Robinhood offers commission-free trading services but regardless of this, many users are looking to transfer crypto from Robinhood to Crypto.com.
This is mainly because these Robinhood users will want to get around the restrictions Robinhood sets on both internal and external transfer of crypto assets.
This means you can't transfer crypto assets to neither other Robinhood users nor non-Robinhood users using other crypto wallets.
You are only allowed to trade your crypto assets within Robinhood and withdraw them to your bank account once the trade has settled.
This makes a transfer of crypto from Robinhood to other wallets such as Crypto.com directly impossible.
However, there's a way to complete the transfer indirectly.
That said, this article focuses on showing you how to transfer crypto from Robinhood to Crypto.com without hassle.
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How To Transfer Crypto From Robinhood To Crypto.com
As earlier mentioned, you can't directly transfer crypto from Robinhood to Crypto.com; which means, you'll have to rely on an indirect process to complete the transfer.
This process involves selling your crypto on Robinhood, deposit the proceeds into a bank account and finally, repurchase the crypto on Crypto.com.
Note that you could make a significant profit or loss depending on how the price changes while you are transferring money from Robinhood to Crypto.com.
That being said, here's how to transfer crypto from Robinhood to Crypto.com.
Step 1: Sell Your Crypto Assets on Robinhood
The first thing you'll need to do is sell the cryptocurrency you want to send because you won't be able to send it directly.
You can choose to sell all or a portion of your cryptocurrency holdings. Then, you'll need to follow the steps below depending on whether you're using Robinhood's web app or its mobile application.
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.
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.
The withdrawal process will take some time, and it will be two more trading days before the money can be withdrawn.
Throughout the withdrawal procedure, you won't be able to withdraw money from your Robinhood account.
Step 2: Transfer Funds from Robinhood to Bank Account
The next step will be to move your funds from Robinhood to your bank account.
To help you out, here's a complete guide to transferring money from Robinhood to bank account.
Step 3: Create 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.
Step 4: Transfer Funds from Bank Account to Crypto.com
Following the creation of your Crypto.com account, you will want to fund it with the proceeds from the sale of your crypto assets on Robinhood in order to repurchase them 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".
Step 5: Repurchase Crypto on Crypto.com
You can now repurchase or purchase crypto assets on Crypto.com after topping up your account there with the proceeds from selling your crypto assets on Robinhood.
The amount may be different (more or less) than the total amount you had on Robinhood depending on the value of the coin you buy.
Because of this, you ought to think about making such a transfer when the coin's market value is favorable.
Also Read: Why is My Withdrawable Cash $0 on Robinhood?
How to Transfer Crypto From Crypto.com to Robinhood
Direct cryptocurrency transfers from Crypto.com to Robinhood are not possible. You can buy cryptocurrency on Robinhood after selling cryptocurrency on Crypto.com and depositing the proceeds into a bank account.
The same steps as above apply because it is still challenging to transfer cryptocurrency to Robinhood.
Start by making a bank account withdrawal from your Crypto.com account, then add the money to your Robinhood account and buy the cryptocurrency of your choice.
Also Read: How Does Robinhood Make Money Without Fees
There is no direct procedure to transfer your crypto to and from Robinhood. You can only transfer cryptocurrency from Robinhood to Crypto.com by selling your crypto assets on Robinhood, transferring the proceeds to your bank account, funding your Crypto.com wallet with the proceeds, and then buying back your crypto assets on Crypto.com until Robinhood makes its crypto wallet feature available to users.
You should be conscious of the coin's market value, though, before attempting to transfer it. If the market value of the cryptocurrency is favorable, think about making these transactions; otherwise, you risk suffering a large loss of money.