Compass Wallet - Guide & FAQ – Compass

We are excited to announce the release of the Compass Wallet which brings additional functionality to customer's accounts.

The wallet allows customers to store BTC, USD and USDT stablecoin in their account, making it easier to manage their funds. These funds can be freely deposited, withdrawn, and converted at any time. Funds, within the wallet, can be spent on Compass invoices and new hardware allowing for additional functionality and immediate settlement at checkout. Using the wallet, customers no longer have to wait for confirmation times or wire transfers when purchasing new hardware or paying invoices.
Additionally, customers can have their mining rewards sent directly to their Compass Wallet account making it easier to be on a Bitcoin standard and manage your miners.

The Compass Wallet can be accessed throughout the Compass website and will be shown in the following ways.

Dashboard View

The dashboard view shows the full history of your Compass Wallet use. Purchases, deposits, conversions and withdrawals are chronologically displayed making it easy to keep track of your wallet.

Invoice View

The Compass Wallet can be quickly accessed when paying hosting or hardware invoices. This is a compact view of the wallet and makes it easy to pay with the wallet if you choose to do so. All purchases from your Compass Wallet must be done with your USD - fiat balance. Here you can easily convert wallet funds to USD to spend.

This pairs nicely with all the existing payment features such as, Compass Credit, ACH, Credit card, Debit card and Crypto. Combined, you have the ability to pay in many different ways to meet your needs.

Checkout View

Similar to Invoice View, the Compass Wallet can be quickly accessed when paying for new hardware at checkout. This is a compact view of the wallet and makes it easy to pay with the wallet if you choose to do so. All purchases from your Compass Wallet must be done with your USD - fiat balance.

This integrates with all the existing payment features such as, Compass Credit, ACH, Credit card, Debit card and Crypto. Combined, you have the ability to pay in many different ways to meet your needs.

We have created this FAQ page to help answer any and all questions surrounding the Compass Wallet. If you have additional questions feel free to contact us and we will be glad to assist.

How can I become verified and access my Wallet?
How can I enable multi-factor authentication for added security?
What currencies work with my Wallet?
Can I use the Bitcoin Lightning network?
How do I deposit funds to my Wallet?
How do I convert funds within my Wallet?
How do I withdraw funds from my Wallet?
How do I pay my outstanding invoices using my Wallet?
How do I receive mining rewards directly to my Wallet?
When will my deposit be received?
How do I buy hardware using my Wallet?
Tax Considerations
Will my deposit address change?

How can I become verified and access my Wallet?

The Compass Wallet is only accessible for customers who have gone through the verification process. The verification process can be initiated in your Dashboard or at checkout. You will see a Get Verified Now button which will walk you through the verification process. Once verified you will unlock the Compass Wallet. Verification also allows you to sell hardware in the marketplace, if you choose to do so.

How can I enable multi-factor authentication for added security?

For additional Compass Wallet and hardware security we highly recommend customers enable Multi-Factor Authentication (MFA) in their Dashboard Settings.

Multi-Factor Authentication

What currencies work with my Wallet?

The Compass Wallet works with your local currency, Bitcoin, USDC, and USDT stablecoins. If you are outside of the United States any local currencies will be displayed in Bitcoin and USD equivalents.

NOTE: USDT and USDC stable coins operate on the Ethereum network and must be

Warning⚠️: USDT and USDC are cryptocurrencies issued by Tether and Circle respectively. These tokens are compatible with the Ethereum/ERC20 network. Deposits and withdrawals must be done using the Ethereum/ERC20 network to ensure delivery of funds. If you send or receive stable coins using a different network you risk loss of funds.

Can I use the Bitcoin Lightning network?

At this point in time, we do not allow customers to use the Lightning network for deposits or withdrawals. Bitcoin sent to the Compass Wallet must be an on-chain transaction. Separate from the wallet, Compass does however facilitate Lightning network for payments via an Opennode integration from your own Lightning wallet.

How do I deposit funds to my Wallet?

The Compass Wallet can be accessed using the Compass Wallet button within your Dashboard. Here you will see a Deposit menu which can be used to fund your wallet. The wallet is the quickest and easiest way to pay Compass invoices or to buy new hardware. Any funds in the wallet can be converted or withdrawn at any time..

To use the deposit feature follow the steps and animations below:

USD Deposit:

Log into your Compass Account.
Navigate to the customer Dashboard.
Click on Compass Wallet.
Select the Deposit tab.
Select the USD - US Dollar currency.
Press the Deposit button to see all the information needed for a wire transfer.
Log into your bank account and input all the corresponding information from the Compass website.
Initiate the wire transfer. Funds will appear in your Compass Wallet within 1 to 3 business days.

Bitcoin/Stablecoin Deposit:

Log into your Compass Account.
Navigate to the customer Dashboard.
Click on Compass Wallet.
Select the Deposit tab.
Select BTC - Bitcoin currency or USDT - Tether.
Press the Deposit button to see your wallet deposit address.
From your preferred Bitcoin/Tether Wallet, scan or paste in the Compass Wallet address.
Input the amount you would like to send and confirm. BTC deposit are batched twice a day, wait a few hours for the deposit to be shown in the Wallet.

NOTE: Bitcoin transactions will process after 3 confirmations and will be reflected in your wallet twice per day.

Warning⚠️: USDT and USDC are cryptocurrencies issued by Tether and Circle respectively. These tokens are compatible with the Ethereum/ERC20 network. Deposits and withdrawals must be done using the Ethereum/ERC20 network to ensure delivery of funds. If you send or receive stable coins using a different network you risk loss of funds.

How do I convert funds within my Wallet?

Compass Wallet funds can be converted in two locations, within the Dashboard or at Checkout.

Dashboard Conversion:

Within the Dashboard you can freely convert funds to fiat, bitcoin and stable coins. The Compass Wallet can be accessed using the Compass Wallet button within your Dashboard. Here you will see a Convert menu. Select the currency you would like to convert and follow the prompts. Funds will appear in the wallet immediately.

Checkout Conversion:

The Compass Wallet can be accessed when paying invoices or at checkout. Any fiat/USD funds within the wallet can be used for payments. If you do not have sufficient USD to cover the payment you will be able to convert any bitcoin or USDT stablecoin to USD at checkout without leaving the page.

To convert funds at checkout use the following steps:

On the checkout page locate the Compass Wallet.
Click on Convert Other Funds to USD.
In the Convert to USD popup select the currency you would like to convert to USD.
Input the amount you would like to convert or select MAX.
Review the conversion details.
Press Convert.
Your funds will immediately be converted and available for use.

Note: Currency conversions may carry tax implications depending on your jurisdiction. Consult a tax advisor for any tax implications this may result in. Users will see a 0.5% fee when converting funds.

How do I withdraw funds from my Wallet?

The Compass Wallet can be accessed using the Compass Wallet button within your Dashboard. Here you will see a Withdraw menu. Select the currency you would like to withdraw and follow the prompts. Funds will appear in the wallet once transfers are settled.

USD Withdrawal:

Log into your Compass Account.
Navigate to the customer Dashboard.
Click on Compass Wallet.
Select the Withdraw tab.
Select the USD - US Dollar currency.
Enter the amount you would like to Withdraw.
Press the Wire button.
Add or select a bank account.
Review the withdrawal details and press the Send Wire button.
Funds will appear in your Bank account within 1 to 3 business days.

Bitcoin/Stablecoin Withdrawal:

Log into your Compass Account.
Navigate to the customer Dashboard.
Click on Compass Wallet.
Select the Withdraw tab.
Select BTC - Bitcoin currency or USDT - Tether.
Enter the amount you would like to withdraw
Press the Withdraw button.
Add or select a wallet address you wish to withdraw to.
Review the withdrawal details and press the Send Crypto button.
Withdrawals are processed 2 to 3 times a day and will be settled within 1-2 business days.

How do I pay my outstanding invoices using my Wallet?

Hosting and hardware invoices can be accessed by clicking on the Outstanding Invoices button within your Compass Dashboard. Here you can select one or several of your unpaid invoices. Selecting the Pay Now, Pay All or Pay Selected buttons will bring up a payment module. From here you can choose to apply funds from your Compass Wallet to the invoice(s). You can input the amount of USD you would like to spend. This will come directly from your USD balance. USDT Stablecoin and Bitcoin will need to be converted for use which can be done directly in the payment module or from the dashboard.

How do I receive mining rewards directly to my Wallet?

To receive mining rewards directly to your wallet navigate to the Deposit menu under Compass Wallet. Select Bitcoin and make note of the wallet address that appears. You will need to configure your mining pool account to payout to this address. Once completed all future mining payouts will appear directly in your Compass Wallet balance.

Note: Be sure to carefully copy and paste this address from your Compass Wallet to your pool. Doing this incorrectly may result in a loss of funds. This address should start with a 3. Every pool account is different, if you have questions please reach out.

When will my deposit be received?

The amount of time required for deposits to become available for use depends on the deposit method used. See below for more information:

eCheck/ACH - Your deposits will appear within your Compass Wallet within 3-5 business days. It takes 10 business days for your funds to clear. After that you can begin using these funds.
Domestic Wire - Deposits should should appear in your Compass Wallet within 1 business day, ready for use.
International Wire - Your deposits will appear within your Compass Wallet within 3-5 business days. Your funds will be available for use after that time.
Check - Checks typically take around 10 business days to process and will be available for use when they appear in your Compass Wallet.
Bitcoin - Funds are typically available within 30 minutes. This may take longer depending on on quickly blocks are mined. Larger deposits can take up to a few hours for security purposes.
Stablecoin (i.e. USDT) - Funds are typically available within 30 minutes. This may take longer depending on on quickly blocks are mined. Larger deposits can take up to a few hours for security purposes.

How do I buy hardware using my Wallet?

Once you have selected the hardware you want to purchase from the Compass Hardware page you will be directed to the checkout page. You will see a Compass Wallet section on your order summary display. You will see many different views depending on the status of your wallet. If you have funds available you will have the ability to Apply Wallet Funds. Clicking this button will give you a popup view of your Compass Wallet. You can input the amount of USD you would like to spend. This will come directly from your USD or USDT stablecoin balance and will convert bitcoin if necessary.

Compass Wallet view from Checkout

Compass Wallet convert feature view

Tax Considerations:

Always consult a tax advisor to ensure you comply with your local tax code.

Will my deposit address change?

Your Compass Wallet deposit address can change but this is very rare. The address will only change if the wallet changes or is upgraded to support new addresses types. If this happens we will provide sufficient heads up, and guidance, giving our customers time to react appropriately. To date this has not occurred.

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