How To Transfer Crypto From Robinhood To Coinbase

How To Transfer Crypto From Robinhood To Coinbase

Since Robinhood added the cryptocurrency trading feature, it’s been the talk of the town as a platform that allows trading of various United State stocks with zero-commission and trading cryptocurrencies. Although this is a huge achievement for the platform as it draws in cryptocurrency traders, there are some backlashes as regards their crypto transfer process leading crypto traders to wonder how to transfer crypto out of Robinhood. This brings us to ask if it’s possible to transfer crypto from Robinhood to Coinbase.

Robinhood doesn’t allow the transfer of crypto out of the platform as its crypto wallet is under development. The only way to transfer crypto from Robinhood to Coinbase is by selling the crypto assets and transferring the money to your bank, then transferring it to Coinbase to buy the crypto.

Due to this, Robinhood has seen a drastic reduction in crypto traders as the transfer function is quite important to a lot. In this article, I’ll discuss how to transfer crypto from Robinhood to Coinbase without Robinhood’s crypto wallet.

Can You Move Crypto From Robinhood To Coinbase?

How To Transfer Crypto From Robinhood To Coinbase

Pending the development and launch of Robinhood’s crypto wallet, it’s impossible to move crypto from Robinhood to Coinbase. The only option for getting your crypto assets from Robinhood to Coinbase is by selling your crypto assets in Robinhood. After selling, you can now transfer that money to your bank. 

After transferring the money to your bank account, you’ll need to move the money into your Coinbase account. Finally, to finish the process, you’ll have to repurchase the crypto assets you sold on Robinhood. 

Selling your coin on Robinhood and transferring the funds from Robinhood to your bank, then to Coinbase could expose you to potential capital gains taxes if you sell the crypto assets in profit. It’s also important to note that the price could fluctuate while you’re using cash and moving the funds from Robinhood to Coinbase.

How To Move Crypto From Robinhood To Coinbase?

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

Step 1: Selling Your Crypto Assets On Robinhood

Since you cannot transfer your crypto assets from Robinhood to Coinbase, you’ll need to first sell your crypto on Robinhood. It’s important to note that this process could initiate a taxable event if you sell in profit.

How To Sell Your Crypto Assets On Robinhood Mobile App:

  1. Choose the crypto you want to sell and tap “Trade”.
  2. Then tap on “Sell” to sell the crypto.
  3. Enter the equivalent dollar amount of the crypto you want to sell. 
  4. Tap on “Review” to make sure the information is correct.
  5. Swipe up to submit your sell request.

How To Sell Your Crypto Assets On Robinhood Web App:

  1. Choose the crypto you wish to sell and navigate to the details page for the specific crypto.
  2. Click on “Sell” in the options window.
  3. Enter the dollar equivalent of the crypto you want to sell.
  4. Review the “sell” information to make sure it’s correct before continuing.
  5. Submit the sell order.

After selling your crypto for cash, there’s going to be a settling period for the cash to be withdrawable. The settling period is two trading days after you initiated the sale. During the settlement period, you will not be able to move any of the money out of Robinhood.

After the settling period has passed, you can proceed to the next step.

Step 2: Transfer Your Robinhood Funds To Your Bank Account.

How To Transfer Crypto From Robinhood To Coinbase

How To Transfer On Robinhood Mobile:

  1. Tap on your account at the bottom right corner of your screen.
  2. Tap transfers and choose “Transfer to Your Bank”.
  3. Choose the bank account you want to transfer to.
  4. Enter the amount you want to transfer.
  5. Tap “Submit” once you’ve verified the information is correct.

How To Transfer On Robinhood Web App:

  1. Click “Account” at the upper right-hand corner of the screen.
  2. Click “Banking”.
  3. Use the panel on the right side of your screen to initiate a bank transfer from Robinhood.

Step 3: Depositing Funds To Your Coinbase Account

To initiate this step, you’re required to have opened and set up your Coinbase account. Here are the steps to deposit funds from your connected bank account. 

  1. Open the trading view.
  2. Click “Deposit” under the wallet balance.
  3. Select “USD” in the currency type.
  4. Click on “Bank Account”.
  5. Click on “From” and “Add Account” where you will be redirected to finish the account verification process.
  6. Link your bank account. 

Step 4: Purchase The Crypto Assets On Coinbase.

Now that you’ve sold the crypto you had on Robinhood and have the fund withdrawn to your bank account and deposited to your Coinbase account, it’s time to purchase the previously owned crypto assets on Robinhood.

Here’s how to purchase crypto on Coinbase:

  1. Login to your Coinbase mobile app or the web app.
  2. Click on the “Trade” tab at the bottom of the screen.
  3. Select the crypto asset you want to purchase.
  4. Click the blue “Trade” button at the bottom of your screen.
  5. Choose “Buy with cash”.
  6. Input the equivalent dollar amount of the coin you would like to purchase.
  7. Click on the blue “Preview Buy” button to preview your buy.
  8. Confirm your order after reviewing the details and fees.

How To Cash Out Crypto On Robinhood

How To Transfer Crypto From Robinhood To Coinbase

Cashing out on Robinhood involves two major steps- selling your crypto on Robinhood and transferring the fund to your bank account. Here’s how to go about the process:

Step 1: Selling Your Crypto On Robinhood

How To Sell Your Crypto On Robinhood Mobile App:

  1. Choose the crypto you want to sell and tap “Trade”.
  2. Then tap on “Sell” to sell the crypto.
  3. Enter the equivalent dollar amount of the crypto you want to sell. 
  4. Tap on “Review” to make sure the information is correct.
  5. Swipe up to submit your sell request.

How To Sell Your Crypto On Robinhood Web App:

  1. Choose the crypto you wish to sell and navigate to the details page for the specific crypto.
  2. Click on “Sell” in the options window.
  3. Enter the dollar equivalent of the crypto you want to sell.
  4. Review the “sell” information to make sure it’s correct before continuing.
  5. Submit the sell order.

Step 2: Transfer The Funds To Your Bank Account.

How To Transfer On Robinhood Mobile:

  1. Tap on your account at the bottom right corner of your screen.
  2. Tap transfers and choose “Transfer to Your Bank”.
  3. Choose the bank account you want to transfer to.
  4. Enter the amount you want to transfer.
  5. Tap “Submit” once you’ve verified the information is correct.

How To Transfer On Robinhood Web App:

  1. Click “Account” at the upper right-hand corner of the screen.
  2. Click “Banking”.
  3. Use the panel on the right side of your screen to initiate a bank transfer from Robinhood.

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

When will Robinhood have a crypto wallet?

How To Transfer Crypto From Robinhood To Coinbase

Presently, Robinhood hasn’t announced a date for the crypto wallet launch but it’s already certain that it’s under development already. There’s a waiting list for the crypto wallet, you can join the waitlist on their website to be among the first people to access it. 

To move higher on the waitlist, you’ll need to refer your friends to join the waitlist.

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