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.
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:
These five steps will be described in detail in the paragraphs below!
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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:
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.
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):
How To Sell Crypto (Desktop):
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.
Once your funds become available for transfer, you will want to initiate the transfer from Robinhood to your bank account.
How To Transfer (Mobile):
How To Transfer (Desktop):
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):
Once you have successfully linked your bank account, follow the below steps to deposit funds into Gemini.
How To Deposit Funds (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):
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.