To simplify the Onboarding process for new users, Switcheo Account currently reserves 0.03 ETH of the first deposit to the account, this reserve allows the transparent payment of Ethereum Network fees for the transactions which are executed on your Switcheo Account.
Behind the scenes, Switcheo Account consists of a fully-fledged standalone multi token wallet. You control the keys to these wallets via the Backup Keyphrase and the Keys are encrypted securely using your username/password and supplied 2FA code.
Before starting the following process to withdraw the Reserved ETH, first withdraw all Tokens from your Switcheo Account to your own wallet using the standard Switcheo Account withdrawal procedure.
Warning: After using this procedure, the security of your switcheo account wallet is lower, as you have disclosed your wallets the Key phrase (and therefore private keys) to MyEtherWallet.
- Open a browser and navigate to https://www.myetherwallet.com/, be sure that you are at the correct web site by verifying the SSL Lock and MyEtherWallet Inc [US]
- Click on the large "Access my Wallet" button
- Click on Software (keys):
- Select Mnemonic Phrase, then click continue
- Select 12 Mnemonic words (using the tab at the top left of the box) and enter each of the words of your mnemonic Phrase into the 12 boxes.
- Click "Continue"
If you get an “Error: Invalid Mnemonic” error please close the window, go back to the “access by mnemonic phrase” page and ensure all your mnemonic words are spelled correctly before continuing to the next page.
- In the following Password dialog, the Password MUST be left blank to give the correct derived address
- Click “Continue”
- Verify the first address matches your switcheo account ETH deposit address.
- Select the first address, Accept the Terms Checkbox and click “Access My Wallet”
The main MEW screen will now open.
The balance reserved for ETH GAS (around 0.03 ETH will be shown in the wallet balance.
To Withdraw the funds to your own wallet,
- Be sure ETH is selected as the token Type
- fill the Amount (Or click Entire Balance for all), and,
- Destination (To) Address - Your Wallet ETH address.
The green checkbox beside each field indicates that the value entered is valid.
- Click the Send Transaction button to complete the withdrawal.
The Reserved ETH is now transferred to your Wallet address.
This completes the process and for your own security, please do not use this Switcheo Account address again, since it's Key Phrase may no longer be secure.
If needed, create a new Switcheo Account.