One of the biggest caveats of trading crypto on many trading platforms is the steep trading fee and commission – a lingering issue pushing many traders out of crypto trading and investment. However, Robinhood’s fee-free trading has taken the spotlight, improving mainstream adoption for crypto asset trading and investment.
Founded in 2013 by Stanford roommates, Robinhood has become one of today’s revolutionary brokerage and trading platforms. Since its launch, Robinhood has stayed at the forefront of innovative asset trading with cutting-edge features, an easy-to-use interface, and a no-fee sleek trading experience.
While Robinhood lacks sophisticated trading tools and expert trading capabilities, its support for seamless asset transfer cannot be underestimated.
Transferring your crypto asset out of Robinhood to Coinbase is fast and easy. In this article, we’ll delve into the specifics of transferring your crypto assets from Robinhood to Coinbase, including trading fees, limits, and tips for safely moving your assets. Let’s get to it.
Enabling Crypto Transfer on Robinhood
Robinhood’s support for a smooth trading experience makes it suitable for every level of trader. Users can easily move their assets within the platform by diversifying into different portfolios or consolidating them into a single account. Similarly, Robinhood users can efficiently and effectively move their crypto assets outside the platform without commission.
Aside from this, Robinhood’s focus on indomitable security for user assets makes it a good choice for secured trading. There are multiple two-factor authentications and KYC verifications in place to secure user accounts.
Before moving assets on Robinhood, users must enable crypto transfer by completing identity verification and two-factor authentication. This prevents unauthorized access to user accounts and assets. Once verified, you can send crypto assets to the recipient’s crypto address and submit them for review.
Here’s how to enable crypto transfer on Robinhood:
- Log in to Robinhood
- Verify your identity
- Download Authenticator App
- Complete 2FA Verification
Log in to Robinhood
To log in to your Robinhood account, go to www.robinhood.com on your browser. Alternatively, open your Robinhood mobile app.
On the home screen, click LOG IN from the top right corner, then input your email and password.
Finally, tap LOG IN. Complete login with the verification code sent to your email address.
Verify Identity
After accessing your Robinhood account, click on the round-shaped profile icon in the top right corner of your home screen.
Go to your account settings by tapping ACCOUNT > SETTINGS. Here, you will see whether your account has been verified or not.
To start verification, click on VERIFY YOUR IDENTITY and confirm your account details.
Next, take a clear photo of any accepted government-issued identity document. This includes your national identity card, driver’s license, passport, or resident card.
Take a selfie in a well-lit environment with your mobile device or webcam. Finally, click on SUBMIT.
Typically, account verification approvals take up to 5 business days. Once your account is verified, you will receive an email from Robinhood.
Download Authenticator App
Once your identity has been verified, it is time to set up two-factor authentication for your account. Setting up 2FA protects your account from unauthorized access and asset transfers.
With 2FAs in place, it will be much more difficult for anyone to access your account.
To set up two-factor authentication, download the authenticator app for your device. Robinhood currently supports three third-party authentication apps, including Google Authenticator, Authy, and Duo Mobile, for iOS and Android devices.
To download any of them, go to the App Store for iOS devices and Google Play Store for Android devices.
Search for any of the authenticator apps and click on DOWNLOAD.
Complete 2FA Verification
Once you’re done, download and open your Robinhood mobile app.
Go to account settings at ACCOUNT > SETTINGS.
In your account settings, go to SECURITY AND PRIVACY. Under security, click on TWO FACTOR AUTHENTICATION and select the Authentication App method.
To begin set up, verify action with the six-digit one-time code sent to your phone number.
This would generate a setup key for your Authenticator App.
To add Robinhood, open your authenticator app and click + (ADD).
Copy and paste the setup key in the field provided and save the setup with ROBINHOOD. Finally, tap SAVE.
After saving the 2FA setup, a new six-digit verification code will be generated for you to verify the action in your Robinhood account.
An emergency backup code will be automatically generated to log in anytime you lose access to your device or authentication app. Ensure you back up the emergency backup code and press CONTINUE to finish the process.
N.B.: The 2FA code refreshes every 30 seconds. Therefore, be sure to use the code before the time elapses.
3 Steps to Transfer Crypto from Robinhood to Coinbase
After enabling crypto transfer, you can copy your Coinbase deposit address and transfer cryptocurrencies from Robinhood. However, it is important to confirm whether or not the crypto asset and its network are supported on Robinhood. This way, you’ll avoid asset loss to incompatible or unlisted networks/cryptocurrencies.
Here’s the list of supported cryptocurrencies on Robinhood:
- Aave (AAVE)
- Avalanche (AVAX)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Compound (COMP)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Shiba Inu (SHIB)
- Stellar Lumens (XLM)
- Tezos (XTZ)
- Uniswap (UNI)
- USD Coin (USDC)
To transfer crypto from Robinhood to Coinbase:
- Copy deposit address from Coinbase
- Go to crypto page
- Submit transfer for review on Robinhood
Copy deposit address from Coinbase
To get started with transferring your crypto assets from Robinhood to Coinbase, you must copy your deposit address from Coinbase first.
To copy your deposit address via the Coinbase Mobile App, open the app and go to the TRADE tab. Search and select the asset you’d like to receive.
On the asset page, scroll down and look for PRIMARY WALLET. Copy the recipient’s address or save the deposit QR code from the primary wallet.
For Coinbase Web users, go to Coinbase.com and log in with your details. Verify login with the six-digit verification code sent to your email address or phone number.
Once you’re in, select SEND/RECEIVE from the navigation bar in the dashboard.
Click on RECEIVE and select the preferred cryptocurrency. Ensure both the cryptocurrency and its network are supported on ROBINHOOD.
Finally, copy the deposit address or save the deposit QR code.
Go to crypto page on Robinhood
Open your Robinhood app and log in with your email and password. Confirm login by completing 2FA verification.
If you’re already logged in, scroll down and look for the crypto you’d like to send. Alternatively, search for the asset using the SEARCH tab from the bottom navigation bar.
Click on the crypto asset from the result to go to its detail page.
Submit transfer for review on Robinhood
On the crypto details page, click on SEND. Enter the amount of crypto you’d like to send to your Coinbase account and click CONTINUE.
On the next page, tap ENTER MANUALLY to paste your Coinbase deposit address. You can also scan the recipient’s QR code to add a wallet address automatically.
Finally, click on REVIEW > SUBMIT.
Transfer Processing Time
Like every other crypto transfer, sending your crypto asset from Robinhood to Coinbase depends on network confirmations, directly influencing the processing time. Therefore, the higher the network congestion, the longer the processing time.
While Robinhood prides itself in lightning-fast transaction processing, the number of confirmations to complete a crypto transfer generally depends on network condition, crypto network, and network scalability.
Under normal conditions, typical crypto transfer takes a few minutes since they are subjected to a quick review. However, it may go up to a few hours during network congestion and outages.
Before a Robinhood transfer can be included in a block on Coinbase, here are the numbers of confirmations needed:
| ASSETS | CONFIRMATION | |
|---|---|---|
| Bitcoin (BTC) | 2 | |
| Ethereum (ETH) or other ERC20 assets | 14 | |
| Ethereum Classic (ETC) | 3,000 | |
| Litecoin (LTC) | 6 |
Robinhood Transfer Fees
Although Robinhood charges zero transaction fees, every crypto transfer incurs a network or miner fee. Therefore, the network fee for each transfer depends on the recipient blockchain network and, sometimes, the transaction amount.
Meanwhile, before you finalize your transaction, Robinhood will show you an overview of the transaction, showing a network fee estimate before approving the transaction.
For ERC-20 transfers, the network fee is deducted in ETH or ERC-20 equivalence. This is important for tokens such as Chainlink, Shiba Inu, USDC, Uniswap, Ethereum, Compound, and Polygon. For Polygon transfers, the network fee is usually deducted in MATIC or ETH equivalence.
Tips When Transferring Crypto From Robinhood to Coinbase
Crypto transfers are irreversible – a reason to ensure you carefully double-check every transaction before finalizing them.
At its very basic, account security is an integral aspect of crypto trading. Since crypto transactions cannot be reversed, improving your account security and protecting your account from unauthorized access and theft is important.
Aside from enabling two-factor authentications, using a password manager can help improve your account security.
Also, double-checking crypto transactions and making sure they are free from any error can prevent asset loss. Routine device checks and anti-virus managers can prevent remote hacks. Other tips for safely transferring your cryptocurrencies from Robinhood to Coinbase include
- Beware of clipboard scam
- Double-check the recipient’s address
- Ensure you double-check the recipient network
- Watch out for QR address scams
- Ensure you double-check transaction details and the amount
Conclusion
With its efficient asset transfer, unparalleled security, and fee-free trading, Robinhood has emerged as the spotlight for many blockchain users and crypto traders.
However, when the time comes to venture beyond Robinhood to platforms like Coinbase, the process can raise questions. How do you ensure the safety of your assets during this transfer?
This article has guided you through the steps, from enabling crypto transfers on Robinhood to safely executing the transfer to Coinbase. It has emphasized the importance of security, with two-factor authentication and identity verification playing a crucial role in safeguarding your assets.
As mentioned in the article, blockchain transfers can be unforgiving; once you initiate any transfer, there is no going back. Therefore, aside from ensuring account and asset security, it is crucial to double-check everything—from recipient addresses to network compatibility—to avoid costly mistakes.
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