The crypto industry is full of trading platforms, wallets, lending platforms, and thousands of cryptocurrencies ready to be discovered and traded. Currently, there are so many coins and tokens that it sometimes feels impossible to decide what to invest in, especially if you’re a beginner.
Then, you have to worry about where to purchase crypto and, more importantly, where to store it, as we all know how important it is to find the safest place to keep your crypto. Most of the time, the storing part can be solved with a hardware wallet, but what about the platforms where to buy crypto? How do you choose them?
There are numerous factors you have to consider when looking for a crypto exchange. Is it available in your area? Does it support the token you want to buy? Does it accept the payment method you aim to use? These are just some of the things you usually think about when it comes to crypto exchanges.
If you are a US citizen, you probably have heard or even used Robinhood. And if your crypto knowledge has improved and you want to start exploring the industry more, you may want to transfer the funds from Robinhood to another crypto exchange. Binance is not fully available in the US at the moment of writing. So, you might look for the 2nd largest exchange, which is Coinbase.
This is why this article will help you learn how to transfer crypto from Robinhood to Coinbase by offering a detailed step-by-step guide. Furthermore, if you want to perform this action the other way around, we will also explain how to transfer cryptocurrency from Coinbase to Robinhood.
About Robinhood
Launched in 2013 by Vlad Tenev and Baiju Bhatt, Robinhood is an online financial platform that allows users to perform various fintech actions, such as investing in stocks, trading crypto, or even setting up a retirement plan.
The main goal of Tenev and Bhatt was to develop a platform that reduces market barriers, and they managed to make Robinhood surprisingly popular, the project having millions of monthly users and over $87 billion in assets under custody (September 2023).
The best thing about Robinhood might be that it does not charge any fee or have a minimum trading amount, making the platform an option worth considering for all crypto enthusiasts, but especially for beginners who are still learning what crypto trading implies.
Users can access Robinhood through their web browser or download the app available on Android and iOS devices. However, it is essential to note that, at least for now, Robinhood is only available in the US due to various regulatory guidelines. Robinhood does not plan to expand to other areas, but many users hope the company will consider offering its platform in multiple countries.
To increase accessibility even more, Robinhood provides a crypto “Detail page” for each token and coin it supports. This way, users can make informed decisions by checking a crypto’s history, news, charts, and many more.
Regarding security, Robinhood ensured that it provides numerous features developed to make users feel safe and trust the platform. Those using the Robinhood mobile app can set up FaceID (iOS) or TouchID (Android) as an additional safety feature. Besides, Robinhood encourages users to set up 2FA (Two-Factor Authentication). Moreover, Robinhood is a member of the Securities Investor Protection Corporation (SIPC), which can protect users if their funds are stolen.
Coinbase at a Glance
Coinbase is a cryptocurrency exchange launched in 2012 by Brian Amstrong and Fred Ehrsam. The platform is available almost worldwide, and it currently is the 2nd largest exchange on the market, with over 100 million registered users who are allowed to purchase, trade, and sell crypto through various tools.
The safety and security features provided by Coinbase can and do contribute to the crypto project’s reputation. To add an extra security layer, Coinbase recommends users enable 2FA through the Google Authenticator app.
Coinbase supports over 250 cryptocurrencies, including the most popular, such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Solana (SOL), Litecoin (LTC), Dogecoin (DOGE), Cardano (ADA), Polygon (MATIC), and Polkadot (DOT). However, Coinbase wallet stopped supporting Ripple (XRP, Bitcoin Cash (BCH), Stellar (XLM), and Ethereum Classic (ETC) on February 20, 2023, due to low usage. Still, the coins are supported by the Coinbase exchange.
Besides the main exchange we all know about, Coinbase also offers a platform designed for experienced crypto traders. It is called Coinbase Advanced Trade, and you can access it from the official Coinbase website.
Furthermore, Coinbase also launched Base, a Layer-2 solution developed to bring Web3 closer to worldwide users without too high costs and with surprising levels of security. Base was incubated in Coinbase and is leveraging previous research and development, also being secured by Ethereum, which is one of the biggest and most popular blockchains.
How to Transfer Crypto from Robinhood to Coinbase – Step-by-Step Guide
Robinhood crypto transfers are pretty quick and straightforward. It should take a few minutes as long as you have everything ready.
Firstly, you should ensure that your Coinbase account is verified to enable crypto transfers. Then, make sure that the crypto you want to transfer from Robinhood to Coinbase is supported by the latter. If not, look for a cryptocurrency that is supported by both platforms and swap your funds for that coin or token. Considering that Coinbase supports so many crypto assets, it might be easy to find a match.
Secondly, you must hold a Robinhood crypto wallet to be able to send crypto from your account. So, if you do not have one, ensure that you set it up before starting the transfer.
Then, you can start transferring from Robinhood to Coinbase.
Step 1: Copy your Coinbase Wallet Address
The very first step of the process is finding your Coinbase wallet address and copying it to Robinhood. You will find your address by accessing the platform’s settings and looking for the “Export public addresses” option.
Remember that a Coinbase wallet address is entirely different from a Coinbase wallet address, and you should look for the latter. If you have difficulty finding your wallet address, we covered this topic in another article.
Step 2: Paste the Coinbase Wallet Address
After you find and copy your wallet address, you can go back to the Robinhood crypto wallet and look for the cryptocurrency you aim to transfer to Coinbase. Once you find it, tap on “Send” and enter the amount of crypto you want to send to Coinbase.
Where the address is required, enter it manually and copy the address you copied from Coinbase.
Then, all you have to do is double-check the transaction information and confirm it to have your crypto sent to Coinbase.
How to Transfer Crypto from Coinbase to Robinhood?
If you aim to transfer from Coinbase to your Robinhood account instead, this process is pretty simple, too. The initial requirements are similar (verifying Coinbase and Robinhood accounts, setting up wallets, etc.).
Frankly, the process is just mirrored. You should copy the Robinhood crypto address instead of the Coinbase one. Then, you should go to your verified Coinbase account and find the “Send” button.
Choose a crypto supported by both platforms and enter the amount you want to send. Then, you should just get back to your crypto address – paste it into the Coinbase app. Afterward, we strongly recommend thoroughly checking the transaction information before confirming it.
Once you have verified your information, all you have to do is confirm it and wait for your funds to be moved from Coinbase to Robinhood.
FAQ
Can You Transfer Crypto Out of Robinhood?
Yes, you can transfer crypto from Robinhood, and the process should not take more than a few minutes.
Can You Directly Transfer Crypto from Robinhood to Coinbase?
Robinhood allows users to directly transfer crypto to Coinbase as long as the crypto they aim to send is supported by the latter and their accounts are verified.
Does Robinhood Charge for Transferring Out?
No, Robinhood does not charge any fee for transferring funds from your account. As we mentioned earlier, Robinhood is famous for its no-fee policy.
Why Can’t I Transfer from Robinhood?
If you cannot transfer crypto from Robinhood to Coinbase, the main reason might be an incompatible address. If you want to transfer Bitcoin, for instance, you should copy the Bitcoin address from Coinbase. On the other hand, if you copy the Ethereum address, you will not be able to finish the transfer. Always copy and paste the address carefully, as a wrong address can lead to the permanent loss of funds.
In Conclusion
Robinhood and Coinbase are pretty popular crypto trading platforms, especially in the US, where both are available. If you wish to transfer from Robinhood to Coinbase or vice versa, the process is easy to understand and extremely quick.
Keep in mind that you should verify your Coinbase and Robinhood accounts and choose a cryptocurrency supported by both of them. If you don’t do this, you might have difficulties transferring crypto from one of the platforms to the other.
