If you want to transfer cryptocurrency from Robinhood to another cryptocurrency exchange, a wallet, or a bank account, here's what to do.
The exchange recently launched the Robinhood crypto wallet, but it comes with its own set of restrictions, as all exchange-based wallets do. With new Robinhood listings adding extra cryptocurrency, users are particularly ready to move their cryptocurrency around.
With Robinhood, users can now easily redeem and move their once-trapped crypto. Here's how you can do it too.
How To Transfer Crypto From Robinhood
Prior to the launch of the Robinhood crypto wallets, it was impossible to transfer crypto from Robinhood without first selling your assets and buying them on another exchange or wallet.
Now, using the wallet, you can transfer crypto directly from the Robinhood app or webpage.
To send cryptocurrency to a wallet, do the following:
- Go to the page of the cryptocurrency you want to transfer.
- Press the Send Button.
- Enter the amount of cryptocurrency you want to send.
- Enter the wallet address you want to send it to. We'd suggest double-checking the address is correct, and pasting it in, to avoid losing your assets.
- Press Review, and then Submit.
And that's it! You should then check your crypto wallet to see if the funds have gone through, but that's all it takes. It's now as simple as withdrawing crypto from Binance, allowing Robinhood to compete with these other exchanges.
- Read More: How To Withdraw Money From Crypto.com
Robinhood Transfer Fees
Per the official website, the miner fee or gas fee is influenced by a number of factors. Depending upon the size of crypto transaction and network availability, the fee differs from transaction to transaction.
However, the website further adds that "The amount of the fee depends on, among other things, the coin and how many other transactions are happening on the coin’s network. We’ll always let you know what the network fee estimate is before you finalize a transfer out of your Robinhood Crypto account."
However it is often advised to conduct crypto transfers at a time when there is low network activity and less traffic to avoid paying exorbitant amount of gas fees.
How Long Does It Take For Robinhood To Transfer Crypto
It approximately takes nearly 24 hours for a normal transaction to reflect in a user's account.
Robinhood has emerged as one of the leading crypto platforms that allow users to seamlessly trade cryptos.
In its constant endeavor to expand its scale, the new Robinhood listings have expanded in recent years, including more popular cryptocurrencies for the users to explore.
Transferring Funds To A Bank Account
To transfer your cryptocurrency funds from Robinhood to a bank account, you will first need to convert your cryptocurrency back into fiat currency. To do this, you should:
- Through a PC or a laptop, go on Robinhood's website and click on the trade option.
- Check the options window and tap on Sell.
- Enter the amount of crypto you wish to sell.
- Review the information and initiate the transaction by submitting the order.
Once you're through with the process, there might be a slight delay of two days before your funds are ready for withdrawal. After that you can move funds into their bank accounts by following the steps mentioned below:
- On Robinhood's web page, scroll towards the right-hand corner and click on Account
- Click on the Banking option
- An option showing the transfer to a bank account will be displayed once you tap on it.