In 2022, 15.9 million people were using Robinhood. If you’re one of them, you might wonder how to transfer crypto from Robinhood.
Thankfully, it is possible, but there are specific steps you’ll need to follow to move your cryptocurrency.
Keep reading to learn all you need to know about transferring crypto from Robinhood to a secure account.
Why Should You Transfer Crypto?
If you’re a Bitcoin investor, you might want to transfer their cryptocurrency from Robinhood to a cryptocurrency exchange so that they can use it more easily.
It also helps you avoid any restrictions that Robinhood has on cryptocurrency. However, Robinhood doesn’t let users transfer crypto directly to an exchange or brokerage, so you must follow some other steps.
You also can’t transfer cryptocurrency into your Robinhood cryptocurrency account. This restriction can be very challenging, which makes it difficult for people who aren’t happy with how the brokerage works. Many people don’t like the limits and want to move their crypto just because of that.
Making withdrawals is impossible, so you’ll have to transfer the crypto out of your account. According to Robinhood, they’re working on offering options to transfer the cryptocurrency, but it’s not possible in an easy way right now.
Part of the reason that there are so many restrictions is to help offer protection for someone who is a new Bitcoin investor. All of the cryptos that are in your Robinhood account can’t leave the platform.
That way, newer investors won’t have to worry about scams, and you can’t send your Bitcoin to the wrong person. However, there is a crypto wallet from Robinhood that will allow you to transfer assets.
Before transferring your cryptocurrency, you need to keep the limitations in mind. For example, the transfer limits say you can’t send more than $5,000 in crypto in a 24-hour period.
You also can’t send more than ten transfers. You also can’t withdraw it until your transactions are settled, which can take up to five business days.
When you transfer cryptocurrency, you’ll also have to pay some fees. Every time you transfer cryptocurrency, it has to move on the blockchain, and it will get a network fee. This fee is also sometimes called the gas or miner fee.
The fee will depend on the type of coin and how many transactions are currently happening on that network. Robinhood should let you know the network fee estimate before you transfer the crypto out of your account.
Activate a Crypto Wallet
Next, you’ll need to activate a crypto wallet so you can send your money. Since cryptocurrency is decentralized, you need to have more security, and the wallet can provide that security.
You’ll need to verify your identity and add two-factor authentication to use a digital or a physical wallet. Once you finish those steps, reviewing your info and enabling your crypto wallet will take a few days.
Because of how long this process can take, you’ll want to make sure that you plan accordingly for when you want to transfer your cryptocurrency.
Before transferring your funds, you’ll also need to verify your identity on Robinhood. This extra step ensures that no one can transfer the cryptocurrency from your account without your permission.
You’ll need to verify your identity by taking a live photo of yourself through your phone or a webcam. For the picture to be processed, you’ll need to ensure that you’re in good lighting and can clearly see your face.
You may also be able to verify by taking a photo of your government-issued ID. You can use a passport, state ID, driver’s license, or permanent resident card to provide your identity.
Now you’ll have everything you need before you can transfer your cryptocurrency. To make this secure, you’ll need to enable two-factor authentication (2FA), which can add an extra layer of security.
This layer is more secure because you’ll need to prove that it’s you trying to sign in to your account. You’ll also need to have this enabled to be able to connect your crypto wallet.
You can set up 2FA by confirming your phone number, verifying your email address, or using an authentication app.
Transfer Crypto From Robinhood
Once 2FA is enabled, you can start transferring your crypto. You won’t need to sell your assets and buy them on another wallet anymore.
You can use the wallet to transfer the crypto from Robinhood to exchange or your crypto wallet. To do this, go to the page of the cryptocurrency that you own that you want to transfer.
Once you’re there, you can pick how much you want to transfer from your wallet. Once you enter the amount, you can hit the send button.
You’ll also need to enter the address of the wallet of your choice. If you haven’t connected your wallet before, double-check it to ensure that you have the correct address. You cannot get the money back if you fail to send your crypto to the wrong address. So, proceed with caution.
Once you’ve reviewed it and everything is correct, you can submit the transfer.
Learn More About How to Transfer Crypto from Robinhood
These are only a few things to learn about how to transfer crypto from Robinhood, but there are many other things you’ll want to know if you want to keep your crypto secure.
We know that since crypto is still relatively new, it can be confusing and overwhelming at times when buying or selling Bitcoin. But we’re here to help you out.
Check out our website to learn all you need to know about investing in cryptocurrency and selling and buying Bitcoin.