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Written by Beau Jordan on February 6, 2022
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How To Transfer From Robinhood To Gemini 2022

Robinhood added crypto trading to its platform in 2018 and has since been expanding offerings in this space. 

Unlike many crypto trading platforms, Robinhood does not charge trading commissions on crypto. The platform is also known as being one of the most user-friendly crypto trading applications available. 

However, Robinhood only supports a small number of cryptocurrencies on the platform. Additionally, Robinhood crypto wallets are currently in beta form and are not available to all investors. 

Because of this, you might be wanting to transfer your crypto assets to another platform.

Gemini is a great crypto trading platform for many because of its large collection of cryptos fully available to US citizens. Additionally, Gemini has some of the best security features in the industry. Gemini also offers wallets to all, so you are free to send/receive crypto as you wish.

Unfortunately, it is not yet possible to transfer crypto assets out of Robinhood. However, we will show you how to liquidate your crypto assets on Robinhood to switch over to Gemini. 

Be sure to consider all tax consequences before making the decision to liquidate your crypto holdings on Robinhood.

How To Transfer From Robinhood To Gemini

Cryptocurrency asset transfers are dependent on having 2 crypto wallets. One wallet is required to send the assets and one wallet is required to receive the assets. 

Until Robinhood moves its crypto wallet from beta to full-functionality with all investors, your asset transfer options are limited. In fact, the first step to get your crypto from Robinhood to Gemini is to sell your crypto assets in Robinhood.

Unlike transferring assets between brokerages, selling assets for a profit could result in a capital gains tax liability if you have made money from the sale. You will also be exposed to additional risk of crypto price fluctuations while moving your cash from Robinhood to Gemini. 

These factors should be carefully considered before making the switch.

Moving your crypto funds from Robinhood to Gemini can be completed through five steps:

  1. Open and verify your Gemini account
  2. Sell your Robinhood crypto assets
  3. Transfer your Robinhood funds to a bank account
  4. Deposit funds from your bank account into your Gemini account
  5. Purchase crypto assets on your Gemini account

These five steps will be described in detail in the paragraphs below!

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1. Open A Gemini Account

gemini logo

Gemini enables investors to buy, store and trade cryptocurrencies.

This exchange is one of the few cryptocurrency platforms that has never been hacked. This means that Gemini’s security precautions are working. 

Gemini has also built a reputation as an investing platform with a simple user interface. 

As with any crypto trading platform, Gemini does charge platform fees.

Since crypto fees are often complex and vary from crypto to crypto, the list of fees can be found on the official Gemini website.

The process to open a new Gemini account is straightforward and can be completed by following the below steps:

  1. Sign up for a Gemini account by clicking here!
  2. Create your account sign in. This is completed by providing your name and email address and then by creating an account password. 
  3. Verify your email address by following on-screen prompts.
  4. Set up 2FA (2 factor authentication) by providing your home address and phone number. You will also be asked to verify your phone number during this step.  
  5. Add a bank account or skip this step by clicking the “I’ll do this later” button in the top right of the platform. 
  6. Verify your identity by providing your legal name, address, date of birth, and social security number. This step is for user verification as well as for tax purposes. 
  7. Upload required documents to finalize the account setup. You can either upload a picture of your passport or a picture of your driver's license. 

After completing the above steps and uploading the required documentation, you will then submit your verification information for review. 

According to the Gemini website, verification typically takes 2-3 business days to complete. If the process is taking any longer you can contact customer support for help. 

2. Sell Crypto Assets On Robinhood

Robinhood Logo

Next step is to sell the crypto assets you wish to move out of Robinhood.

Remember that the sale of crypto assets may result in a capital gains tax liability. 

When you sell your crypto assets in Robinhood you can determine whether you want to sell partial or complete amounts of your crypto. 

How To Sell Crypto (Mobile):

  1. Locate the crypto you are selling and select “Trade
  2. Next click “Sell
  3. Enter the crypto dollar amount that you are selling 
  4. Select the “Review” button to confirm all the information is correct
  5. Swipe up in the application to finalize your request

How To Sell Crypto (Desktop):

  1. Locate the crypto you are selling and navigate to the details page for that crypto
  2. Next click “Sell” in the options window
  3. Enter the crypto dollar amount that you are selling 
  4. Review the information to confirm it is correct
  5. Submit your order to finalize the sale

Keep in mind that there is a settling period for the cash from the sale to become available in your Robinhood account. Typically the waiting period is the initial trade day plus two more trading days

You will see the money in your Robinhood cash balance, but you won't be able to transfer it to your bank account yet.

3. Transfer Funds To Your Bank Account

Once your funds become available for transfer, you will want to initiate the transfer from Robinhood to your bank account.

How To Transfer (Mobile):

  1. Find and select “Account” in the bottom right corner of your screen
  2. Tap “Transfers” and then “Transfer to Your Bank
  3. Click the bank account to transfer the funds to
  4. Enter in the total dollar amount of funds you want to transfer
  5. Select “Submit” after you confirmed the information provided is correct 

How To Transfer (Desktop):

  1. Find and select “Account” in the top right corner of your screen
  2. Click “Banking
  3. Using the panel on the right side of the screen, initiate your bank transfer from Robinhood

4. Deposit Funds Into Gemini

In order to deposit your funds to Gemini, you need to link a bank account.

If you did this already in the sign up process, you are ready for the next step. If not, refer to the instructions below!

How To Link Bank Account (Gemini):

  1. In the mobile app click the “Account” button in the top right of the screen
  2. Under the payment methods, select “Manage Payment Methods
  3. Click “Add a Funding Source
  4. Select “Automatically Link Bank
  5. Read the provided information and select “Continue
  6. Search for your bank and provide the required credentials
  7. You may have a couple verification steps that you must complete to proceed
  8. Once completed you should successfully have added your bank account funding source

Once you have successfully linked your bank account, follow the below steps to deposit funds into Gemini.

How To Deposit Funds (Gemini):

  1. Navigate to the top right corner of the Gemini page and select “Transfer
  2. From the dropdown click “Transfer Into Gemini
  3. Select “USD” in the currency section
  4. Select your deposit method (typically ACH is recommended)
  5. In the “Transfer From” section select your linked bank account and hit “Continue
  6. Enter in your USD deposit amount in the “Deposit Amount” section and click “Continue
  7. After verifying all information is correct, tap “Confirm” to finalize the transfer

5. Purchase Crypto Assets In Gemini

At this point in the process, you have sold your crypto in Robinhood and successfully transferred the funds into Gemini. The final step of the process is to purchase the previously owned crypto in Gemini. 

During this exchange process you will find that Gemini has a substantially larger cryptocurrency offering. It may be worth your time researching the additional offerings to see if they match your investing desires. 

How To Buy Crypto (Gemini):

  1. Open the Gemini application or log in on the Gemini website
  2. On the homepage search and select your desired cryptocurrency
  3. On the crypto page select “Trade
  4. Click “Buy” to pay with cash
  5. You can choose a “Once” or “Recurring” investment
  6. Enter in the dollar amount that you would like to purchase
  7. You can select “Buy Only” or “Buy & Earn Interest
  8. You will be directed to a transaction summary page showing payment method and fees
  9. Confirm the purchase by swiping the “Swipe to Confirm” on the bottom

Conclusion

Unfortunately, getting your crypto assets out of Robinhood is a bit of a hassle. Robinhood has continued to expand its crypto wallet beta testing so there is hope for an easier future.

However, right now the transfer process requires asset sales on Robinhood, bank transfers, and cash purchases on Gemini. Be sure to consider any taxes before selling your crypto assets over on Robinhood.

how to transfer from robinhood to gemini
Article written by Beau Jordan

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