You can withdraw your settled bitcoin in your Available Balance to another Bitcoin wallet at any time. In fact, we encourage you to do so. Here’s how:
- Open the Fold app
- Tap Bitcoin
- Tap the button with two arrows
- Tap Send
- Paste, type, or scan the QR code of your personal wallet address into the BTC address field, then tap the address with the arrow below the text bow. (What is a Bitcoin address?)
- Enter the amount of bitcoin you would like to send, then tap the Preview send button
- Review the transaction, then tap the Confirm send button
- When prompted, enter the SMS 2FA code and tap the Done button
- You’re done! Please wait for your transaction to process.
If these instructions do not match the options visible in your current version of the Fold app, please follow our standard troubleshooting steps to ensure you are getting the most up-to-date experience in the app!
What fees do I pay when I withdraw?
When you make a withdrawal, the total bitcoin deducted from your account includes the 'Amount' you specified and the Bitcoin network fees displayed on this page. Remember, these fees go to the hardworking miners who process your transaction. To dive deeper into Bitcoin network fees, check out this article.
How much bitcoin can I withdraw?
While there are no minimum or maximum withdrawal limits, you will only be able to withdraw your entire Available Balance. This is your bitcoin; take custody of it.
Note: Your available balance must be greater than the network fee to successfully initiate a withdrawal.
How long does it take for my withdrawal to process?
Generally, withdrawals should be processed within 1–2 hours. However, things like demand and network congestion can impact how long it takes for the bitcoin to reach your wallet. If you have not received your deposit within 24 hours, please reach out to our support team at support@foldapp.com for further assistance.
How do I check the status of this transaction?
You can see all transactions, including withdrawals, in your Bitcoin Transaction History.
- Open the Fold app
- Tap Bitcoin
- Scroll down to Transactions
- You may need to tap the See all transactions button if it's not one of your 3 most recent transactions
- Tap on the withdrawal transaction for more information, including status. You can also view the transaction on Block Explorer for more detailed tracking.
If these instructions do not match the options visible in your current version of the Fold app, please follow our standard troubleshooting steps to ensure you are getting the most up-to-date experience in the app!
Why some withdrawals don't appear on a block explorer
When you withdraw bitcoin from Fold, your transfer normally settles on the Bitcoin blockchain. You'll see a transaction ID and can track confirmations on any block explorer.
In some cases, the bitcoin address you're sending to is held by another wallet that uses the same custody provider as Fold (BitGo). When that happens, the transfer settles in-network on BitGo's internal ledger instead of broadcasting to the blockchain. We call these in-network transfers.
Is my transfer secure? Yes. The bitcoin reaches the intended recipient, and they will see funds in their account. BitGo maintains a permanent record of the transfer.
What if the recipient says they didn't receive it? If a recipient disputes receiving funds from an internal transfer, contact Fold Support, and we'll work with BitGo to confirm settlement.
Can I choose to send on-chain instead? Not currently. The settlement method is determined by where the destination address is held; Fold doesn't control this routing.
How do I cancel a withdrawal request?
Once submitted, withdrawal requests cannot be cancelled at this time
Where is my bitcoin stored before I withdraw it?
To provide the best coverage possible, Fold uses a custodial partners to hold our user's bitcoin: BitGo, which maintains a $250M insurance policy on digital assets where BitGo Trust Company maintains all of the keys.
If you still have questions, or need further assistance, please email us at support@foldapp.com.
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