Coinbase and Robinhood, both located in the United States, are two convenient and easy to use services which enables the newcomers to purchase and sell bit coins.
For a variety of reasons, investors of cryptocurrency have chosen Coinbase over Robinhood. The most significant limitation with Robinhood is that you cannot transfer or receive cryptocurrency. So, sending cryptocurrency to your Coinbase wallet using the Robinhood app is presently not available.
Regardless, let’s go over the process of liquidation of crypto holdings on Robinhood and moving to Coinbase. You can send and receive cryptocurrency using a Coinbase crypto wallet.
Robinhood to Coinbase transfer
Your only option for transferring your crypto assets to Coinbase until the new crypto wallet of Robinhood is completely implemented is to sell everything you have in Robinhood. After that, you’d deposit the funds in your bank account. The money would then be transferred to your Coinbase account. Ultimately, the crypto holdings would be repurchased.
Remember that if you are going to sell your cryptocurrency for a profit, you may be subject to capital gains taxes. Furthermore, the price may change while you are in the process of transferring funds from Robinhood to Coinbase. Also, unlike with stock transfers, there is no availability of crypto transfer capability on Robinhood. For a charge, you can move your stocks from Robinhood to another crypto agency. But the crypto transfer cannot be done right at this moment.
Here’s how you’d go about selling your Robinhood holdings and transferring them to Coinbase.
Sale of Robinhood crypto assets
As straight transfer isn’t possible, you’ll need to sell the cryptocurrency you want to move first. This should be kept in mind that if you are selling for a profit then this may trigger a taxable event. You are going to have the option of selling every single or portion of your cryptocurrency holdings.
Crypto assets can be sold on your phone by clicking ‘Trade’ for the crypto you want to sell. Then you have to select ‘Sell’ and enter the amount of cryptocurrency you want to sell in dollars. To double-check that the data is correct, you need to select ‘Review’. To make your request, all you have to do is ‘Swipe Up’.
You can also sell the crypto assets on the internet by finding the cryptocurrency you want to put on sale and go to its details page. You have to click ‘Sell’ and then fill in the amount in dollars of cryptocurrency you’d want to sell. Then you need to ‘Review’ and submit your order.
Before your money are ready for withdrawal, there will be a one-day settlement period followed by two more trading days. You won’t be able to withdraw any money from Robinhood during that time. After this, you should transfer the money to your bank account.
Getting Robinhood money into your bank account
The following step is to deposit the funds into your Robinhood-linked bank account.
If you want to transfer funds on your phone, you need to select ‘Account’. Then ‘Transfers’ should be clicked and ‘Transfer to your Bank’ should be chosen by you. After that, fill in the amount of funds and then select ‘Submit’ when you’ve double-checked that everything is correct.
On the other hand, when you transfer on Web, you just select ‘Account’ and then choose ‘Banking’. After that, start a bank transfer from Robinhood using the right-hand panel.
Creating a coinbase account
You’ll need to transfer the funds to your Coinbase account once they’ve settled in your bank account. You can simply transfer money from your linked bank account, if you already have a Coinbase account.
How to create a coinbase account
To open a Coinbase account, you must meet a certain criterion. Being at least 18 years old, as evidenced by a government-issued ID, your mobile number linked to your smart phone and a few more things are needed.
First you have to fill in all your details like your full name, email address, password and your nationality.
After that you either ‘Sign Up’ or ‘Create Account’, if you agree with policy and guidelines.
Next step is the verification of your email address by visiting the link emailed to the address you supplied previously. Then you also need to verify your mobile number and click ‘Submit’.
Personal data from the ID issued by government should be added.
You need to answer all the questions about your occupation, source of income and ‘what do you intend to do with Coinbase?’ Also, you have to give last four digits of your SSN.
Then verifying your identity and linking the payment method are further steps.
In the end, to defend against unwanted access, two-step verification is advised.
Making a deposit to your coinbase account
When you open the trading view, you have to select ‘Trading’. Choose ‘USD’ and then click ‘Bank Account’. You will be routed to the account verification page after selecting ‘From’ and ‘Add Account’.
Buy crypto assets
From the Coinbase app or the internet, select ‘Trade’ and choose the crypto asset you want to buy. Then select ‘Buy’ with cash after clicking ‘Trade’ at the bottom. Then enter the amount in dollars, click ‘Preview Buy’ and then before confirming the order, check the details and fee.
If you want getting rid of Robinhood for cryptocurrency trading, you need to sell your crypto assets, transfer that money to the bank, then transfer all the funds to Coinbase and reclaim the cryptocurrency there.
It’s also worth noting that if you sell it for more money than you paid for it, you might have to pay taxes on the difference. Furthermore, the process of transferring your funds to Robinhood takes sometime like a week, during which time crypto prices will vary.
This is a lengthy procedure with numerous costs, but till the time crypto wallet option is unavailable on Robinhood, this is great option.