If you're a crypto trader with crypto assets on Robinhood, you'll want to transfer crypto from Robinhood to Coinbase in order to use the advance trading features that Coinbase has to offer to users.
While Robinhood focuses on stocks, options, and crypto trading, Coinbase focuses on cryptocurrency trading.
In that path, Coinbase easy outperforms Robinhood in terms of its crypto trading features. That is evident from recent updates made to each platform.
However, getting around the crypto restriction placed on Robinhood, "one can't send or receive crypto to/from Robinhood," is the main reason why many people will want to transfer their cryptocurrency from Robinhood to Coinbase.
Crypto trading is the buying and selling of crypto. If you are unable to sell crypto, you are unable to complete a trade.
Another reason may be to take advantage of the free bitcoin offered by Coinbase to new users.
If you want to take full advantage of crypto trading, then considering to transfer crypto from Robinhood to another wallet is a vital option.
That being said, this article focuses on showing you how to transfer crypto from Robinhood to Coinbase.
Also Read: Does Robinhood Affect Credit Score?
Table of Contents
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 goals are to create an open global financial system and to become the leading global brand for exchanging digital currency for local currencies.
With the help of Coinbase, you can buy well-known cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
The Coinbase platform does support over 90 different types of cryptocurrencies, even though not every coin is supported by the service.
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 conduct a variety of cryptocurrency transactions, including sending and receiving payments in cryptocurrency.
You can learn more about how each coin works, when to trade and more by reading the blog section offered by Coinbase.
They also typically send notifications for every increase and decrease in the value of cryptocurrency.
Although Robinhood is a commission-free trading platform, keep in mind that Coinbase levies minimal transaction fees, so you won't pay anything to trade on this platform.
With Coinbase, you will come into contact with a wide range of trading tools. Consider switching, but prepare yourself for having to start paying fees for all of your transactions.
Can I Transfer Crypto From Robinhood to Coinbase? What's the Typical Process?
Since the creation and introduction of Robinhood's cryptocurrency wallet, it is currently impossible to transfer cryptocurrency from Robinhood to Coinbase.
Selling your crypto assets in Robinhood first before thinking about switching is the only way to move them from Robinhood to Coinbase. After selling them, you can now transfer the money to your bank account.
When the money is transferred to your bank account, you must deposit it into your Coinbase account. To finish the transaction, you must repurchase the cryptocurrency assets you previously sold on Robinhood.
Having said that, the typical process is to sell your cryptocurrency on Robinhood, transfer the proceeds to your bank account, and then finish the transfer to Coinbase.
However, if you sell the crypto assets for a profit, you might be required to pay capital gains taxes. It's also important to keep in mind that prices may change as you transfer crypto assets from Robinhood to Coinbase.
How to Transfer Crypto From Robinhood to Coinbase
Unfortunately, Robinhood does not offer a cryptocurrency transfer feature like it does with stock transfers.
You can transfer stocks from Robinhood to a different brokerage for a fee. However, at this time, you cannot transfer cryptocurrency straight from Robinhood to Coinbase.
Having said that, it is possible to complete a crypto transfer from Robinhood.
To transfer cryptocurrency from Robinhood to Coinbase, follow these steps:
Step 1: Sell your Robinhood Crypto Assets
The first step will be to sell the cryptocurrency you want to transfer because a direct transfer is not possible. Remember that a taxable event may occur if you sell for a profit.
You will have the choice to sell all of your cryptocurrency holdings or just a portion of them.
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.
There will be a one trading day plus two additional trading days of settling time before your money is available for withdrawal. During that time, you won't be able to withdraw any of that money from Robinhood.
The funds should be transferred to your bank account once those days have passed.
Also Read: Why is My Withdrawable Cash $0 on Robinhood?
Step 2: Transfer 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 can be 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: Set Up a Coinbase Account
Once the money has settled in your bank account, you should be able to transfer it to your Coinbase account. You only need to make a deposit from your linked bank account if you already have a Coinbase account.
If not, follow the instructions below to create a Coinbase account.
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: Buy Crypto Assets on Coinbase
Your crypto from Robinhood has now been sold, and Coinbase has received the proceeds. You would now buy cryptocurrency on Coinbase if you wanted to duplicate what you had done previously on Robinhood.
On the other hand, Coinbase offers a much wider range of cryptocurrencies for trading. It might be a great chance to find out more about them and diversify your holdings.
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.
Up until the Robinhood crypto wallets are released, moving your cryptocurrency assets from Robinhood is a real hassle.
Selling your crypto assets, transferring the proceeds to the bank, transferring the proceeds to Coinbase, and then repurchasing your crypto there are the steps you must take if you want to stop using Robinhood for trading in cryptocurrencies.
It's also important to keep in mind that you might have to pay taxes if you sell something for more than you originally paid for it.
Not to mention that it takes about a week to transfer your money to Robinhood, and that time is when cryptocurrency prices may change.