Swan is one of the best apps for individuals who are new to buying Bitcoin. This is because it offers instant and recurring purchases with no fees on your initial $10k and free withdrawals. In this guide, I will walk you through the process of setting up your Swan account, making your first Bitcoin purchase, and withdrawing your Bitcoin from Swan to another wallet.
What is swan
Swan is an app for managing Bitcoin finances that allows users to make instant and recurring purchases without fees on the first $10,000 and provides free withdrawals, as well as offering IRAs, services for businesses and high net worth individuals, assisted self-custody, and more.
Why choose swan
If you are new to purchasing Bitcoin, you may want to consider using Swan, an app known for its user-friendly interface and quick buying process. To purchase Bitcoin on Swan, you only need to provide basic contact information, the last four digits of your social security number, and your bank routing and account numbers. Additionally, Swan does not charge any fees on the first $10,000 worth of Bitcoin bought by new clients and existing users.
Is Your Money on Swan Bitcoin Safe?
When using Swan to purchase Bitcoin, it’s recommended that users take custody of their own Bitcoin through a wallet that provides them with a private key. Bitcoin purchased on Swan is stored in cold storage with qualified custodians. Upon opening a Swan account, users will encounter a term of service agreement with a custodian that’s appropriate for their account. By signing the agreement, users establish a direct relationship with the custodian.
Swan independently conducts audits of the Bitcoin reserves in cold storage to ensure they align with the ledger balances at the specific custodian.
Swan currently collaborates with Fortress Trust and Bakkt as custodians of record, and employs BitGo for cold storage.
What countries does Swan Bitcoin serve?
Swan is available to residents of numerous countries, including those listed below:
Åland Islands, Albania, American Samoa, Andorra, Angola, Anguilla, Antarctica, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Barbados, Belgium, Belize, Benin, Bermuda, Bhutan, Bonaire, Sint Eustatius and Saba, Bosnia and Herzegovina, Botswana, Bouvet Island, Brazil, British Indian Ocean Territory, Brunei Darussalam, Bulgaria, Cambodia, Canada, Cayman Islands, Chad, Chile, Christmas Island, Cocos (Keeling) Islands, Comoros, Cook Islands, Costa Rica, Croatia, Curaçao, Cyprus, Czechia, Denmark, Djibouti, Dominica, Dominican Republic, Ecuador, El Salvador, Equatorial Guinea, Estonia, Eswatini, Falkland Islands (Malvinas), Faroe Islands, Fiji, Finland, France, French Guiana, French Polynesia, French Southern Territories, Gabon, Gambia, Georgia, Germany, Gibraltar, Greece, Greenland, Grenada, Guadeloupe, Guam, Guatemala, Guernsey, Guinea, Guinea-Bissau, Guyana, Heard Island and McDonald Islands, Holy See, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Korea, Republic of, Kuwait, Kyrgyzstan, Lao People’s Democratic Republic, Latvia, Liechtenstein, Lithuania, Luxembourg, Macao, Macedonia, the former Yugoslav Republic of, Madagascar, Malawi, Malaysia, Maldives, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mayotte, Mexico, Micronesia (Federated States of), Moldova, Republic of, Monaco, Mongolia, Montenegro, Montserrat, Nauru, Netherlands, New Caledonia, New Zealand, Niger, Niue, Norfolk Island, Northern Mariana Islands, Norway, Oman, Palau, Palestine, State of, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Pitcairn, Poland, Portugal, Puerto Rico, Rwanda, Réunion, Saint Barthélemy, Saint Helena, Ascension and Tristan da Cunha, Saint Kitts and Nevis, Saint Lucia, Saint Martin (French part), Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Serbia, Seychelles, Singapore, Sint Maarten (Dutch part), Slovakia, Slovenia, Solomon Islands, South Africa, South Georgia and the South Sandwich Islands, Spain, Suriname, Svalbard and Jan Mayen, Sweden, Switzerland, Taiwan, Tajikistan, Thailand, Timor-Leste, Togo, Tokelau, Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Turks and Caicos Islands, Tuvalu, United Arab Emirates, United Kingdom of Great Britain and Northern Ireland, United States Minor Outlying Islands, United States of America, Uruguay, Uzbekistan, Vanuatu, Vietnam, Virgin Islands (British), Virgin Islands (U.S.), Wallis and Futuna
However, Swan is NOT available to residents of the following countries:
Afghanistan, Belarus, Burundi, Central African Republic, Colombia, Cuba, Democratic People’s Republic of Korea (North Korea), Democratic Republic of the Congo, Haiti, Iran, Iraq, Lebanon, Libya, Myanmar (Burma), Nicaragua, Pakistan, Russia, Somalia, South Sudan, Sudan, Syria, Ukraine (Crimea, Donetsk, and Luhansk Regions), Venezuela, Yemen, Zimbabwe
Also, if you do not have a US bank account or a bank account that can send ACH transfers, you must fund your Swan account via wire transfers.
How to set up a swan account
To get started with Swan Bitcoin, follow these steps:
- Visit swanbitcoin.com or download their app on your mobile device.
- Click on the “Get Started” button on their page and enter your email address.
- Check your email for a verification link and click on it to be redirected to Swan.
- Complete the prompted questions for residency, enter your phone number, and enter the 6-digit code sent to your phone via SMS. You’ll also need to enter the last four digits of your SSN.
- Review and confirm the information provided. Select the annual income that applies to you and agree to the service partner agreements.
How to add a bank account to your Swan account
- When you’re on the Swan homepage, go to the main menu in the upper right corner of your screen.
- Click on your name, then select “Bank Accounts” from the drop-down menu.
- You’ll be directed to a new screen displaying any existing bank accounts you’ve added. To add a new bank account, click the yellow button.
- You’ll then be prompted to enter the routing number, account number, name on the account, and type of account. Once you’ve provided the required information, click on “Connect Bank Account”.
how to buy bitcoin on swan
When purchasing bitcoin on Swan, there are three methods available: Recurring Buys, Instant Buys, and Swan Balance Buys.
Buy bitcoin with Savings Plan / Recurring Buys
- Log into your Swan Account
- Navigate to the “Recurring buys” tab
- Choose the dollar amount and cadence for your purchases
- Select your preferred payment method for the savings plan
- Review and accept the terms and conditions for the savings plan, then click “Save Changes”
- Your savings plan is now active
Buy Bitcoin with Instant Buys
- Log in to your Swan Account
- Click the “Buy Now” button
- Choose the amount of Bitcoin you want to purchase
- Review your purchase details and select the funding account for the buy
- Click “Buy Now” to complete the trade
- You’ll receive a confirmation of your purchase
Buy Bitcoin with Swan Balance Buys
- Log into your Swan Account
- Click the “Buy Now” button
- Select the amount of Bitcoin you want to buy
- Review the purchase and select Swan Balance as the funding account
- Click “Buy Now” to complete the trade
- You will receive a purchase confirmation
- The purchased Bitcoin will be available for withdrawal after 24 hours
how to withdraw Bitcoin on Swan
On Swan, there are two types of withdrawal methods available: “manual” and “auto.” However, before you can initiate a withdrawal, you must first add your Bitcoin wallet.
how to Add a Bitcoin Wallet to swan
- Log in to your Swan Account.
- Navigate to the “Withdrawals” tab and select “Withdrawals”; this will take you to the bottom of the page.
- Click the “Withdraw Now” button.
- Choose “Add a single wallet address.”
- Copy and paste the Bitcoin wallet address into the address bar.
- Provide a name for the wallet and click “Validate and use Address.”
- For added security, you will need to perform 2-factor authentication for the newly added wallet. You will receive a text message containing a 6-character code, which needs to be entered.
- After the wallet is confirmed, you will be able to use it for both manual and auto-withdrawals.
how to set manual withdrawal on swan
- Log in to your Swan Account.
- Access the “Withdrawals” tab and select “Withdrawals” to reach the bottom of the page.
- Click the “Withdraw Now” button.
- Choose the amount of Bitcoin for withdrawal, ensuring that the Bitcoin is unlocked.
- Select the wallet to which you want to send the Bitcoin.
- Click “Withdraw Now” to complete the withdrawal process.
- Once initiated, you can monitor the pending withdrawal on your Swan Dashboard, along with a link to track it on the Bitcoin blockchain.
how to set auto withdrawal on Swan
- Log into your Swan Account
- Scroll to the bottom of the page and select “Set Up Auto Withdrawals”
- Choose the Bitcoin threshold trigger that will initiate an auto-withdrawal
- Click “Update Threshold”
- Select a wallet for the auto withdrawal to deposit into. Note: You will need an active wallet to activate auto withdrawals.
- Keep track of the progress towards the threshold you’ve set for your auto withdrawal at the bottom of your Swan dashboard. Remember, the Bitcoin must be unlocked for it to be withdrawn.
If you encounter any issues with your Swan account, you can reach out to their support team for assistance. You have the option to engage with their support via Twitter chat or by creating a support ticket.
Credit:help.swanbitcoin.com/hc/en-us, coincentral.com/swan-bitcoin-review/