You can remove funds in the BlueChip account page. Removing funds reduces your total allocated.
What are the removal strategies
What happens after removal is complete
How do I restart using Bluechip if I removal all my funds
How do I remove funds?
If you'd like to pull out some funds, you can do so by starting the removal process. Navigate to the Account page (drop down from the top right on the Dashboard) and click the "Remove funds" button under the account page and follow the step-by-step dialog.
Once you start this process, it cannot be canceled. You'll see the removal started confirmation notification once it starts. The bot status indicator will be flashing orange while removal is in progress.
What are the removal strategies?
If there isn't enough liquid USD in your account, BlueChip will sell held cryptocurrency for USD so we can remove it. We offer two removal strategies: break even and market price.
Break even
In order to minimize losses when converting your cryptocurrency into USD, BlueChip will sell your cryptocurrency at the purchase price. While this helps prevent losses, it is dependent on the market. Sells may take a longer time to go through.
BlueChip will only look at the purchase price when determining how much to sell. For example, imagine a client has $100 allocated and requests to remove $20 using the break even strategy.
| Allocated | $100 |
| Removing | $20 |
| USD removed | $0 |
BlueChip then sells $20 worth of cryptocurrency at the purchase price and receives a return of $20. At this point, the removal is complete. The requested removal is now reflected in the allocated funds.
| Allocated | $80 |
| Removing | $0 |
| USD removed | $20 |
Market price
In order to quickly convert your cryptocurrency into USD, BlueChip will sell your cryptocurrency at market price. While this removes quickly, it could mean the cryptocurrency is sold for less than it was purchased, resulting in negative returns.
BlueChip will only look at the purchase price when determining how much to sell. For example, imagine a client has $100 allocated and requests to remove $20 using the market price strategy.
| Allocated | $100 |
| Removing | $20 |
| USD removed | $0 |
BlueChip then sells $20 worth of cryptocurrency at market price and receives a return of $15. Even though the return was only $15, $20 has been reduced from the original allocated. At this point, the removal is complete. The requested removal is now reflected in the allocated funds.
| Allocated | $80 |
| Removing | $0 |
| USD removed | $15 |
What happens after removal is complete?
Once the removal is completed, you'll see the bot status indicator change to green or red. Green means you still have funds remaining that will continue to be invested. Red means there are no funds remaining and BlueChip will not make trades on your brokerage.
How do I restart using BlueChip if I remove all my funds?
Easy, just add funds from the BlueChip dashboard!