In this article, I will walk you through how to send Dogecoin from your Robinhood account to Binance. Here is what you need to do.
- 6 Simple Steps to Send DOGE from Robinhood to Binance
- Should I transfer my Dogecoin from Robinhood to Binance?
- What you need to be aware of about Binance
- FAQs
6 Simple Steps to Send DOGE from Robinhood to Binance
Step 1: Download the Robinhood crypto wallet mobile app
Robinhood now has its own wallet. This means that you can move your DOGE to other wallets and exchanges.
This wasn’t always the case. In the past when you bought DOGE, Robinhood would keep it for you on your behalf. But if you wanted to send your DOGE to another exchange this wasn’t possible. You had to sell your DOGE for fiat money, withdraw the cash to your bank account, and then make a bank transfer to wire the cash over to your crypto exchange.
However, in January 2023, Robinhood announced they were launching a Web 3 wallet. What used to take 5-7 business days now only takes a few minutes.
If you already have a Robinhood wallet set up you can move to step 3 and send Dogecoin to Binance
If you don’t have a Robinhood wallet you have two options.
iPhone users
If you use an iPhone you can go ahead and download the wallet from the App Store (only available in the United States)
Android Users
If you use an Android device you need to join a waiting list. I just joined the list and here is what it looks like:
Robinhood is prioritizing iOS users but at some point, you will receive an email that your wallet is live. Note that Robinhood’s wallet is only available through their mobile apps. There isn’t a desktop wallet yet.
Once you have your wallet you can move to Step 2
Step 2: Set up your Robinhood wallet
Once you are off the waiting list you will get an email and a notification in the Robinhood app.
Click on “Get Started” to set up your wallet.
Robinhood will ask you to verify your identity and set up two-factor authentication.
To verify your identity you will need to scan your passport, driver’s license, or any other US government-issued ID.
To set up two-factor authentication I recommend you download Google’s authenticator app. Adding two-factor authentication adds an extra layer of security that makes it much harder for hackers to mess with your wallet.
Once 2fA is set up Robinhood will give you an emergency backup code. You need to store this somewhere safe, preferably offline.
Next, activate crypto transfers by clicking on “Activate Crypto Wallets”
Your wallet is now set up and ready to use for sending and receiving different cryptocurrencies like Bitcoin, Ethereum, and Dogecoin.
Step 3: Transfer Dogecoin from Robinhood to Binance
To send Dogecoin to Binance first find your DOGE in your Robinhood crypto account. If you don’t have any then read my guide with step-by-step instructions on buying Dogecoin on Robinhood.
You can do this by scrolling down in the crypto section of the homepage or searching for DOGE in the search bar.
Click on “DOGE”
You will now see your DOGE holdings except that you will now see two new buttons that say “Send” and “Receive”.
Click on “Send”.
Select how much Dogecoin you want to send to Binance. If you want to send all your DOGE the app won’t let you because you need to account for network fees. The network fees are minuscule so just 1 or 2 DOGE should be enough.
Next, DOGE will ask you to paste a Dogecoin address
Step 4: Find your Binance Dogecoin address
I am going to assume you have a Binance account. If you don’t you need to set one up (duh!)
To find your Dogecoin deposit address on Binance navigate to where it says “wallets” at the bottom right of the Binance app. Then click on the “Funding” tab at the top.
Click where it says “Deposit”, highlighted in yellow below.
Next, search for Doge in the search bar.
Click on DOGE from the dropdown options (there is only one).
It will now ask you what network you want to use.
To transfer Dogecoin from Robinhood to Binance select Dogecoin in the network options. If you use any of the other options you will lose your Doge when you make the transfer. This is one of the most important steps.
Once you select the network it will show the address you need to use to deposit. Copy the wallet address and go and paste it back into your Robinhood wallet.
Alternatively, if you are using a mobile device you can use the QR code to scan and input the address.
Step 5: Paste the address from Binance into Robinhood
Review the data to make sure it is correct and hit submit. Note that the Robinhood platform does not charge you any crypto trading fees but there is a network fee. This is a fee that the Dogecoin blockchain charges to reward its miners. Robinhood adds the miner fee on top of the amount you want to send. This is otherwise known as a gas fee.
Step 6: Confirm your transaction
Robinhood will then ask you to confirm your transaction by entering a code from your two-factor authentication app.
To do this, open the Google Authenticator app and copy the code for Robinhood. Next to the code, it will have a timer that shows you how much time you have to paste the code. If it’s timing out in the next 5 seconds wait for it to refresh and copy the new code so that you are not rushed.
Then paste the code into Robinhood.
Brilliant! Your transfer is now complete. If you like you can click on review or you can visit your Binance app.
To view your Dogecoin on Binance just go to your wallet at the bottom right and click on Spot in the top strip. You will see your Doge plus any other crypto assets that you own.
Should I transfer my Dogecoin from Robinhood to Binance?
It depends on what you want to do with your DOGE. Here are some aspects you may want to consider before making the transfer:
I want to store my DOGE safely
If you just want to store your DOGE somewhere safe then you are better off keeping it in Robinhood’s wallet.
The Robinhood wallet is non-custodial which means that the DOGE belongs to you and no one else can claim it. For example, if Robinhood goes bust they can’t access your DOGE. It is yours.
If, on the other hand, Binance goes bust then you can’t claim your DOGE. This is what happened when FTX collapsed. FTX was Binance’s number one competitor and it turns out they were taking users’ Dogecoin and other deposits and doing funky stuff with it like investing it and losing it.
Keep in mind that none of your crypto is insured by the central bank whether it’s in a wallet, on Robinhood, or on an online exchange
I want to buy more DOGE but I heard that you don’t own DOGE when you buy them on Robinhood.
That information is outdated. It comes from a conversation on Reddit amongst others but it is no longer true. As I explained above, when you have a Robinhood wallet you own the Doge and no one can take it. You do need to set up a wallet though.
I want to sell my DOGE to buy another crypto token
If the coin is not available on Robinhood then yes it makes sense to send it to another exchange platform such as Binance. From there you can swap your DOGE for any other coin you want to invest in.
However, Robinhood does offer most of the major crypto coins such as Bitcoin, Bitcoin Cash, Ethereum, Solana, Cardano, etc. If it’s one of those you want to buy then you might as well do it on Robinhood.
Where you have to be careful with Robinhood
Now there is one thing to be careful of that no one tells you. Robinhood’s wallet only supports the Ethereum and Polygon networks. This means that when you buy Bitcoin and send it to your Robinhood wallet it is not really Bitcoin. It is a wrapped version of Bitcoin. As in, it is a representation of Bitcoin on the Ethereum network. You own the wBTC and at any point in time you can exchange it for real Bitcoin but it’s important that you know that find the difference.
What you need to be aware of about Binance
Binance is coming under intense scrutiny by the Securities Exchange Commission in the US. Because of the FTX debacle people are feeling shaky. You never know if everyone will stage a bank run and pull their funds out of Binance. So, if you have a substantial amount of crypto I recommend you move it off the Binance exchange and onto a hot wallet. Or even better move it to cold storage so no one can take it from you.
Mind you Robinhood has also received an investigative subpoena from the SEC.
What is a hot wallet?
A hot wallet is a mobile wallet app or browser extension for desktop devices that allows you to store your crypto securely. Hot wallets are considered safe-ish but if you want extra security you should look into cold storage.
What is a cold wallet?
A cold wallet is a hardware device such as a Nano Ledger or Trezor device. It looks like a USB and the main benefit is that it is not connected to the internet. Of course, if you are like me then you face the risk of losing the device.
None of what I have written here is investment advice. I am not a financial advisor and if you want to invest your life savings in a meme coin well then that is up to you. Investing in crypto poses a significant risk.
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FAQs
Can you transfer Dogecoin from Robinhood?
Yes, Robinhood now has a wallet that allows you to send Dogecoin to any other crypto exchange. If you have an iPhone you can download the wallet today. Those with an Android device need to join a waiting list.
Can I transfer my DOGE from Robinhood to Coinbase?
Yes, you can transfer DOGE to all of the largest crypto exchanges.
How do I send crypto from Robinhood to another wallet?
To send crypto from Robinhood to another wallet just sign up for a Robinhood wallet. Once you do that, click on your Doge holdings and you will see a send button. Click on that to paste your wallet address and hit send.
Is Robinhood crypto wallet safe?
The Robinhood wallet is non-custodial meaning if anyone steals your private keys you are solely responsible. Technologically speaking a cold storage wallet is always safer than a hot wallet such as Robinhood's.
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