcoin, are shown in US dollars.
Clients can click "Available to withdraw" from the Swan dashboard to see the timeline for when your funds become available.
Withdrawing Bitcoin
Swan has two types of withdrawals, "manual" and "auto". To execute both types of withdrawals, you'll need to become familiar with three processes:
1) Add a Bitcoin Wallet
2) Execute a Manual Withdrawal
3) Set Up an Auto-Withdrawal Plan
We will walk through all three scenarios in this article...
Adding a Wallet
1) Log in to your Swan Account
2) Click the "Withdrawals" tab and select "Wallets"
3) Click the "Add Wallet" button.
4) Select "add a single wallet address"
5) Copy and paste the Bitcoin wallet address address bar
6) Add a name for the wallet and click "Validate and use Address"
7) For security purposes, we will ask you to 2-factor authenticate the newly added wallet; if you do not have 2-factor setup, you will need to add it to your account.
8) Once the wallet is confirmed, you'll be able to use the wallet for both manual and auto-withdrawals (see below)
Execute a Manual Withdrawal
1) Log in to your Swan Account
2) Click the "Withdrawals" tab and select "Withdrawals"; this will take you to the bottom of the page
3) Click the "Withdraw Now" button
3) Select the amount of Bitcoin you would like to withdraw; keep in mind that the Bitcoin must be unlocked for it to be withdrawn
4) Select the wallet you wish to send the Bitcoin to
5) Click "Withdraw Now" to execute the withdrawal
6) The pending withdrawal will be in your Swan Dashboard, along with a link to monitor it on the Bitcoin blockchain
Setting Up Auto-Withdrawals
1) Log in to your Swan Account
2) Click the "Withdrawals" tab and select "Withdrawals"; and click on the yellow button "Set up Auto-Withdrawals"
3) Please select the Bitcoin threshold trigger that will initiate an auto withdrawal - for example, once there is .1 Bitcoin in the account, the Bitcoin will be auto-withdrawn to my wallet
4) Click "Update Threshold"
5) Select a wallet for the auto withdrawal to deposit into - note: you will need an active wallet to activate auto withdrawals
6) At the bottom of your Swan dashboard, you will see the progress towards the threshold you've set for your auto withdrawal; keep in mind that the Bitcoin must be unlocked for it to be withdrawn
Learn more about auto-withdrawals here.
The Use of Mixers
Swan supports your right to privacy. We are actively lobbying against government regulations that require regulated financial institutions to report mixing activity. However, please be advised that depositing directly from, or withdrawing directly to, a mixing wallet may result in the termination of your account with our banking and custodial partners.
Please reach out to swan.com/support with any questions!