One of the most exciting investments in the market today is crypto. Digital currency has attracted a huge number of investors and several hours of media attention. If you're like me, you've certainly dabbled in some coins and are looking forward to the next big innovation in the crypto space.
It's quite possible that you've even purchased some coins (or shares of coins) across multiple platforms. Because this is such a new asset, there are many platforms that are interested in getting your attention so that you invest with them.
One of these companies is Robinhood. Robinhood is the pioneer of streamlined, democratized investing and has recently moved into cryptocurrencies. For those of you who have purchased crypto on the Robinhood platform or are considering it, it's important that you know how to transfer crypto in or out of Robinhood.
This article will focus on the above topic. However, if you are interested in learning about the full crypto experience on Robinhood, check out our full Robinhood crypto review.
The disruptive innovation from Robinhood has also been felt in the crypto space. Similar to stocks, users can buy and sell cryptocurrencies on the Robinhood platform without the need for an account minimum or commission payments.
Currently, there are 18 different coins on the Robinhood platform. These are shown in the table below:
These 18 coins are currently supported by the platform, however, Robinhood is actively adding more cryptocurrencies. For an updated list of coins available, be sure to check the Robinhood app.
As with the features available for stock traders on Robinhood, there are some limitations. One of the most prevalent is the lack of coins on the platform. The 18 above make up only a fraction of the coins out there and competing platforms such as Coinbase have more than 50 coins available.
Now, let's talk about the pros. Clearly, the ability to trade without commissions is a huge advantage over some competitors. In addition, Robinhood's simple user interface takes away some of the confusion that exists in the industry. Another pro is that you can have all your investments (minus your retirement savings) all in one location. This is a great benefit so that you can see a large chunk of your net worth from one screen.
Robinhood also recently opened access to their new crypto wallet to eligible investors. Due to local regulations, investors in Hawaii, New York, and Nevada are currently unable to access this feature. With this new wallet, transferring coins in and out of Robinhood is extremely easy.
Unlike other platforms, such as Coinbase, Crypto.com, or Gemini, Robinhood does require its investors to activate crypto transfers by enabling the wallet. Without enabling the wallet feature, you will not be able to transfer your coins in or out of the platform without first liquidating your positions.
Check out our guide to setting up the new Robinhood crypto wallet here.
If you've been trading crypto on Robinhood and have decided that it might be time to try out another platform, you'll want to transfer your coins.
Doing so is actually pretty easy. The general steps to do so are below:
Each crypto has a unique wallet address. And it is specific to a particular platform. For example, Bitcoin held in Robinhood will have a different wallet address than Bitcoin held in Coinbase.
If you want to transfer Bitcoin from Robinhood to Coinbase, then you would need to have a Coinbase account opened and verified. From there, you would go into Coinbase and locate your Bitcoin wallet. You would need to copy and paste that address into Robinhood's platform.
Here are a few examples to check out:
Transferring coins into Robinhood is also a simple process. In this case, you would copy and paste your wallet address in Robinhood and use that address in whichever platform you are transferring from.
Here are a few examples:
When transferring crypto, Robinhood will charge you a "miner" or "gas" fee. This fee does not go to Robinhood, but instead is used to actually execute the transfer. Regardless of the platform you use to transfer crypto, you will have to pay this gas fee.
When you transfer in or out of Robinhood, the final screen with display the estimated fee. For example, should you want to transfer 100 Dogecoin to another platform, then Robinhood would charge you 1 Dogecoin to execute the transfer.
With Robinhood's new crypto wallet, the platform is becoming a great option for cryptocurrency. It's hard to pass up on zero commissions.
In addition, the announcement of 24/7 customer service help users feel confident about the future of crypto on Robinhood.
When you transfer coins in or out of Robinhood, you should be aware that you are able to transfer up to $5,000 worth of crypto in a 24-hour period. Additionally, you can make up to 10 transfers in a 24-hour period.