How to Transfer Cryptocurrency from Robinhood to Coinbase7 min read

Ever since Robinhood added the cryptocurrency trading feature, the platform has been the talk of the town as it enables free trading of various US stocks and cryptocurrency trading. Although this is a great achievement for the platform as it attracts cryptocurrency traders, there are some negative reactions to the cryptocurrency transfer process, which makes traders wonder how to transfer cryptocurrencies from Robinhood. This leads us to wonder if it is possible to transfer cryptocurrencies from Robinhood to Coinbase.

Robinhood does not allow the transfer of cryptocurrencies from the platform, as its cryptocurrency wallet is under development. The only way to transfer cryptocurrency from Robinhood to Coinbase is to sell the cryptocurrency assets and transfer the money to your bank, then transfer it to Coinbase to purchase the cryptocurrency.

Because of this, Robinhood has seen a drastic reduction in cryptocurrency traders, as the transfer function is quite important to many. This piece will focus on how to transfer cryptocurrencies from Robinhood to Coinbase without the Robinhood crypto wallet.

Can you move cryptocurrencies from Robinhood to Coinbase?

Pending the development and launch of the Robinhood cryptocurrency wallet, it is not possible to move Robinhood cryptocurrency to Coinbase. The only way to transfer your crypto assets from Robinhood to Coinbase is to sell your crypto assets on Robinhood. After the sale, you can now transfer this money to your bank.

Once you have transferred the money to your bank account, you will need to transfer the money to your Coinbase account. Finally, you will need to redeem the cryptocurrencies you sold on Robinhood to complete the process.

Selling your currency on Robinhood and transferring funds from Robinhood to your bank, then Coinbase may expose you to potential capital gains taxes if you sell cryptocurrencies profitably. It is also vital to note that the price may fluctuate as you use your money and transfer funds from Robinhood to Coinbase.

How to move cryptocurrencies from Robinhood to Coinbase?

robinhood

Unfortunately, Robinhood does not have a crypto transfer because it does not have a crypto wallet. However, if you need to move your assets from Robinhood to Coinbase, here’s how:

Step 1: Sell your crypto assets on Robinhood

Since you cannot transfer your cryptocurrencies from Robinhood to Coinbase, you will need to sell your cryptocurrencies on Robinhood first. It is essential to note that this process may trigger a taxable event if you sell at a profit.

How to sell your crypto assets in the Robinhood mobile app:

  • Choose the crypto you want to sell and press “Trade.”
  • Then tap “Sell” to sell the cryptocurrency.
  • Enter the dollar equivalent of the cryptocurrency you want to sell.
  • Click “Review” to verify that the information is correct.
  • Scroll up to submit your sales request.

How to sell your crypto assets in the Robinhood web app:

  • Select the crypto you want to sell and go to the specific cryptocurrency details page.
  • Click “Sell” in the options window.
  • Enter the dollar equivalent of the cryptocurrency you want to sell.
  • Review the “Sale” information to ensure it is correct before proceeding.
  • Submit the sales order.

Once you have sold your cryptocurrency for cash, there will be a settlement period so that the cash can be withdrawn. The payment period is two working days from the start of the sale. During the settlement period, you will not be able to withdraw any money from Robinhood.

After the settling period, you can move on to the next step.

Step 2: Transfer Robinhood funds to your bank account.

How to transfer to Robinhood Mobile:

  • Tap your account in the lower right corner of the screen.
  • Tap Bank transfers and choose “Transfer to your bank.”
  • Choose the preferred bank account to which you want to make the transfer.
  • Enter the amount you wish to transfer.
  • Touch ‘Submit’ after verifying that the information is correct.

How to transfer to Robinhood web app:

  • Click “Account” in the upper right section of the screen.
  • Click on “Banks.”
  • Use the panel on the right side of the screen ran to initiate a Robinhood bank transfer.

Step 3: Fund Your Coinbase Account

To begin this step, you must have opened and configured your Coinbase account. Here are the steps to deposit funds from your connected bank account.

  • Open the Business View.
  • Click “Store” in your Wallet balance.
  • Select “USD” as the currency type.
  • Click on “Bank Account.”
  • Click ‘From’ and ‘Add Account,’ where you will be redirected to complete the account verification process.
  • Log in to your bank account.

Step 4: Buy crypto assets on Coinbase.

Now that you’ve sold your cryptocurrencies on Robinhood, withdrawn your funds from your bank account, and deposited them into your Coinbase account, it’s time to buy the cryptocurrencies you previously owned on Robinhood.

Here’s how to buy cryptocurrencies on Coinbase:

Robinhood to Coinbase

1. Log in to your Coinbase mobile app or web app.

2. Click on the “Trade” tab at the bottom of the screen.

3. Select the crypto asset you want to buy.

4. Click on the blue “Swap” button at the bottom of the screen.

5. Choose “Buy with cash.”

6. Enter the dollar equivalent of the currency you want to buy.

7. Click the blue “View Purchase” button to view your purchase.

8. Confirm your order after reviewing details and pricing.

How to withdraw cryptocurrencies in Robinhood

Robinhood Withdrawal

Withdrawing from Robinhood involves two main steps: selling the cryptocurrency on Robinhood and transferring the funds to your bank account. Here’s how the process works:

Step 1: Sell your cryptocurrency on Robinhood

  • How to sell your cryptocurrency in the Robinhood mobile app:
  • Select the crypto you want to sell and press “Trade.”
  • Then tap “Sell” to sell the cryptocurrency.
  • Enter the dollar equivalent of the cryptocurrency you want to sell.
  • Click “Review” to verify that the information is correct.
  • Scroll up to submit your sales request.

How to sell your cryptocurrency in the Robinhood web app:

  • Select the crypto you want to sell and go to the specific cryptocurrency details page.
  • Click “Sell” in the options window.
  • Enter the dollar equivalent of the cryptocurrency you want to sell.
  • Review the “Sale” information to ensure it is correct before proceeding.
  • Submit the sales order.

Step 2: Transfer the funds to your bank account.

How to transfer to Robinhood Mobile:

Robinhood Mobile
  • Tap your account in the lower right corner of the screen.
  • Tap Bank transfers and choose “Transfer to your bank.”
  • Choose the preferred bank account to which you want to make the transfer.
  • Enter the amount you wish to transfer.
  • Touch ‘Submit’ after verifying that the information is correct.

How to transfer to Robinhood web app:

  • Click “Account” in the upper right section of the screen.
  • Click on “Banks.”
  • Use the panel on the right side of the screen to initiate a Robinhood bank transfer.

After completing this step, you would have cashed out your crypto to your bank account.

When will Robinhood have a cryptocurrency wallet?

Robinhood has yet to announce a date for the launch of the cryptocurrency wallet, but it is certainly already in development. To access the waitlist, you will need to invite your friends to join the waitlist.