How to Withdraw Purchased Bitcoin From Fold

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:

  1. Navigate to the bitcoin buying dashboard by tapping the ₿ on the nav bar.
  2. Tap "Withdraw".
  3. Paste, type, or scan the QR code of your personal wallet address into the field. Tap "Next". (What is a Bitcoin address?)
  4. You will see a summary of your withdrawal, including fees. If all looks good, tap "Confirm Withdrawal".
  5. You will be prompted to enter an SMS 2FA code sent to the phone number on your account.
  6. 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?

Our bitcoin partner Fortress manually processes withdrawals multiple times per day. Depending on volume and network congestion, you should see your funds within 24 hours if requested Monday through Friday. Any requests made after 12pm ET on Friday may be processed the following Monday.

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?

Once a request is submitted to Fortress, it cannot be cancelled.  

Where is my bitcoin stored before I withdraw it?

Bitcoin is held in an on-chain address at Bitgo in cold storage with $250M in insurance coverage.  Fortress is a regulated state-chartered trust company that acts as the Qualified Custodian over client accounts. We’re in the process of adding more custodial and trading partners to ensure best in class security and user experience.

 

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