The world of cryptocurrency can be a complicated one. As a newcomer to the field, you may have trouble grasping how the various exchanges work.
You may also be confused about how you can use them to your advantage. If you’re looking to transfer crypto from Robinhood to Coinbase, this article is for you.
The cryptocurrency craze of 2017 has given rise to a slew of new investors. The investors who are investing in entirely new digital assets. Many exchanges such as Coinbase, Binance, and Gemini offer “instant” to buy or sell crypto utilizing your credit card.
But what if you want to put money into these exchanges using your existing crypto holdings? You’ll then have to transfer your existing crypto off an exchange like Binance into a wallet. But how do you do this?
Many people don’t realize that you can transfer crypto from Robinhood to Coinbase. You have to have your Robinhood connected to your bank account.
This is a handy feature, and in this article, we will provide you with the correct information or steps to do the same.
Comparison Between Robinhood Crypto And Coinbase
Cryptocurrencies have been around for quite a long time now. However, in recent years, crypto investors started to consider them as an investment option.
As a result, there are now a lot of platforms where you can purchase and sell cryptocurrencies. But which one is better? Are they similar at all? Let’s find that out first before knowing about the transfer from Robinhood to Coinbase.
Besides, here, we will share a few simple steps you can take to transfer from Coinbase to Trust Wallet if you wish to withdraw your crypto.
● Trading Options
Robinhood Crypto is a stock brokerage that also trades cryptocurrency. On the other hand, Coinbase is an exchange.
The main difference between these two platforms is that Robinhood Crypto lets you buy and sell coins directly. In contrast, Coinbase allows you to buy and sell coins through its exchange.
The other big difference is that Robinhood Crypto only works in the United States. At the same time, Coinbase has expanded internationally. Coinbase allows people from more than 30 countries worldwide to access its services.
Also, Coinbase stop loss is a handy strategy for every crypto enthusiast. Let’s see what Coinbase Pro stop loss is and how to enable a stop loss on Coinbase.
Robinhood and Coinbase both use third parties to store your funds. Still, Robinhood uses a third party regulated by the Financial Industry Regulatory Authority.
It is an independent organization that oversees securities firms. Coinbase does not use a FINRA-regulated entity to store its users’ funds.
This means that they are less transparent about security. This is because they do not have to provide any info about the security measures they implement. Nor can they provide proper information about how those measures work.
In terms of features, Robinhood offers two-factor authentication by default. On the other hand, Coinbase only provides you with two-factor authentication if you request it. You can request it after being verified with their system.
This means that Coinbase offers an extra layer of protection for its users who choose to activate it. And Robinhood automatically protects all of its users without requiring them to take any additional steps.
● Supported Cryptocurrencies
Coinbase supports a few more cryptocurrencies than Robinhood Crypto does. Coinbase supports Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic. Robinhood Crypto only supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash.
However, Robinhood is planning to add support for additional coins in the future. Also, it is easy to transfer Robinhood to Coinbase.
● Mobile App Experience
The Robinhood Crypto app offers a better experience for people new to crypto who want to invest a small amount of money. The interface is simple & easy to use, making it great for beginners.
The app also has essential features such as two-factor authentication. This is a crucial feature as it keeps your account secure from hackers.
However, plan on investing large amounts of money in cryptocurrency. Coinbase may be the better option.
The reason is that Coinbase has more advanced features, such as instant purchases. Whereas Robinhood Crypto only allows instant deposits.
● Robinhood is for Beginners, and Coinbase is for Experienced Investors.
If you’re new to this world of cryptocurrency, Robinhood is a great option. The platform has everything you need to start investing in cryptocurrencies, including Bitcoin. It’s easy to use and understand, even if the interface isn’t as polished as Coinbase.
Coinbase is better suited for experienced investors. Experienced investors are those who already have experience making crypto transactions. The company offers a lot more features than Robinhood does.
The features include: order book trading, stop loss orders, and margin trading. Dedicated customer support teams worldwide are another popular feature of Coinbase.
Overall, we found that Robinhood is best suited for investors who are new to crypto investing. Coinbase offers many more features and options than Robinhood.
But if you’re looking for a simple way to buy and sell cryptocurrencies without having to deal with fees, Robinhood might be right up your alley.
● Transfer Crypto Out of Robinhood to Coinbase Account
Robinhood is a free stock-trading app that has exploded in popularity over the past year. They offer no-commission stock trades, which is why they’ve been so popular. You can read more about how they work here.
However, you can’t use Robinhood to buy crypto like Bitcoin and Ethereum. To do that, you must transfer crypto from Robinhood to Coinbase or any other exchange supporting crypto.
We recommend Coinbase because it’s user-friendly. And with Coinbase, you can easily buy and sell almost all types of cryptocurrencies.
Transferring cryptocurrency from a Robinhood account to Coinbase requires two transactions. One is to sell your cryptocurrency, and another is to repurchase it.
First, sell your Robinhood holdings for U.S. dollars through Robinhood’s mobile interface/website. Then, transfer those funds into your Coinbase account as part of a buy order for bitcoin or ether.
The process of transfer from Robinhood to Coinbase varies slightly. It varies depending on two scenarios. That is, whether you want to sell all your holdings at once or make multiple transactions over time.
In either case, it takes about one business day for transfers to complete. So don’t try doing this at the last minute if you need money immediately!
Steps to Transfer Crypto from Robinhood to Coinbase
Robinhood is a trading platform that allows users to trade stocks and other securities, including cryptos. This guide shows you how to transfer crypto from Robinhood to a Coinbase account.
Sending Bitcoins (BTC) from Robinhood to Coinbase is simple and straightforward. The process involves the following steps:
1. First, Open a Coinbase Account.
To start with, you need to make sure that you have a Coinbase account. To open one, go to the official website of Coinbase and create an account by filling out the form with your details. Signing up for a Coinbase account is free and straightforward.
Once you have signed up and created an account, you need to verify your identity with Coinbase. This is needed so the company knows who they are dealing with and if any money is involved in transactions.
This process consists in sending them a copy of your driver’s license or passport. And then waiting while they process it and send it back to you.
Then, go into Settings > Linked Accounts > Coinbase Account. This is where we’ll be linking your Robinhood account to your Coinbase account. And after this, the process of transferring from Robinhood to Coinbase coins becomes quicker.
Have you successfully logged in to your Coinbase account and verified yourself? If yes, then under the second step, you must click on Accounts in the navigation bar. The navigation bar runs horizontally across the top of your screen.
3. Click on Receive and Then Click on Bitcoin (BTC).
The third step involves clicking on receive and then clicking on Bitcoin (BTC). Next, you will want to copy the wallet address provided by your Coinbase account.
This can be found by clicking “Accounts” at the top left of your Coinbase site. Or by clicking “Balances” and selecting “Bitcoin” from the dropdown menu.
Copy or write down this wallet address. And use it as the recipient’s address when you send BTC from your Robinhood account.
You can also click “Buy” instead of “Sell.” And then, choose Bitcoin as your payment method rather than cash or bank transfer. Click Continue.
4. Sign in to Your Robinhood Account.
Next up, you will require to sign in to your Robinhood account. And click on account, which will be available on the menu at the bottom of your screen.
5. Next, You’ll See “Transfer Funds,” Click that Option.
After you click “Send” or “Transfer,” your crypto coins from Robinhood will be transferred to your Coinbase account.
And successfully completing the transfer of Robinhood to Coinbase, you will receive a confirmation. Your Coinbase wallet address and transfer confirmation number will be sent via email to your registered email ID. You can also check your Coinbase wallet address on the Coinbase website.
FAQs about Transferring Crypto from Robinhood to Coinbase
Q: Can I transfer all types of cryptocurrencies from Robinhood to Coinbase? A: Yes, you can transfer various cryptocurrencies from Robinhood to Coinbase, including Bitcoin, Ethereum, Litecoin, and more. Coinbase supports a wide range of popular cryptocurrencies.
Q: Are there any fees associated with transferring crypto from Robinhood to Coinbase? A: Both Robinhood and Coinbase may charge fees for transferring cryptocurrencies. It’s advisable to review the fee structure of both platforms before initiating the transfer to understand any potential costs.
Q: Is it safe to transfer crypto from Robinhood to Coinbase? A: Transferring crypto between reputable platforms like Robinhood and Coinbase is generally considered safe. However, it’s essential to exercise caution while entering wallet addresses and ensure they match the intended destination.
Q: Can I transfer my crypto back from Coinbase to Robinhood? A: Yes, you can transfer your crypto back from Coinbase to Robinhood using a similar process. Simply generate your Robinhood wallet address and initiate the transfer from your Coinbase account.
Q: What should I do if my transfer is taking too long? A: If your transfer is taking longer than expected, it’s advisable to check the transaction status on both Robinhood and Coinbase. You can also reach out to their customer support for assistance in resolving any issues.
Q: Are there any tax implications when transferring crypto between platforms? A: Transferring crypto between platforms may have tax implications. It’s recommended to consult a tax professional or refer to the relevant tax guidelines in your jurisdiction to ensure compliance.
Thus, it is a breeze to transfer crypto from Robinhood to Coinbase if you have the proper accounts and info.
The key is to set up your Coinbase account before you begin trading on Robinhood. And the key is also to have the accounts ready when transferring your funds from one platform to another.
Having some basic knowledge about each exchange is necessary. Only then you’ll be able to make the most informed decisions possible. And also avoid mistakes that could cost you money or time down the road.