How to Transfer Crypto from Coinbase to Robinhood

August 4, 2022

Coinbase is an American firm that runs a cryptocurrency exchange platform. The company’s employees remotely operate when executing their duties. The company lacks physical headquarters, and users can only get services online. Coinbase is the biggest cryptocurrency company in the United States by trading volume. It started its operations in 2012 under Brian Armstrong and Fred Ehrsam. You will learn how to transfer Crypto from Coinbase to Robinhood shortly.

There are various products you can get from Coinbase. These include Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and the exchange of digital assets. The cryptocurrency trade is gaining popularity worldwide as many people make their living through the business.

You can invest in a specific crypto coin and wait for a particular time to withdraw your profits. Usually, you should withdraw earnings from your bank or any other suitable financial company. That’s why I want to teach you how you can withdraw to Robinhood.

Robinhood is an American financial services company headquartered in Menlo Park, California. The company facilitates exchange-traded funds and commission-free trades of stocks and cryptocurrencies through a mobile app.

Robinhood adheres to FINRA regulations and is registered with the U.S. Securities and Exchange Commission. It is also an associate of Securities Investor Protection Corporation. It makes money from selling order information, interest earned on customers’ cash balances, and margin lending.

How to get started with Coinbase

You can start using the company’s services by creating an account online. You only need to visit the company’s website and navigate the create account section. From there, you will enter various details to open your account. The following steps can help you in the process of account creation.

  • Go to Coinbase website on your computer and tap Get started. Alternatively, you can download and open the Coinbase app on Android or iOS to open an account.
  • Verify your email.
  • Next, verify your phone number.
  • Add your details.
  • Verify your identity.
  • Link a Payment Method.

You will need to provide details such as;

  • First Name
  • Last Name
  • Date of Birth
  • Address
  • What to use Coinbase for?
  • Source of funds?
  • Current Occupation
  • Employer
  • Last 4 digits of the SSN
  • Identification document

How to transfer Crypto from Coinbase to Robinhood

transfer crypto from coinbase to robinhood

You have learned how to withdraw finances from Coinbase to your bank account or debit card. What about transferring crypto from Coinbase to your Robinhood account?

Unfortunately, you cannot transfer any coins from Coinbase into your Robinhood account. The restrictions are on the Robinhood platform, which does not allow you to deposit cryptos from other platforms. Even Coinbase does not allow you to move out your coins unless you sell them for cash.

The only trick you can use to transfer your crypto from Coinbase to Robinhood is by selling the amount you want to transfer in cash, withdrawing the amount into your connected bank account, then adding the cash from your bank to your Robinhood account.

Once the finances reach your Robinhood account, you can then buy Cryptos. That way, you will have transferred your coins from Coinbase to Robinhood, although through indirect means.

How does Coinbase work

Once you create your account, you need to add money to it using the source of money you have added. That can be your bank account, a payment card, or another financial company. Once the funds are reflected in your account, you can buy the crypto you want to trade in. You can follow the steps below to purchase cryptos.

  • Hit on “Get started” at the top of the screen.
  • Check a list of crypto assets available for trading.
  • Select the one to buy at the top. That can be Bitcoins, Ethereum, Litecoin, Dogecoin, etc.
  • Choose how much you want to buy. Remember that you can buy fractions of cryptos.
  • Review the order. It is crucial to understand that Coinbase takes a portion of the amount. If you are purchasing cryptos amounting to $5, Coinbase can take several cents so that you will end up investing $4 plus.
  • Choose “Buy now” to complete the transaction.

Remember that you can also sell cryptos on the platform to make some profits. You can follow the steps below to sell your coins.

  • Login to your account online.
  • Hit on the blue circle on the main page.
  • Choose Sell.
  • Select the asset you wish to sell.
  • Decide how much you want to sell. You can tap the “Max” button on the left side of the page to sell it all.
  • Review the transaction and note the Coinbase fee.
  • Tap “Sell now.”

How much money can you add to Coinbase

You should adhere to various limits at Coinbase. Various account levels have different limits. The more you advance, the more your deposit limit increases.

Again, Coinbase determines account limits using an algorithm that considers various factors. These include account age, payment method, transaction history, location, and verification steps completed. Therefore, limits can sometimes go down for customers. Interestingly, you can apply for a limit by following the steps below.

  • Sign in to your Coinbase account.
  • Select Settings.
  • Click Account limits.
  • Hit on Increase limits.
  • Click Apply now.

The above steps are necessary when using the company’s website. Using the steps below, you can also perform the activity on your mobile phone.

  • Sign in to your Coinbase account.
  • Hit on > Profile & Settings.
  • Select Limits and features.
  • Hit on Increase limits > Apply now.

How to withdraw money from Coinbase

Once you have made some profits, you may decide to take some of your profits to your bank account. You can follow a few steps to complete the mission. These include the following.

  • Tap your portfolio balance on the home page screen.
  • Choose the U.S. dollar option.
  • Tap “Withdraw.”
  • Select “Preview withdraw.”
  • Choose your bank account. The transfer can take one to three business days to complete. You can also transfer to an added debit card for a small fee.

Bottom line

Coinbase is an American firm that runs a cryptocurrency exchange platform. The company’s employees remotely operate when executing Their duties. The company lacks physical headquarters, and users can only get services online.

You can open your account online using your smartphone or computer. You should link a bank account to add finances to your account. The platform allows you to trade on various cryptos and withdraw money to your bank account.

Posted by Spencer Tierney
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Spencer Tierney is a writer and expert on certificates of deposits at transfermone.com. His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.