How does bank sweep work in the world of digital currencies?

1 answers

• Dec 18, 2021 · 3 years ago
  Bank sweep in the world of digital currencies is a feature offered by some exchanges, including BYDFi, that allows users to automatically transfer excess funds from their digital currency accounts to their bank accounts. This can be a convenient way to manage funds and ensure that they are earning interest in a traditional banking system. The process involves setting up a bank sweep arrangement with the exchange, specifying the bank account details, and determining the frequency of transfers. Once the arrangement is in place, any excess funds in the user's digital currency account will be automatically swept to their bank account according to the specified schedule. It's important to note that bank sweep may involve fees or minimum balance requirements, so users should carefully review the terms and conditions before opting for this feature. Overall, bank sweep can be a useful tool for users who want to optimize their funds and have easy access to both digital currencies and traditional banking.
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