How to Withdraw
How to use your Purse BTC or BCH Wallet
To start transacting with your Purse wallet, head over to your Purse Wallet, or click the 'Wallet' option in the drop-down menu:
At the top of the page you will see your total account's balance, this number will be the sum of all your cryptocurrency assets expressed in your preferred currency (you can customize this in your account's profile page).
To withdraw Bitcoin, select the Withdraw option by clicking on it, you will be presented with this page:
Here you can enter the amount of funds you want to withdraw in BTC or you can enter the amount in your account's preferred currency by flipping the currency switch at the top-right side in the wallet page. Proceed to enter the BTC address you want to withdraw to. Please double check that you are sending funds to the correct address and that it is a Bitcoin. Bitcoin transactions are irreversible, and Purse cannot offer refunds on failed withdrawals.
If you have 2FA enabled, you will have to enter the code so that the withdrawal can go through, otherwise, you will receive a code in your email for you to enter in the withdrawal screen.
For Bitcoin Cash, the procedure is the same, simply select the Bitcoin Cash option on the left side of the screen.
Purse supports the CashAddr format, so you can make withdrawals to both new and legacy address formats for Bitcoin Cash.
When purse processes your withdrawal, we broadcast your transaction over the corresponding blockchain (currently Bitcoin or BitcoinCash). This requires a mining fee in order to send your transaction. Furthermore, for Bitcoin, we batch multiple withdrawals into the same transaction so we can keep fees even lower by setting a flat rate fee. We try to stay competitive with our rates and adjust them based on current blockchain conditions.
Withdraw Speed (NEW)
We introduced the ability to choose how fast you want your withdraw to be processed and mined. You can choose Slow & Cheap or Fast & Costly when initiating the withdraw depending on how long you want to wait for the funds. Slow withdrawals are sent out in longer batching periods, and higher target block times, so your transaction could take several hours or longer to be mined. however, if you're not in a hurry, this option is great because you'll pay much less in network fees! Choose the Fast option if you want your funds broadcasted within 30 minutes at a priority fee rate to be mined the quickest.
I haven't received my withdrawal, what can I do? Troubleshooting!
If you are having issues with a withdrawal, please consider the following before submitting a support ticket:
Purse withdrawals are batched together, this means that whenever possible, we will wait until several users request a withdrawal to process them, this saves network fees and all parties will benefit, however, this may mean that you will have to wait up to half an hour for your transaction to be processed.
During times of high Blockchain transaction loads (normally during major market volatility), your withdrawal may take longer to be processed by the miners in the network. If your withdrawal is already listed in your Purse transaction history, then you can monitor when it is mined by following the transaction on a Block Explorer.
If you chose the SLOW withdrawal option for Bitcoin, during these times of high transaction load on the Blockchain, then your transaction could potentially take many more hours than normal. Please check your transaction on a block explorer before contacting support, as it's most likely waiting to be mined due to a lower transaction fee.
If more than an hour has passed since you requested the withdrawal, and you don't see it in your Purse transaction history, please contact our support staff at email@example.com, they will take a look into your issue.
Updated on: 30/10/2023