Features

Self Custody

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 (coming soon).

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 Move Money tab on the top right of the dashboard, select "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 send".

Enter the bitcoin address to which you want to withdraw. We recommend copying and pasting the bitcoin address.

Select "Continue."

Review the information, and if it looks good, check the box to acknowledge you've reviewed it and click "Send Bitcoin.

Enter the two-step authentication code from your authenticator app.

Important: You will receive an email confirming that your bitcoin has been sent.

How to set a recurring bitcoin withdrawal (coming soon)

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 a One Time or Recurring, you'll receive an email notifying you that the bitcoin has been sent.

Updated on:
February 16, 2024