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Can You Send Crypto from Robinhood to Coinbase?
The answer is yes, but you’ll need to jump through a few hoops to do it.
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Introduction
You can’t send crypto from Robinhood to Coinbase. Robinhood only allows you to buy and sell cryptocurrencies, and does not have a feature to send them to another wallet. In order to send crypto from Robinhood to Coinbase, you would first need to sell your crypto on Robinhood, and then send the USD balance from Robinhood to Coinbase.
What is Coinbase?
Coinbase is a secure platform that makes it easy to buy, sell, and store cryptocurrency like Bitcoin, Ethereum, and more. Based in the US, Coinbase is available in over 30 countries worldwide.
What is Robinhood?
Robinhood is an investment platform that offers commission-free trading in a variety of financial instruments, including stocks, cryptocurrency, ETFs, and options. It was founded in 2013 and is headquartered in Menlo Park, California. In February 2018, Robinhood launched Robinhood Crypto, a cryptocurrency trading platform. as of May 2021, Robinhood has over 13 million users and is available in all 50 U.S. states.
What is Coinbase?
Coinbase is a digital asset exchange company founded in 2012. It allows you to buy, sell, and store cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and more on its online platform and mobile app. Coinbase is available in over 30 countries and has over 35 million users as of May 2021.
Sending Crypto from Robinhood to Coinbase
Unfortunately, you cannot currently transfer cryptocurrencies from Robinhood to Coinbase. Robinhood is a popular investment platform that allows users to invest in a variety of stocks and other securities, but it does not currently support transfers of cryptocurrency to other wallets or exchanges. Coinbase is one of the most popular cryptocurrency exchanges, and it does allow users to send cryptocurrencies to other wallets or exchanges. If you want to move your cryptocurrency from Robinhood to Coinbase, you will need to first sell your cryptocurrency on Robinhood and then use the proceeds to purchase cryptocurrency on Coinbase.
Why Can’t You Directly Send Crypto from Robinhood to Coinbase?
It’s not currently possible to send cryptocurrency from Robinhood Crypto to another exchange or wallet. This is because Robinhood Crypto is not a member of the Securities Investor Protection Corporation (SIPC), which protects investors’ securities in the event of broker failure. As a result, we’re not able to transfer customer assets directly to another broker.
How to Work Around the Problem and Send Crypto from Robinhood to Coinbase
Unfortunately, at this time, you cannot directly send crypto from Robinhood to Coinbase. The two platforms use different wallets, so a cryptocurrency transfer between the two is not currently possible. However, there are a few workaround methods you can use to get your coins from Robinhood to Coinbase. Here are a few options:
1) Use a third-party platform like Uphold to convert your Robinhood crypto holdings into Bitcoin or Ethereum, and then send those coins to your Coinbase wallet.
2) Sell your Robinhood crypto holdings for US dollars, withdraw the cash to your bank account, and then use that money to buy crypto on Coinbase.
3) Use a peer-to-peer platform like Paxful or LocalBitcoins to find someone who is willing to trade their Coinbase crypto for your Robinhood crypto.
Conclusion
Robinhood offers a great platform for buying and selling cryptocurrencies. However, if you want to move your crypto off of Robinhood, you will need to use a different platform. Coinbase is a popular choice for people looking to cash out their crypto, but there are many other platforms available. Be sure to do your research before sending any cryptocurrency!
