How to Transfer Crypto from Robinhood

Posted by in Crypto | Updated on November 15, 2022
At a Glance: Members of the Robinhood app can now get a crypto wallet. The new Robinhood Crypto wallet makes asset transfers very easy, and you can send and receive funds from one wallet to another.

At a Glance: To transfer crypto out of Robinhood, you must sign up for Robinhood Crypto by verifying your identity and setting up two-factor authentication. Next, go to the crypto’s detail page, hit Send, type in the amount you want to send, paste/type in the wallet you want to send it to, then hit Review and Submit.

Robinhood is used by a lot of people to trade cryptocurrency, as it is one of the most popular brokerages in the world.

But not everyone wants to focus solely on Robinhood, as some decide to transfer their crypto across multiple platforms or they want to transfer their funds so they can stop using Robinhood altogether.

If you are in this position, you may not know how to transfer crypto from Robinhood. You’ve come to the right place because this article will tell you exactly what to do.

Can You Transfer Crypto from Robinhood?

Many people decide to transfer their cryptocurrency from Robinhood to another crypto exchange. Usually, it is to avoid the restrictions placed by Robinhood on crypto.

Previously, Robinhood users were unable to send or receive crypto with their Robinhood accounts. This recently changed, however, and users can both send and receive crypto to/from their accounts.

Note that you will have to set up two-factor authentication and verify your identity (with a government-issued photo ID or live photo of yourself) in order to transfer crypto with Robinhood.

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Transferring Crypto from Robinhood

Members can now get a crypto wallet on Robinhood, and for this, they must sign up in the app.

The new crypto wallet—named Robinhood Crypto—makes asset transfers very easy, and you will have the chance to get the funds in your other account without issues. All you have to do is type in the address of the wallet you want to send your cryptocurrency to.

Of course, you have to make sure you have an account opened with the other wallet first, whether it’s Coinbase or a different one. If you have the account, you will have to open the other app and deposit your cryptocurrency with the address you have listed in your account.

If you do not use the crypto wallet that Robinhood offers, you will be asked to liquidate your assets, and only then buy them again with the other app.

Setting Up Robinhood Crypto

If you haven’t yet signed up for Robinhood Crypto, here are the steps to follow to do it:

  1. Go to the cryptocurrencies of the main page in the Robinhood app and click on one.
  2. Scroll down past the chart and look for the Send button.
  3. Click through the information presented until you get to the Get started page and click the button.
  4. Click the I acknowledge button after reading the message about protecting your crypto.
  5. Follow the instructions to verify your identity. You can use a passport, driver’s license, or other government-issued photo ID.
  6. Follow the instructions to set up two-factor authentication by verifying your phone number, email, and setting up an authenticator app.

Selling Robinhood Assets

Selling the cryptocurrency you want to transfer is the first thing you will have to do considering you cannot make a direct transfer. You can either sell your crypto amounts fully or partially. Then, you will have to take the following steps depending on whether you are using the web version or mobile version of Robinhood.

Web

  1. Go to Robinhood and look for the cryptocurrency you want to sell. Then, go to the details page of that particular cryptocurrency.
  2. Check out the options window and click Sell.
  3. Enter the crypto dollar amount that you wish to sell.
  4. Review the information first to ensure that everything is correct.
  5. Submit the sell order.

Mobile

  1. Open your app and look for the particular cryptocurrency you want to sell. Then, click Trade.
  2. Tap on Sell.
  3. Enter the crypto dollar amount that you wish to sell.
  4. Now, click on Review. This will let you check out the information to make sure it’s correct.
  5. Swipe up in order to submit your request.

After performing the withdrawal, there will be a set period for the trade you made, as well as two extra trading days before you will have the funds ready for withdrawal. During that time, you won’t be able to move the amount out of your Robinhood account.

Transferring Funds to a Bank Account

Now, it is time to transfer all of your money into the bank account that you linked to your Robinhood account. In order to do so, you will have to follow certain steps depending on whether you are transferring from web or mobile:

Web

  1. Look in the upper right-hand corner and click Account.
  2. Now, tap Banking.
  3. There is a panel on the right side that you should use in order to start the bank transfer from Robinhood.

Mobile

  1. Look in the bottom right corner of your screen and tap on your Account.
  2. Then, click Transfers and from there, pick Transfer to Your Bank.
  3. Now, pick the bank account that you want to transfer to.
  4. Enter the amount that you want to transfer.
  5. Click Submit when you are done reviewing whether the information is correct.

Transferring Funds to a New Bank Account

If you want to transfer to a new account, you may want to know that the transfer process may take longer. When you have a new account, the transfer process will be extended as the account is being verified. It is important to be aware of this so you aren’t surprised when you notice the timeline change. Besides, the steps you have to take to initiate the transfer will depend on the size of your bank.

If you are planning to transfer funds to a bank account that is not the one you had connected to your Robinhood account originally, here are the steps you have to take:

  1. Look in the bottom right corner of your screen and tap your Account.
  2. After that, click on Transfers.
  3. Then, tap on Linked Accounts.
  4. Click on Add New Account.
  5. From here, you can then pick the bank you want to transfer to from the provided list. You will also have the option to search for the bank.
  6. Enter the account login information.
  7. Pick the account that you wish to link to Robinhood.

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The Bottom Line

So, you might be relieved to find out that there is a way to transfer crypto from Robinhood. This way, you can use or store your funds on a different account. Although Robinhood makes things harder due to all of its restrictions, you can successfully transfer your desired amounts by following the right steps.

Before you attempt to make a transfer, make sure you have a bank account ready to prevent waiting an even longer time for the process to be over. Follow the right steps depending on what Robinhood platform you use, and you will have a successful transfer.


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