For a long time, Robinhood acted primarily as a custodial platform, meaning you owned the value of the coins, but you could not move them off the app. This has evolved significantly. Today, Robinhood supports crypto transfers, allowing users to move supported digital assets to external wallets or convert them to fiat currency for withdrawal to a bank account.
Table of contents
Option 1: Sending Crypto to an External Wallet
If you want to maintain self-custody of your assets, such as moving your holdings to a cold hardware wallet for enhanced security, follow these steps:
- Access Your Assets: Open your Robinhood app or navigate to the website and locate your cryptocurrency portfolio.
- Select the Coin: Click on the specific cryptocurrency you wish to send.
- Initiate Transfer: Look for the Send or Transfer button.
- Enter Destination: Input the public wallet address of your external wallet. Warning: Always double-check this address, as crypto transactions are irreversible.
- Confirm: Review the fees and confirm the transaction. Processing can take time, sometimes up to several business days depending on network congestion.
Option 2: Selling Crypto for Fiat Currency
If your goal is to “cash out” into traditional currency (USD), you must sell your crypto within the app first:
- Navigate to the detail page of the cryptocurrency you own.
- Click the Trade button and select Sell.
- Enter the amount you wish to convert to cash.
- Execute the order. Once the trade settles, the proceeds will be available in your Robinhood buying power.
- From your account menu, select Transfers and choose Transfer to Bank.
Important Considerations
While Robinhood has made it easier to move funds, keep the following in mind:
Supported Assets: Not every cryptocurrency listed on Robinhood is available for withdrawal to an external wallet. Check the specific coin details to see if the “Send” feature is active.
Security: Moving assets to a hardware wallet like Tangem or Ledger provides true ownership and protection against platform-specific risks.
Fees and Limits: Be aware of network fees (gas fees) associated with blockchain transfers and daily withdrawal limits set by Robinhood.
By using these methods, you retain full control over how you manage your digital wealth, whether you choose to store it safely offline or convert it back into your bank account.
