Robinhood is a commission-free stock and crypto trading platform. Coinbase on the other hand is not a commission-free crypto trading platform but however, many are glad to transfer their crypto from Robinhood to Coinbase. Why is that? Well it is probably due to the advanced trading features offered by Coinbase.
Plus, Coinbase is focused on crypto trading meanwhile Robinhood focuses stocks, options, crypto trading. In that path, Coinbase easy improves its crypto trading features than Robinhood. We can see that with updates made on each platforms in recent years.
However, the major reason why many people will want to transfer their crypto from Robinhood to Coinbase is to get rid of the Crypto restriction placed on Robinhood which is — you can't send and receive crypto to/from Robinhood. Crypto Trading is the buying and selling of crypto. If you can't sell crypto, it therefore means you can't complete a trade.
Another reason may be to take advantage of the free bitcoin offered by Coinbase to all those that signup now on the platform. Grab your free crypto now.
Many have reported problems trading with Robinhood platform. At times, you might want to withdraw your money from Robinhood but the platform will report your withdrawable balance to be $0. You can't withdraw money from the platform if your balance is this low. This are just some of the limitations and issues faced on Robinhood that might push users wanting to switch to another platform.
If you want to take full advantage of crypto trading, you got to move your crypto from Robinhood to a wallet. A great choice here is Coinbase. However, you should keep in mind that you cannot transfer your crypto directly from Robinhood to Coinbase.
To transfer your crypto from Robinhood to Coinbase, you will have to sell your crypto assets on Robinhood before switching over to Coinbase. It is a pretty easy process if you follow the steps outlined below.
That said, in this article, I will show you a step by step process to transfer your crypto from Robinhood to Coinbase so you can take advantage of the full trading features offered by Coinbase.
What is Coinbase and How Does it Works?
Coinbase is a safe and secure online exchange where you can buy, sell, transfer, and store digital currency. Their mission is to build a global open financial system and to be the dominant global brand for converting digital currency into and out of local currencies.
Coinbase is a cryptocurrency exchange that allows you to purchase popular coins such as Bitcoin, Ethereum, and Litecoin. Although not every coin is supported by Coinbase, the platform does support over 90 distinct types of cryptocurrencies.
What to Consider When Transferring Crypto From Robinhood to Coinbase?
Transferring your crypto from Robinhood to Coinbase can bring a greater change to your trading experience. You will be able to carry out various cryptocurrency transactions such as paying and getting paid through crypto.
Coinbase offers blog section where you can get effective crypto lessons and better understand how each coin works, when to trade and they generally send notifications for every rise and full in Cryptocurrencies value.
However, though Coinbase charges little fees for transactions, keep in mind that Robinhood is commission-free trading platform meaning you won't have to pay anything to trade on this platform.
You will be exposed to a variety of trading tools with Coinbase. If you consider switching adapt yourself to the fact that you will start paying fees for all of your transactions.
Can I Transfer Crypto From Robinhood to Coinbase? What's the Typical Process?
It is currently impossible to transfer cryptocurrency from Robinhood to Coinbase since the development and launch of Robinhood's crypto wallet. The only way to transfer your crypto assets out of Robinhood and into Coinbase is to sell them in Robinhood first before considering the switching. You can now transfer the funds to your bank account after selling them.
You'll need to deposit the funds into your Coinbase account when they've been sent to your bank account. Finally, you'll need to repurchase the crypto assets you sold on Robinhood to complete the transaction.
That said, the typical process is — selling your cryptocurrency on Robinhood, transferring the money to your bank account, then complete the transfer to Coinbase. However, you may be subjected to capital gains taxes if you sell the crypto assets for a profit. It's also worth noting that when you're spending cash and transferring funds from Robinhood to Coinbase, the price may fluctuate.
How to Transfer Crypto From Robinhood to Coinbase Step by Step
Unfortunately, unlike with stock transfers, there is no crypto transfer feature on Robinhood. For a fee, you can transfer stocks from Robinhood to another brokerage. You cannot, however, transfer cryptocurrency directly from Robinhood to Coinbase at this time.
That said, there is a way to complete a crypto transfer from Robinhood. Though its a little long, it is somehow dependent.
Here's how you get to transfer crypto from Robinhood to Coinbase:
Step 1: Selling your Robinhood Crypto Assets
Because a direct transfer is not possible, the first step will be to sell the cryptocurrency you want to transfer. Keep in mind that if you sell for a profit, this could result in a taxable event.
You will have the option of selling all or portion of your cryptocurrency holdings.
How to Sell Robinhood Crypto Assets on Mobile App
- Find the cryptocurrency you want to sell and tap "Trade".
- Next, click on "Sell"
- Enter the amount of cryptocurrency you want to sell in dollars.
- To double-check that the information is correct, click "Review".
- Finally, Swipe up to submit your request.
How to Sell Robinhood Crypto Assets on Web App
- Find the cryptocurrency you want to sell then browse to the details page for it.
- In the options window, select "Sell".
- Enter the amount of cryptocurrency you want to sell in dollars.
- Check the information to make sure it's accurate.
- Finally, Submit your sell order.
Before your funds are ready for withdrawal, there will be a settling period of one trading day plus two extra trading days. You won't be able to transfer any of that money out of Robinhood during that time.
After those days have gone, the money should be transferred to your bank account.
Step 2: Transferring Robinhood Funds to Bank Account
The next step is to deposit the funds into your bank account, which is linked to your Robinhood account.
Transferring money from Robinhood to your bank account is pretty easy. Here is how it is done:
Transferring Money From Robinhood to Bank on Mobile App
- In the bottom right corner of the screen, click on "Account".
- Select "Transfer to Your Bank" from the drop-down menu under "Transfers".
- Select the bank account to which you want to send money.
- Enter the amount of money you want to transfer.
- Once you've double-checked that the information is correct, click "Submit".
Transferring Money From Robinhood to Bank on Web App
- Select "Account" in the upper right-hand corner.
- Select "Banking".
- Using the panel on the right side, initiate a bank transfer from Robinhood.
- You can equally checkout our complete guide to transfer money from Robinhood to bank account.
Step 3: Setting Up a Coinbase Account
You'll need to transfer the funds to your Coinbase account once they've settled in your bank account. If you already have a Coinbase account, all you have to do now is deposit money from your linked bank account.
If not, here's a step-by-step guide to setting up a Coinbase account. You can Create a Coinbase account now and get $10 as free crypto. Try it Now.
How to Create a Coinbase Account
To open a Coinbase account, you must meet a few requirements. These requirements include being at least 18 years old, as evidenced by a government-issued ID, a smartphone phone number, and a few other stuff you'll discover on the platform.
- First, you'll have to Go to Coinbase and Signup. The above link can take you to Coinbase.
- Next, Enter your information; Legal full name, email address, password, and state
- If you agree, check the box and click "SIGN UP" or "CREATE ACCOUNT"
- Verify your email by clicking the link sent to the email you provided earlier
- Sign back in with your email and password entered earlier to complete the verification
- Verify your phone number by entering the code you are sent and click on "SUBMIT"
- Add personal information included on government-issued ID
- Provide accurate information for the questions that will be asked such as "What do you use Coinbase for?", "What is your source of funds?", current occupation, employer, and the last four digits of your Social Security Number
- Verify your identity (take a photo of your ID)
- Link a payment method that varies by your country of residence
- 2-step verification is recommended to protect against unauthorized access, so consider setting this up to better secure your account.
Step 4: Deposit Funds to You Coinbase Account
Here are the steps to deposit funds to Coinbase from your linked bank account in the United States once you've setup your Coinbase account:
- Switch to the trading view.
- Select "Deposit under Wallet Balance".
- Choose "USD" as the currency type.
- Select the Bank Account option.
- Choose From and "Add Account" to be routed to the account verification page.
- Plaid allows you to link your bank account to Coinbase.
Step 5: Buying Crypto Assets on Coinbase
The coin you held in Robinhood has now been sold, and the funds have been sent to Coinbase. If you wanted to replicate what you had previously on Robinhood, you would now purchase cryptocurrency on Coinbase.
Coinbase, on the other hand, has a far bigger selection of cryptocurrencies available for trade. It could be an excellent opportunity to learn more about them and diversify your portfolio.
Here's how to buy cryptocurrency on Coinbase:
- Open the Coinbase app or log in to the Coinbase website.
- The Trade tab can be found at the bottom of the app or on the online app.
- Choose the cryptocurrency asset you want to buy.
- At the bottom, click the blue Trade button.
- Choose the option to pay with cash.
- Enter the amount you want to spend in dollars.
- Click on the blue Preview Buy button
- After reviewing the details and fees, confirm the order.
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Final Thoughts on How to Transfer Crypto From Robinhood to Coinbase
Getting your crypto assets out of Robinhood is a real hassle till the Robinhood crypto wallets are released. If you really want to get rid of Robinhood for crypto trading, you'll have to sell your crypto assets, transfer the money money to the bank, and then, transfer the money to Coinbase, and repurchase the crypto there.
It's also worth noting that if you sell for a higher price than you paid for it, you might have to pay taxes. Not to mention that transferring your funds to Robinhood takes around a week, and cryptocurrency prices may vary during that period.