Robinhood has introduced a wallet for iOS users which means you can send your crypto assets from Robinhood to your wallet and from there you can move it to a crypto exchange like Coinbase. If you are an Android user you will need to join the waiting list.
The only way to move crypto from Robinhood to Coinbase is if you have the Robinhood wallet. Without the wallet, your only option is to cash out your crypto to a bank account and start all over by depositing fiat money on Coinbase.
Can You Transfer Crypto from Robinhood to Coinbase?
Yes, if you are an iOS user you can now withdraw your crypto from Robinhood and send it to any other address you want including a Coinbase one.
Robinhood released its iOS wallet in March 2023. This means that iOS users can directly hook up the Robinhood wallet to their Robinhood account and send their crypto anywhere they want.
Want to send that Ethereum to be staked? Easy.
Want to lend your Dogecoin? Easy peasy.
Want to move your ETH to Coinbase? Easy peasy poppy squeezy.
But other sites are saying that Robinhood does not have a wallet
They are outdated. Robinhood announced plans for a wallet mobile app in 2022 and in March 2023 launched its own wallet for iOS. I expect they will launch their Android app within the coming year.
See Is Robinhood Bad for Crypto for more.
What about other brokers?
Robinhood was the first to build a wallet. Other brokers such as Webull, eToro and the like are trying to play catch up but none of them have a fully fledged wallet like Robinhood.
How to send crypto from Robinhood to Coinbase
Withdrawing cryptocurrency from Robinhood to Coinbase can be done by following some steps.
- First, open Coinbase and select the “Accounts” tab.
- Second, click the “Receive” button for the cryptocurrency you want to transfer.
- Third, copy the address that shows up on the screen.
- Fourth, go to Robinhood and select the cryptocurrency you want to transfer.
- Fifth, select “Transfer” and paste the copied address into the “Recipient Address” field, and follow the instructions given.
Robinhood does not charge a fee for transferring funds. You do however need to account for a small network fee that the blockchain charges.
Please also note that you will have to authenticate using two-factor authentication.
Suggestions: Always verify that you have pasted the correct address. If not you could lose your crypto. Do a test run with a small amount first to make sure you have the hang of it.
What kind of cryptocurrencies can I transfer from Robinhood to Coinbase?
Robinhood’s wallet supports the Polygon and Ethereum networks. This means that you can send ERC-20 tokens back and forth between Coinbase and Robinhood. So for example, you can’t send Bitcoin. But you can send Ethereum.
Steps for Transferring Crypto to Coinbase when you can’t use the wallet
If you don’t use iOS or if your crypto coin is not supported by Robinhood’s wallet then you are going to need to cash out on Robinhood first and then move those funds to Coinvase.
- Withdraw Cryptocurrency from Robinhood:
Navigate to your Robinhood account, Select “Transfer to Your Bank” and choose how much you’d like to withdraw. Wire transfers usually take 5-7 days.
- Deposit Cryptocurrency in Coinbase:
Once you have withdrawn funds from Robinhood, head over to your Coinbase account, select ‘Accounts’ and click on ‘Deposit’. Again you will have to wait 5-7 days for the wire transfer to go through.
- Now, buy back the coin on Coinbase.
Overview of Robinhood and Coinbase
As someone who has recently delved into the world of cryptocurrency, I wanted to learn more about the different platforms available to trade and store these digital assets. In my research, I came across Robinhood and Coinbase – two popular platforms that have gained a reputation for their ease of use and accessibility.
In this overview, we’ll take a closer look at Robinhood and its features. From commission-free trading to a user-friendly interface, we’ll explore the reasons why many investors and traders opt for this platform when buying and selling cryptocurrencies.
Robinhood offers various features that make it an ideal platform for beginners. Its fee structure is low-cost and there are no trading fees for transactions executed on the platform. You do however need to account for blockchain transaction fees which are unavoidable.
Robinhood supports a limited number of cryptocurrencies including Bitcoin, Ethereum, Dogecoin, and Litecoin. However, unlike Coinbase you can also trade stocks and exchange-traded funds.
- Supported Cryptocurrencies – More than 60 mainstream cryptocurrencies
- Supported Transactions – Users can buy, sell, and hold cryptocurrencies on its platform with no transaction fee.
Coinbase is one of the largest cryptocurrency exchanges. It is a publicly traded company and, while Robinhood is only available in the United States, Coinbase has a global presence. The main benefit of using Coinbase is that you can trade a wide range of crypto assets via a simple user interface. It’s also much easier to make crypto transfers than it is using Robinhood.
The fee structure for both Robinhood and Coinbase is an important factor to consider when choosing a crypto trading platform. Here’s an overview of the fee structure for both platforms:
|No fees are charged for trading
|Fees vary (0.4-0.6%) depending on transaction type (maker/taker), volume, and payment method (Card paymemts are more expensive). There is also a spread. Keep in mind that Coinbase Pro is generally much cheaper than using Coinbase.
|No fees are charged for bank transfers.
|No Fees for ACH bank trasfers but other methods may incure a fee. See here for more.
|No fees charged for withdrawals.
|Fees may apply depending on the method used just like with deposits.
Unique to Coinbase is that they charge variable fees based on the transaction type, volume, and payment method used. Meanwhile, Robinhood doesn’t charge any trading or withdrawal fees as they make their money by providing order flow to market makers.
The compatible digital assets that can be used on Robinhood and Coinbase platforms are significant in selecting an exchange.
- Robinhood supports seven types of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Dogecoin, Bitcoin Cash, Litecoin and Ethereum Classic
- Coinbase backs more than 300 cryptocurrencies such as Bitcoin, NEO, Ethereum, XRP, Litecoin, and Tether.
- Coinbase offers staking services for several cryptocurrencies to earn rewards.
- Crypto transactions within Coinbase accounts are fee-free but incur network fees from miners depending on the type of cryptocurrency.
According to a recent article by Investopedia, “Coinbase has significantly better liquidity on most trading pairs compared to other major exchanges.” This means that Coinbase is more likely to offer favorable rates for buying or selling cryptocurrencies in a fast-paced trading environment.
For the digital asset marketplace, there are varied methods for funding one’s account. These methods steer towards a convenient and safe transaction process that ultimately ensures a fruitful outcome.
- Robinhood provides its users with multiple options to fund their accounts, which includes credit or debit card transactions as well as through automated clearing house (ACH) transfer technology.
- Coinbase offers its users similar funding mechanisms, including wire transfers, ACH transfer technology, and credit or debit cards.
- Both platforms’ funding methods have a certain time frame for transaction processing, which ranges from several minutes to five business days based on the payment method used. The duration of processing may affect the user’s convenience in trading or holding crypto.
It is important to note that a platform’s fee structure concerning these funding methods may differ.
The ability to easily buy or sell assets without affecting their market value is referred to as the ‘liquidity’ of the asset. Both Robinhood and Coinbase provide high levels of liquidity for cryptocurrency trading, allowing swift buying or selling of various digital assets. Additionally, both platforms enable users to access their funds quickly without significant delay.
Robinhood offers a less extensive range of supported cryptocurrencies compared to Coinbase however it offers good liquidity. For example, it is estimated that Robinhood is the largest holder of Dogecoin (on behalf of its clients).
Ensuring the safety and security of digital assets is crucial, especially in the crypto market. Both Robinhood and Coinbase implement various measures to guarantee secure transactions and protect user data. Robinhood uses two-factor authentication, biometric login, and encryption protocols to secure accounts and prevent unauthorized access. Additionally, the platform stores customer funds in cold storage, which means they are kept offline, away from potential cyber-attacks.
On the other hand, Coinbase implements advanced security features such as separate access controls for employees and customers, regular security audits and updates, and insurance policies that cover any cryptocurrency losses due to employee theft or cybercrime.
Furthermore, Coinbase has an additional layer of security called the Vault feature that allows users to store their assets in multi-signature addresses created with private keys stored offline in a safe deposit box. This feature ensures that even if hackers were to gain access to a Coinbase account, they would not be able to access funds stored in Vaults.
Keep in mind that your digital currencies are not covered by FDIC insurance either on Robinhood or on Coinbase. The Federal Deposit Insurance Corporation insures your savings in a bank account but this coverage does not extend to crypto funds.
For managing and storing cryptocurrency, it is important to consider a platform’s ‘Wallet Options’.
- The Robinhood platform allows users to store their cryptocurrency in their Robinhood account. However, it now supports a wallet that hooks up directly to Robinhood. This is only available for iOS users and those with android devices will need to wait a little while longer.
- Coinbase has a custodial digital wallet meaning they own the private keys to your funds. However, for those who want to have self-custody of their funds, Coinbase offers the Coinbase Wallet. You can read more on the differences between the two here.
Coinbase and Coinbase Wallet are two separate platforms that cater to different aspects of cryptocurrency management. While both are owned by Coinbase, they serve distinct purposes and target different user needs. I have extensive experience with both of them and have been using them since 2017. In this article, we will explore the various differences between Coinbase and Coinbase Wallet, delving into their features and user experience. Read more.