Background
After each purchase, your Bitcoin is held at a licensed and regulated trust company until you are ready to withdraw to self-custody. 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.
Unlocking Times
Depending on whether you purchased via ACH or via Wire, your Bitcoin will be available for withdrawal between 1-30 days. Please read our article about unlocking for more detail.
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 into 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 use the wallet for both manual and auto-withdrawals (see below)
Execute a Manual Withdrawal
1) Log into your Swan Account
2) Click the "Withdrawals" tab and select "Withdrawals"; this will take you to the bottom of the page
3) Click the with "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3) Select the amount of Bitcoin you would like to withdraw; keep in mind that the Bitcoin must be unlocked for it to be withdrawn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 into 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that will initiate an auto withdrawal - for example, once there is .1 Bitcoin in the account, the Bitcoin will be auto-withdrawn to my wallet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
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!