Robinhood is a well-known commission-free stocks, options and crypto trading platform. Though it has so many competitors it still stands out to be the best for many. Wanting to transfer crypto from Robinhood to Crypto.com can be due to many reasons of which the crypto transfer restriction is the main amongst all.
The crypto restriction on Robinhood means — you cannot send and receive cryptocurrency to and from Robinhood. This may be a great hindrance if you want to share crypto between Robinhood and your other wallets or sell crypto to someone using a crypto wallet. Amongst the wallets to consider, Coinbase, Binance, Crypto.com stand out to be best choices.
Can I transfer Crypto from Robinhood to Crypto.com? Yes, though you can't directly transfer the crypto from Robinhood to Cryoto.com, you can consider liquidating your Crypto on Robinhood, transferring the money to your bank account and then funding your Crypto.com wallet with the money that will be used to purchase Crypto assets on the platform. If you recently checked our guide on transferring crypto from Robinhood to Coinbase, you'll notice it is the same process.
Another known reason for considering to perform such a transfer is after you've sold your crypto or stock assets and want to withdraw the money to the bank, then suddenly, you notice withdrawable cash is $0 on Robinhood. This situation can be frustrating but rest assured, your money is still available and here is how you get it back.
No matter what your reason may be for considering such a transfer, in this guide, I will show you how to transfer Crypto from Robinhood to Crypto.com without hassle.
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Why Should I Transfer Crypto From Robinhood to Crypto.com?
Many people choose to move their crypto from Robinhood to another cryptocurrency wallet. Most of the time, it's to get around Robinhood's crypto limits.
Regrettably, Robinhood does not allow users to move cryptocurrency directly to another brokerage or cryptocurrency wallet.
Apart from being unable to move coins out of Robinhood, you are also unable to transfer coins into your Robinhood crypto account.
This is extremely restrictive, and users who encounter it may be unsatisfied with the brokerage's services. It's not surprising that some people choose to transfer to another brokerage.
How To Transfer Crypto From Robinhood To Crypto.com Step by Step
You can't directly transfer Crypto from Robinhood to Crypto.com. However, you can indirectly complete this transfer with an easy process.
You can sell your cryptocurrency in Robinhood and then deposit the funds into a bank account before purchasing cryptocurrency on Crypto.com.
The only option to get cryptocurrency transferred to Crypto.com until the unique Robinhood wallet is deployed is to sell your assets on Robinhood.
After that, request that the funds be transferred to your bank account. To succeed, you must first deposit the funds to your Crypto.com account and then recover them.
Not to mention, when the price fluctuates during the process of moving funds from Robinhood to Crypto.com, this has the potential to earn you a large profit as well as a loss.
Here are the steps you should follow if you want to transfer Crypto from Robinhood to Crypto.com.
Step 1: Selling Your Crypto Assets on Robinhood
Because you won't be able to make a direct transfer, the first thing you'll have to do is sell the cryptocurrency you will want to send.
You have the option of selling all or part of your crypto assets. Then, depending on whether you're using the web app or the mobile application of Robinhood, you'll need to do the steps below.
Selling Crypto Assets on Robinhood Via the Mobile App
- Open your app and search for the cryptocurrency you'd like to sell. Then select "Trade".
- Click "Sell".
- Enter the amount of crypto in dollars you want to sell.
- Now, select "Review". This will allow you to double-check the information to ensure it is correct.
- To submit your request, swipe up from the bottom of the screen.
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Selling Crypto Assets on Robinhood Via the Web App
- Look for the coin you want to sell on Robinhood. Then go to the cryptocurrency's information page to learn more about it.
- Look over the options and then click "Sell".
- Enter the amount of crypto in dollars you want to sell.
- Double-check the information to make sure it's all correct.
- Submit your sell order.
It will take sometime for the withdrawal to complete, as well as two more trading days before the funds are available for withdrawal. You won't be able to withdraw the funds from your Robinhood account during the withdrawal process.
CHECK ALSO: How to Transfer Stocks & Assets from Robinhood to Webull [Complete Process]
Step 2: Transferring Funds from Robinhood to Bank Account
It's now time to move all of your funds to the bank account you linked to your Robinhood account. Depending on whether you're transferring from web or mobile app, you'll need to take the following steps:
Transferring Funds from Robinhood to Bank Account Via the Mobile App
- Locate and click on your Account in the upper right-hand corner of the screen.
- Select "Transfer to Bank" from the "Transfers" menu.
- Choose the bank account to which you want to send the money.
- Fill in the amount you'd like to send.
- After you've double-checked that the transaction details are correct, click the "Submit" button.
Transferring Funds from Robinhood to Bank Account Via the Web App
- Locate and click on your Account in the upper right-hand corner of the screen.
- Select the "Banking" option.
- Begin the transfer procedure.
However, you can checkout our full guide to transfer money from Robinhood to Bank Account.
CHECK ALSO: How to Transfer Buying Power from Robinhood to Bank [Complete Process]
Step 3: Creating a Crypto.com Account
You'll obviously need a crypto.com account to transfer the funds from your bank. If you have a crypto.com account, you can skip this step otherwise, here is how to create a crypto.com account:
- Click the Sign-Up button at crypto.com/exchange (upper right-hand corner).
- Follow the on-screen prompts providing required information. Your email address will be used to send you a confirmation link, and your date of birth and country of residency will help them determine whether or not you are qualified. Users must be at least 18 years old to use the service.
- Click on Continue. Your registered email will receive an email verification with a one-time password (OTP). To confirm your registration, look in your inbox.
- On the Exchange website, enter the OTP.
- Make a password for the Exchange and submit it.
- The final step is to double-check your phone number. Using the menu, select your country's area code, then enter your phone number (without the area code). An SMS verification code will be sent to you to enter. Select Submit after entering the code you received into the field.
- You've completed the task! The Exchange landing page will be redirected to you.
- In order to have full access to the Exchange’s features, you'll need to verify your identity in Account Verification.
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Step 4: Transferring Funds from Bank Account to Crypto.com
After you've created your Crypto.com account, the next thing you will want to do is to fund the account with the money you got from selling your crypto assets on Robinhood in order to repurchase them back on Crypto.com.
Here's how to transfer funds from Bank account to Crypto.com:
- Recharge your Visa card from Crypto.com.
- Go to the page where you'll find the card.
- Select the "Top Up" option.
- Select "Fiat Wallet" from the options.
- Enter the amount to be recharged in dollars [USD].
- Verify every detail and make sure there aren't any errors.
- To complete the transaction, click "Confirm".
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Step 5: Repurchasing Crypto on Crypto.com
After you've top up your Crypto.com account with the money obtained from selling your Crypto assets on Robinhood, you can now repurchase or buy crypto assets on Crypto.com. Depending on the value of the coin you purchase, the amount might be different (more or less) than the overall amount you had on Robinhood. Which is why you should consider doing such transfer when the market value of the coin is favorable.
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How to Transfer Crypto From Crypto.com to Robinhood
You can't directly transfer cryptocurrency from Crypto.com to Robinhood. You can sell crypto on Crypto.com, then deposit the funds into a bank account before purchasing cryptocurrency on Robinhood.
Because it is still difficult to transfer cryptocurrency to Robinhood, the steps outlined above are the same here.
To begin, withdraw funds from your Crypto.com account to your bank account, then use that money to top up your Robinhood account and purchase the cryptocurrency of your choice.
Step by Step Guide to Transfer Crypto From Crypto.com to Robinhood
- Start by Login into your Robinhood account. Click the "Account" button at the bottom of the page (on the Web app) or simply click on "Menu" o n the top of the page.
- Tap on "Transfers".
- Select "Transfer to Robinhood".
- Choose the account type from which you want to transfer funds.
- Enter the amount.
- Make sure all of the transaction information are right.
- Finally, acknowledge your deposit.
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Final Thoughts on How to Transfer Crypto From Robinhood to Crypto.com
There is no direct procedure to transfer your crypto to and from Robinhood. Until Robinhood released the crypto wallet feature for their users, the only way you'll be able to transfer crypto from Robinhood to Crypto.com is to liquidate the crypto assets on Robinhood, transfer the money to your bank account, topping up your Crypto.com wallet with the money and repurchasing the crypto assets on Crypto.com.
However, you should be aware of the market value of the coin you are trying to transfer. Consider doing such transactions when the market value of the Cryptocurrency is favorable if not you might experience a significant loss of funds.