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How long does it take to withdrawal Bitcoin from my Magnr Account?

Q. How long does it take to withdrawal Bitcoin from my Magnr Account?

A. Under normal circumstances, it can take up to 24 hours to process a Withdrawal as all user requests are audited for security purposes. 

Why up to 24 hours?

Withdrawal Requests are processed during office our hours of between 09:00 - 17:00 GMT, Monday - Friday.

Since Withdrawal Requests are queued for manual processing from when we receive them, there is no set time.

In reality our team will bulk process requests several times a day, and more often than not, out of normal office hours; evenings and weekends.

We stipulate that they will be processed within a period of 24 hours, taking into consideration time-zone differences for our clients globally.

Temporary Wallet Addresses

Where addresses have an expiration time against them, we DO NOT recommend you withdraw funds from your Magnr Account to serve those addresses.

Security

As a business, it is of paramount interest that our Client Security is effectively maintained at all times. Integral to managing this, our client bitcoin holdings are stored in offline Cold Storage Wallets.  

To maximise Client Security, our Server infrastructure does not operate any Hot Wallet facility. As a result, no Private Keys are held on our Servers.

When Withdrawals are requested, funds are manually processed from Cold Storage to your assigned destination addresses.  

Managed Accounts

It is important to note that your Magnr Savings and Trading addresses are managed account addresses. Managed account addresses should not be treated like conventional wallet service where you can freely transact in and out.

Please consider this security protocol as part of our terms of service.

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