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. 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.
If you want to transfer your crypto assets to Gemini, then you've come to the right place. In this article, we cover all the steps 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.
Each crypto wallet has a unique address - kind of like an email address. In order to execute this trade, you will need to ensure your Robinhood crypto wallet is setup. Be sure to click on the link for a step by step guide on setting up Robinhood crypto wallets if you do not already have them.
Moving your crypto funds from Robinhood to Gemini can be completed through 3 simple steps:
These 3 steps will be described in detail in the paragraphs below!
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.
With a verified Gemini account, you are ready for step 2, which is finding the correct wallet address.
Each crypto actually has it's own wallet and accompanying address. For example, if you are trying to send Bitcoin from Robinhood to Gemini, then you must be sure to use your Gemini Bitcoin wallet address. If you were to use an Ethereum wallet, the transfer would not work.
Follow the steps below to locate the desired crypto wallet:
Now that you have copied the crypto wallet from Gemini, you are ready to actually initiate the transfer. This process is quick and easy! It will be completed in the Robinhood app. Follow these steps:
Transferring from Robinhood is actually much simpler than you might have thought. All it takes is an address to paste into Robinhood's platform.
However, it is critical that you copy the correct address. Remember, each crypto has a unique address. Therefore if you want to send Bitcoin, be sure to use a Bitcoin wallet.