How to Transfer From Robinhood to Coinbase
The Robinhood platform has quickly popularized itself all over the United States due to its relative ease of use.
In the same order of ideas, Coinbase is one of the best exchanges for people who want to sell crypto, purchase coins, store tokens, and more.
Although Robinhood customers can create a brokerage account in order to manage funds and other Robinhood assets, they can also use other features on this brokerage or crypto exchange.
But cryptocurrency investors and traders will probably feel safer on dedicated crypto platforms, mostly due to Robinhood’s limitations.
In today’s post, we’ll teach you all you need to know about the following matters:
- How to transfer from Robinhood to Coinbase;
- Transferring funds from Robinhood to Coinbase directly: is it possible?;
- What to know before transferring crypto funds from one platform to another.
Robinhood Crypto vs. Coinbase
Coinbase is, for many, the best place to purchase crypto, transfer crypto directly to other platforms, and withdraw crypto funds.
Although the Robinhood app isn’t only to buy or trade cryptocurrency, the truth is that it works well enough for it.
Nonetheless, crypto trading inside Robinhood is often very limited.
If you want to trade crypto or sell your crypto, you’ll probably encounter some walls due to the relatively new crypto transfer functionality on Robinhood.
Since both platforms operate in centralized environments, new users must have their email, address, and phone number connected to them before being able to set a payment method on a new account.
Transfer Crypto Out of Robinhood
There has been a wide debate around Robinhood Crypto Ownership.
For starters, it is important to mention that during most of 2021, there wasn’t such a thing as Robinhood crypto wallets.
Yes, purchasing crypto on your Robinhood account was possible, but users didn’t have control over that digital wallet.
Now, a new Robinhood crypto wallet is being implemented, which allows users to transfer total or partial amounts of crypto out of the exchange.
The thing is that this new crypto wallet isn’t available for everyone.
As a consequence, making a direct transfer of funds is not possible for all users, but it is for some.
This leaves us with two alternatives:
- You have been rolled out with the crypto wallet feature, and you can transfer funds to Coinbase or a cold storage wallet easily;
- You need to sell crypto, convert it into fiat money, withdraw it from Robinhood, and move it to Coinbase.
Check out financial news regarding the Robinhood Crypto Wallet Beta Program here.
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How to Transfer from Robinhood to Coinbase
Assuming that you can move your crypto assets out of Robinhood, then the following steps are for you.
Worry not - we will explain to you how to convert crypto into fiat so you can move them from Robinhood to bank account, and then to Coinbase.
Step 1: Set Up Your Coinbase Account
Firstly, you need to create a Coinbase account and properly verify your profile on the platform.
Remember that failing to complete verification will seriously limit your account.
Go to Coinbase.com, click “Account Creation,” start the process on the options window, and have your profile good and ready to go.
Step 2: Find the Coinbase Wallet of the Crypto You Must Receive
Now you need to find the specific cryptocurrency you want to receive from Robinhood to Coinbase.
Keep in mind that the network and the currency must be exactly the same - otherwise, say goodbye to your funds.
It is important to mention that Robinhood doesn’t actually have many crypto assets for trading on the platform.
Yes, you can click “Trade” on Robinhood and buy Bitcoin, Litecoin, Ethereum, and some other coins.
But, when it comes to variety, Robinhood is, in fact, very limited.
You can check crypto prices, trading volumes, trading days and other information related to available crypto on the details page here: Robinhood Crypto List.
Anyway, just find the crypto address on Coinbase and keep it copied to your clipboard.
Step 3: Go to Your Robinhood Crypto Account
Now, go to Robinhood. Log in to your account as you normally do. You can do so both from the app and the desktop site.
Step 4: Select the Crypto Assets You Want to Send
Go to your Assets page, and select the coin you want to transfer.
Let’s imagine that you will transfer Bitcoin. Select Bitcoin, and it will show you how much Bitcoin you have on Robinhood.
Then, select “Send.” The platform will ask you for your Coinbase App receiving wallet.
Paste it on it, and once it is correct, swipe down and check the fees.
Step 5: Receive Funds on Your Coinbase Crypto Wallet
After everything is confirmed and good to go, click on “Send,” and the funds will move from Robinhood to Coinbase.
We cannot stress this enough - the wallet feature isn’t available for everyone on Robinhood just yet, so you might not be capable of doing this.
Alternatively: Withdraw Fiat Money from Robinhood to Bank Account
Let’s say that you don’t have your wallet available for withdrawals on Robinhood, so what do you do?
In this case, making a money withdrawal from Robinhood and then sending it to Coinbase is your best shot.
In order to do so, follow these steps:
- Get a verified and connected bank account to Robinhood;
- Go to the Sell Page, and trade your crypto (let’s say, Bitcoin), for EUR or USD fiat currency;
- Start a bank withdrawal and receive a bank transfer from Robinhood to your account.
Don’t lose your head trying to Withdraw Money from Robinhood and read our related post to learn more about it.
Now, you must connect the same bank account to Coinbase.
Coinbase allows you to fund your account using a bank, credit, or debit card.
You will need to fund your Coinbase account with USD, and then use that money to buy the required crypto you need.
Now, you can Transfer Coinbase to KuCoin, store your assets, buy other cryptos, or do whatever you want with it.
We get it - this is a long process that has many fees, but while the crypto wallet option isn’t available for everyone on Robinhood, it might be your best shot.
For more Coinbase and Robinhood info, check our articles here, at GrowFollowing.
FAQ
Can I Move Crypto Coins from Coinbase to Coinbase Pro?
Yes, you can. After receiving coins from Robinhood to Coinbase, you can Transfer from Coinbase to Coinbase Pro in case you are a frequent crypto trader.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.