The Self Custody feature lets you withdraw your bitcoin to a wallet you control. You can make one time bitcoin withdrawals, or set up a recurring withdrawal.
How to make a one time bitcoin withdrawal
First, enable two-factor authentication in Settings by clicking Privacy & Security (if you haven't done so already).
In the sidebar, choose Self Custody.
Choose the left tab, called "One Time".
Enter the amount of bitcoin to withdraw. You can withdraw any amount less than or equal to the amount displayed next to "Available to Withdraw".
Enter the bitcoin address to which you want to withdraw. We recommend copying and pasting the bitcoin address.
Review the information, and if it looks good, check the box to acknowledge you’ve reviewed it and click “Withdraw Bitcoin”.
Enter the two-step authentication code from your authenticator app.
Important: You will receive two emails. The first email, from Coinbits, will acknowledge that your request was received. The second email is from our infrastructure provider, Prime Trust. For the bitcoin withdrawal to succeed, you need to click on the verification link in the email from Prime Trust.
How to setup a recurring bitcoin withdrawal
First, enable two-factor authentication in Settings by clicking Privacy & Security (if you haven't done so already).
In the sidebar, choose Self Custody.
Choose the right tab, called "Recurring".
Now choose the type of recurring withdrawal you’d like to set up. You have two options: Threshold and Time Interval.
Threshold vs. Time Interval
Threshold is useful if you want to ensure that your withdrawal transactions are not so small that you will likely need to combine them later when spending bitcoin, which will incur higher on-chain fees. If you are comfortable leaving bitcoin on Coinbits but want to withdraw it when it reaches a non-trivial amount (whatever that means to you), choose this option.
Time Interval is useful if you want to consistently minimize the amount of bitcoin you keep on Coinbits, but you don’t mind if some of the withdrawal transactions are small. If you want to withdraw on a schedule any time there is bitcoin available in your account for withdrawal, choose this amount.
Setting a Threshold
Threshold will withdraw bitcoin every time the amount available to withdraw exceeds the threshold you specify.
First, choose the threshold amount.
Then, enter the bitcoin address to which you want to withdraw. We recommend copying and pasting the bitcoin address.
Review the information, and if it looks good, check the box to acknowledge you’ve reviewed it and click “Continue”.
Enter the two-step authentication code from your authenticator app.
Important: Every time the threshold is exceeded, an email containing a verification link will be sent to you. If you do not click the link, the recurring withdrawal will be skipped.
Setting a Time Interval
Time Interval will withdraw all the bitcoin available to withdraw on a schedule you specify.
First, choose a time interval and a start date.
Then, enter the bitcoin address to which you want to withdraw. We recommend copying and pasting the bitcoin address.
Review the information, and if it looks good, check the box to acknowledge you’ve reviewed it and click “Continue”.
Enter the two-step authentication code from your authenticator app.
Important:
- Every time the time interval is reached, an email containing a verification link will be sent to you. If you do not click the link, the recurring withdrawal will be skipped.
- If there is no bitcoin available to withdraw at the end of the time interval, the recurring withdrawal will be skipped.
How to stop a recurring withdrawal
In the sidebar, choose “Self Custody”.
Click on "Remove Recurring Withdrawal".
How long does it take for bitcoin to send?
Every time a bitcoin withdrawal is requested, whether it is a One Time or Recurring, you'll receive an email from Prime Trust asking you to click a link to authorize the disbursement. Once you click the link, the bitcoin usually takes less than an hour to arrive. In rare cases, it could take about a day.