How To Transfer From Coinbase To Robinhood 2022

You may be considering moving your crypto out of Coinbase and into Robinhood, one of its key competitors.

Unfortunately, Robinhood does not allow you to send or receive crypto to or from your wallet. That means the only way to transfer is to liquidate into cash and move it via a bank transfer. 

Before you begin the process, keep in mind this action could result in capital gains tax implications as it may result in profit.

Nonetheless, we will walk you through step by step how to move your money from Coinbase over to Robinhood. 

Why Make The Switch?

Overall, Coinbase has an excellent reputation and is highly respected in the crypto community.

However, they are in business to make money, and part of this is done by charging fees on cryptocurrency transactions.

Many crypto exchanges charge up to 4% just to buy and sell coins. Robinhood, on the other hand, charges 0%.

Keep in mind, the downside to Robinhood is that you can't send or receive crypto from the app. With Coinbase, you are able to do this right from your wallet. In addition, there are a much larger variety of cryptocurrencies available for trading over on Coinbase. 

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1. Open A Robinhood Account

First, you will need to open a Robinhood account.

Use the button above to get a completely free stock when you sign up!

To apply for a Robinhood account, you’ll need to meet the following requirements:

• Be 18 years or older
• Have a valid Social Security Number (not a Taxpayer Identification Number)
• Have a legal U.S. residential address within the 50 states or Puerto Rico (there may be exceptions for active U.S. military personnel stationed abroad)
• Be a U.S. citizen, U.S. permanent resident, or have a valid U.S. visa

2. Sell Your Crypto Assets On Coinbase

Next, you will need to sell your crypto assets you are looking to move over to Robinhood. Keep in mind, you will have to pay taxes on your gains if you sell for a profit.

Here's how to sell crypto on Coinbase:

1. Click Buy/Sell on a web browser or tap the blue button on the mobile app
2. Select Sell
3. Next, Select the crypto you want to sell and enter the amount
4. Select Preview sell then Sell now to complete the transaction

Once the action is complete, your cash will be available in your local currency wallet (USD Wallet, for example).

However, it might take a few days for the transaction to settle before you are able to transfer those funds to your bank account.

3. Transfer Funds To Your Bank

Once the cash balance is eligible for transfer, the next step is to transfer those funds to your bank account.

1. Select your cash balance under Assets
2. On the Cash out tab, enter the amount you want to cash out and then click Continue
3. Choose your cash out destination and then click Continue
4. Click Cash out now to complete your transfer

Keep in mind, you will only be allowed to transfer your available balance out of Coinbase.

Your available balance is your total account value, excluding the funds on hold.

4. Deposit Funds Into Robinhood

Once the funds hit your bank account, which could take a few business days, the next step is to initiate a deposit to your Robinhood account.

1. Tap the Account tab (person icon) in the bottom right corner
2. Next, Tap Transfers
3. Tap Transfer to Robinhood
4. Choose the account you’d like to transfer from
5. Enter the deposit
6. Review the deposit
7. Submit the deposit

5. Purchase Crypto Assets In Robinhood

The final step is to use your funds to buy crypto in your new Robinhood account.

1. Search for the crypto you are looking to buy (ex. Bitcoin)
2. Tap Trade
3. Tap Buy
4. Enter the amount you are looking to purchase
5. Confirm details of your order
6. Swipe up to submit your order