Robinhood is a top investment platform for beginners for a host of reasons. The app is sleek, easy to navigate, and packs in a number of features.
With commission free trades, instant deposits, various order types, margin trading, and more, it's easy to see why Robinhood is so popular.
However, for cryptocurrency, Robinhood's offering is limited. With just 15 cryptocurrencies available for trading, it's easy to see why some investors want to switch to another platform.
Crypto.com is one of the top cryptocurrency platforms in the market. With over 250 tradable tokens and benefits like a Visa rewards card, Crypto.com has quickly gained popularity. The company was founded in 2016 and already has over 74,000 reviews in the app stores with a 4.3 average star rating.
Be sure to read our complete Crypto.com review to learn more.
If you decide you want to move your crypto assets from Robinhood to Crypto.com, then you're in luck. In this article, we highlight the process to transfer from Robinhood to Crypt.com.
Robinhood recently introduced their crypto wallet, which makes sending and receiving cryptocurrency much easier.
Because this wallet is new, we will cover the steps to transfer your crypto with or without the wallet. However, we definitely recommend signing up for the new wallet as it will make the process far easier.
We will start with the transfer process without the wallet. If you have the wallet or want to set it up, then you can skip ahead.
These are the five key steps it'll take to rebuild your portfolio in Crypto.com:
Below, we're going to guide you through each part.
Crypto.com was designed to be more than a simple trading platform. They also offer members a metal visa card with up to 8% rewards and over 250 cryptocurrencies.
In order to send crypto from Robinhood to Crypto.com, you will need a Crypto.com account.
If you already have a Crypto.com account, skip to the next step!
If not, here are the steps to open an account:
Assuming your information is correct and your images are clear, this verification can be completed in as little as 5 minutes!
Now, you'll have to liquidate the cryptos on Robinhood that you want to transfer.
Don't forget, selling your crypto can result in a capital gains tax liability if you sell for a profit.
How To Sell Crypto (Mobile):
How To Sell Crypto (Desktop):
After selling the desired crypto, your funds are subject to a settling period before they become available inside your Robinhood account. You'll see the funds in your account immediately, but you won't be able to touch them until the settling period passes, which is usually 3 days.
After your funds settle, you'll be able to transfer them to your bank account.
How To Transfer (Mobile):
How To Transfer (Desktop):
In order to buy crypto in your Crypto.com account, you'll have to link a bank account or a credit/debit card.
(If you happened to do this in step 1, skip on ahead to the last step!)
Now that you have a Fiat wallet, you will be able to transfer funds into your Crypto.com account and purchase the desired cryptocurrency.
Now that you have your account verified and your fiat wallet set up, you are ready to purchase your desired cryptocurrencies.
To do so, you can follow the below steps:
When transferring assets using this process, be aware that it will create a taxable event. When you sell a crypto for a gain, you will be required to pay capital gains tax.
If you have the new Robinhood crypto wallet, then the process is much easier. It also does not trigger a tax event as you are transferring the assets rather than selling and repurchasing.
With the crypto wallet, the process takes just 3 steps:
In order to initiate this trade, you will need to set up your new wallet. This process requires that you verify email as well as your identity with a picture of your license. You will also need to download an authenticator app. Check out our guide to set up the wallet here.
As highlighted in the previous section, you will need to open a Crypto.com account. If you haven't already created one, the steps to do so are outlined above in the "Transfer Without Robinhood Crypto Wallet" section in step 1.
Cryptocurrencies are held in an account like other assets. This account is called a wallet, and each wallet has a unique address. You can think of this address like a routing and account number. When sending crypto from one location to another, you need an account or wallet address to send it to. Additionally, each crypto has a unique wallet address - Bitcoin is held in a Bitcoin wallet, and Ethereum is held in an Ethereum wallet.
Sending a particular cryptocurrency to a non matching wallet could result in the loss of your assets forever.
Finding this crypto address in Crypto.com is easy:
You will use this address in the Robinhood app to initiate a transfer from Robinhood to Crypto.com.
Now that you have copied the wallet address to the corresponding cryptocurrency from Crypto.com, you are ready to initiate the trade.
Follow the steps below to transfer your assets:
Executing a transfer from Robinhood to Crypto.com will depend on whether or not you have the Robinhood wallet.
If you do not, then you will actually need to liquidate your position, transfer the funds to your bank, and then move those funds into Crypto.com. You ought to be aware that this does create a tax event. If you sell your crypto assets for a gain, then you will be subject to capital gains tax.
If you have the wallet, then this process is much easier and does not trigger a taxable event. With the wallet, you simply need to locate your crypto wallet address from Crypto.com and paste it into Robinhood.