Fold makes it easy to access the value of your bitcoin. By following the steps below, you can fund your Fold Debit Card with bitcoin you purchased on Fold.
Steps
- Open the Fold App and select Bitcoin from the Home tab
- Tap the Sell button
- Enter the $ amount you'd like to add to your Fold Debit Card
- Confirm
That's it! After confirming the sale, the funds will typically appear on your Fold Debit Card within a few minutes.
Am I sending bitcoin to my Fold Debit Card?
No: you are selling an exact amount of bitcoin for USD, and then immediately funding your Fold Debit Card with that USD.
What are the fees and spread when converting between USD and BTC?
Basic Fees
For Non-Reserve Fold users, there is a 1% fee to purchase bitcoin + Fold spread + partner spread* (~0.10%)
Reserve Fees
For Reserve users, there are no fees on bitcoin purchases within the Fold app. Please note: there is still a spread added by our partner, but Reserve users do not pay the Fold spread.
Spread
A "spread" is a small markup built into the bitcoin price. The partner spread remains across the board, but the Fold spread goes away at Tier 1 of Reserve. For full fees and spread details, please see: Fees for buying & withdrawing bitcoin on Fold
What are the tax implications?
In the U.S., selling bitcoin typically triggers capital gains tax on profits. The gain is categorized as short-term or long-term based on the holding duration of the bitcoin, affecting the tax rate. Precise reporting of capital gains or losses on tax returns is mandatory, and detailed transaction records are essential. Losses may offset capital gains or, in certain cases, be deductible from regular income. We recommend consulting a tax professional for specific guidance.
Does Fold provide tax documentation?
Yes. You can find more information about tax documentation and reporting here.
Please also note that you can download a statement of your bitcoin transaction history by following these steps:
- Open the Fold app
- Tap the menu hamburger in the top left corner
- Scroll down to the Bitcoin heading
- Tap Statements
- Set the year and verify the email address the statement will be sent to
- Tap the Email statement button
- Check your email!
How long does it take to convert between USD and BTC?
Conversions typically take between 1–10 minutes, though in rare instances, it can take up to 24 hours. We're striving to make this process as instantaneous as possible.
How do you pay bills with your bitcoin?
Use the Sell button to transfer funds to your Fold Debit Card. With funds available, utilize your account and routing numbers for bill payments. Be sure to check out our ACH Bill Pay Rewards to learn how our Reserve users stack sats when paying with ACH.
If you have any questions, or need further assistance, please email us at support@foldapp.com.
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