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How to Transfer Crypto from Robinhood
At a Glance
- Transferring cryptocurrency from Robinhood to another crypto exchange is possible with the introduction of the Robinhood Crypto wallet.
- Users can send and receive crypto by setting up two-factor authentication and verifying their identity.
- To transfer crypto, users need to input the wallet address of the receiving account.
- If not using the Robinhood Crypto wallet, users may need to liquidate their assets before buying them again on the other app.
Robinhood, a widely-used brokerage, is a popular choice for trading cryptocurrency. However, users may want to transfer their crypto to other platforms for various reasons, including diversifying their investments or moving away from Robinhood. If you’re looking to transfer crypto from Robinhood, this article provides a straightforward guide on how to do so.
Can You Transfer Crypto from Robinhood?
Yes, it’s possible to transfer cryptocurrency from Robinhood to other exchanges. This feature was not available to Robinhood users earlier, but Robinhood has updated its services. Now, users can both send and receive crypto through their accounts. However, to use this feature, you’ll need to set up two-factor authentication and verify your identity using a government-issued photo ID or a live photo.
How to Enable Crypto Transfers on Robinhood
To initiate crypto transfers with Robinhood, you need to authenticate your identity and enable two-factor authentication (2FA) on your account. This process may take up to 5 business days for review and activation.
- Government-Issued ID: Provide a photo of an ID such as a driver’s license, state ID, passport, passport card, or permanent resident card.
- Live Photo: Take a selfie using your mobile device or webcam in a well-lit area.
Enabling Two-Factor Authentication
- Download an Authenticator App: Options include Google Authenticator, Duo Mobile, or Authy for both iPhone and Android devices.
- Mobile Number Verification: Receive a code via text to your linked phone number and enter it in the app for verification.
- Email Address Verification: Follow the link sent to your email associated with Robinhood for confirmation.
Configuring 2FA in Robinhood
- Navigate to Account → Settings → Security and privacy → Two-Factor Authentication → On.
- Choose and open your authenticator app.
- Confirm adding Robinhood to the app.
- Enter the verification code from the app into Robinhood.
Robinhood will provide an emergency backup code for account access in case you lose your device. Store this code securely, such as in a password manager, a password-protected folder, or in a safe.
How to Transfer Crypto from Robinhood
To transfer crypto from Robinhood, follow these steps:
- Navigate to the Crypto Detail Page
- Click on the ‘Send’ option
- Type in the amount of crypto you wish to send
- Enter Recipient’s Wallet Address
- Select ‘Review’ to check the details
- Click ‘Submit’ to complete the transaction
How to Receive a Crypto Transfer in Robinhood
To receive a crypto transfer in Robinhood, follow these steps:
- Access the Crypto Detail Page
- Click on the ‘Receive’ option.
- Copy Your Crypto Address
- Paste your crypto address into the transferring wallet
- Confirm the transfer
Timing for Receiving Crypto
Crypto credit to your Robinhood account depends on a certain number of network confirmations. The required number of confirmations can change based on network conditions. Usually, this process completes within a few hours under normal conditions. Each transfer undergoes a security check, generally taking a few minutes, though it can occasionally take longer. You’ll be informed via the Robinhood app as soon as your crypto becomes available in your account.
Transfer Limits and Fees
Below, you wild explanations about Robinhood’s limitations and related fees for crypto transfers.
- Amount Limit: Send up to $5,000 worth of cryptocurrency in a single day.
- Frequency Limit: Make a maximum of 10 crypto transfers within 24 hours.
- Settlement Period for Instant Purchases: Crypto purchased using Robinhood Instant can’t be transferred out until the transaction settles, typically taking up to 5 business days.
- Network Fees: Each crypto transfer incurs a network fee, also known as a miner or gas fee. This fee varies based on the specific cryptocurrency and the current network traffic.
- Fee Transparency: Robinhood will inform you of the estimated network fee before you complete any transfer.
- Fee Calculation Examples:
- Sending a fixed amount: If you send 100 DOGE and the network fee is 1 DOGE, the total of 101 DOGE will be sent from your account.
- Using the Send All option: If you choose to send all your DOGE (e.g., 100 DOGE) and the network fee is 1 DOGE, the recipient will get 99 DOGE.
ERC-20 Token Transfers
- Supported Tokens: Includes Chainlink (LINK), Compound (COMP), Shiba Inu (SHIB), Uniswap (UNI), and USD Coin (USDC).
- Fee Payment: The network fee for ERC-20 tokens on the Ethereum blockchain is paid in Ether (ETH).
- Robinhood’s Convenience: You don’t need an ETH balance for these transfers. Robinhood calculates the ETH equivalent of the network fee and deducts it from your ERC-20 token balance.
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Transferring crypto from Robinhood to another account is possible, despite the platform’s restrictions. To facilitate a smooth transfer, ensure you have a bank account prepared in advance. By following the appropriate steps for your specific Robinhood platform, you can successfully transfer your crypto.
Robinhood Crypto Transfers FAQ
Can I transfer cryptocurrency out of my Robinhood account to another wallet?
Yes, you can transfer cryptocurrency from your Robinhood account to another wallet. Ensure you follow the specific steps provided by Robinhood for a successful transfer.
What do I need to do before I can transfer crypto from Robinhood?
Before transferring, you must have two-factor authentication enabled and your identity verified on Robinhood. Also, ensure your bank account is linked to avoid delays.
Are there any fees for transferring crypto from Robinhood?
Robinhood does not charge extra fees for transferring crypto, but network fees, determined by the blockchain you’re using, will apply and are paid by the sender.
How long does it take to transfer crypto from Robinhood?
The time it takes can vary. It depends on the network confirmations required by the blockchain. Generally, transfers are processed within a few hours, but it can take longer depending on network conditions and security reviews by Robinhood.
Can I transfer any cryptocurrency from my Robinhood account?
You can transfer the cryptocurrencies that are supported and available in your Robinhood account. It’s important to check the current list of supported cryptocurrencies on Robinhood’s platform.
Is it possible to transfer crypto into my Robinhood account?
Yes, you can also receive cryptocurrency into your Robinhood account. You’ll need to provide the sender with your Robinhood crypto address for the specific cryptocurrency you wish to receive.
What should I check before transferring crypto to or from Robinhood?
Always double-check the wallet addresses and ensure the type of cryptocurrency you are sending or receiving is supported by Robinhood. Incorrect or unsupported transactions may result in the loss of funds.
Are there any transfer limits on Robinhood for cryptocurrency?
Yes, Robinhood has transfer limits. You can typically transfer up to $5,000 worth of crypto or perform up to 10 transfers within a 24-hour period.
Can I cancel a crypto transfer once initiated on Robinhood?
No, once a crypto transfer is initiated and confirmed, it cannot be canceled due to the irreversible nature of blockchain transactions.
What happens if I transfer a cryptocurrency to the wrong address from Robinhood?
If you send cryptocurrency to an incorrect or incompatible address, it is likely that the funds will be irretrievably lost. Robinhood cannot reverse these transactions.
Always ensure the accuracy of the address and compatibility with the receiving wallet before making a transfer.