How do I withdraw bitcoin on Fold?
You can withdraw the bitcoin in your Available Balance to a third-party Bitcoin wallet at any time. In fact, we encourage you to do so. Here’s how:
- Navigate to the bitcoin buying dashboard by tapping the ₿ on the nav bar.
- Tap "Withdraw".
- Paste, type, or scan the QR code of your personal wallet address into the field. Tap "Next". (What is a Bitcoin address?)
- You will see a summary of your withdrawal, including fees. If all looks good, tap "Confirm Withdrawal".
- You will be prompted to enter an SMS 2FA code sent to the phone number on your account.
- You’re done! Wait for the transaction to process.
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 our informative resource here.
When can I withdraw my bitcoin?
You can withdraw your purchased bitcoin immediately after the purchase is complete. Keep in mind that you can only have one active withdrawal at a time.
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 more than the network fee in order to successfully initiate a withdrawal.
How long does it take for my withdrawal to process?
Since Fold provides free reward withdrawals, and does not pass along any network fees to our users, we batch process all withdrawal requests every Tuesday. Requests made on Tuesday may not be processed until the following week.
How do I check the status of this transaction?
You can see all transactions, including withdrawals, in your Bitcoin Transaction History. Tap on a withdrawal for more information, including status. You can also view the transaction on Block Explorer for more detailed tracking.
How do I cancel a withdrawal request?
To cancel a withdrawal request, navigate to the withdrawal screen, and select Cancel Withdrawal. This will return the sats to your reward total. If you do not see the cancel option, it means we have already begun to process the request, and it can no longer be cancelled.
Where is my bitcoin stored before I withdraw it?
To provide the best coverage possible, Fold uses multiple custodial partners to hold our user's bitcoin:
BitGo, who maintains a $250M insurance policy on digital assets where BitGo Trust Company maintains all of the keys.
Fortress, a regulated state-chartered trust company that acts as the Qualified Custodian over client accounts.
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