What is Robinhood Wallet? How to Use it for Crypto

There exist many brokerages online used to perform different types of financial transactions. Some wholly support crypto transactions while some base on stocks and FX transactions. However, we need to figure out where the Robinhood wallets fall. Or even what is the Robinhood wallet? Because no for sure it’s not a cartoon network wallet. On this page, we’ve clearly discussed all about the Robinhood wallet and how you can use it. Therefore ensure you follow up closely.

Meanwhile, the Robinhood app initially began as an investment app. However, after a difficult first quarter, investing app Robinhood doubled down on new product launches, particularly in the crypto unit. The CEO Vlad Tenev gave the announcement of the company’s plans to roll out non-custodial crypto wallets at the Permissionless DeFi conference in Florida. While today, it is already a reality with a waitlist open.

Currently, many people use Robinhood to trade cryptocurrency. Also, it has become one of the most popular brokerages in the world. However, some persons who use Robinhood don’t know how to properly use it for Crypto. While some newbies still seek ways to start using it for crypto too.

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If you are in this position, you may not know how to transfer crypto from Robinhood. You’ve come to the right place because this article will tell you exactly what to do.

What is Robinhood Wallet?

Robinhood Wallet app consists of a self-custody wallet that provides you access to the web3 universe, where you can swap crypto with no network fees. The wallet will offer you full control over your crypto on the Polygon network. This typically means you will hold and maintain the private key to your assets.

Nonetheless, Robinhood provides a crypto broker that enables transactions and lets users purchase stock and altcoins. However, you can’t withdraw your crypto from your Robinhood account. Rather, users have to sell their coins and transfer the balance to their other accounts elsewhere. This further helps secure your crypto assets. Meanwhile, you can withdraw funds to several account types. 

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Robinhood Wallets Fees and Disclosures

As of this time, Robinhood does not charge any service fees on token swaps. Meanwhile, they may change subsequently.

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While other network fees or gas fees may be charged by respective token blockchain for transaction processing fees. These fees may fluctuate depending on the number of transactions, confirmation speed, and transaction size for that network.

Hence, the network fees may also apply for token permissions, transfers to an external wallet, and interactions with dApps. Still, remember that Robinhood Wallet doesn’t benefit from any part of the network fee.

How To Create A New Robinhood Wallet

To own a Robinhood wallet account we recommend you carefully for the link below to do so;

  • Firstly visit the Robinhood official site from the link tap above.
  • Then Click “Sign Up” to register a new account
  • When you have completely signed up following the information login then select “Create a new wallet“.
  • Fill the following information and select either Use “Face ID” or “Touch ID” or “text in bold”
  • Tap Claim reward or Skip to claim it later
  • Now, you can fund your wallet through Robinhood Crypto or from another wallet/exchange

After you create a new wallet, the site will prompt you to back it up. We strongly recommend you back up your wallet as soon as you create it. So, you can secure the only way to recover your wallet and crypto if you lose or reset your device. However, if you don’t back up your wallet when you create it, you can always do it later through “Backups & security”.

How To Send Crypto From Your Wallet

You can send tokens from Robinhood Wallet to any address compatible with the Polygon network. Before you send tokens to any exchange, first ensure to verify if the exchange supports Polygon network deposits for that token. Meanwhile, follow the steps below to see how to proceed;

  • In your Robinhood wallet, go to “Home” followed by “Menu” then “Send”
  • Now, scan the receiving wallet code or enter the address manually.
  • Select the token you desire to send.
  • Then, input the amount you’d like to send
  • Select “Review” then click on “Submit”.
  • Use your Face/Touch ID to authenticate transaction.
  • Then select “Done
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How To Receive Crypto From Another Wallet Or Exchange

You can as well receive tokens from other self-custody wallets belonging to the Polygon network. However, to receive tokens from an exchange, ensure to ascertain that the exchange allows withdrawals for that token on the Polygon network. Because, if eventually, the exchange doesn’t support withdrawals on the Polygon network, you can access those assets in Robinhood Wallet. Meanwhile, follow the steps below to proceed.

  • In your Robinhood wallet, go to “Home” followed by “Menu” then  “Recieve”
  • Scan the QR code or enter the address manually
  • Then send the token to My Wallet

How To Swap Crypto With Your Wallet

In the Robinhood wallet, you can swap one type of crypto token for another via the 0x API. The 0x is a decentralized exchange (DEX) aggregator. However, know that you can only swap tokens supported by both the Polygon network and 0x API.

  • Search for the token you want to swap in the wallet.
  • Then tap on tap on “Swap” select “Sell” or “Buy
  • Input the amount you desire to sell or buy.
  • Now choose the token to swap
  • Click on “Review“then Swipe to swap

How To Protect Your Robinhood Wallet

The Robinhood wallet provided several ways you can secure your wallet. You can either set up a Face/Touch ID or a custom PIN, which you’ll use to verify every time you open the Robinhood Wallet app. We may recommend Face/Touch ID because your face and fingerprints are unique, hence, the most secure way to protect your wallet. However, if you want to change between a Face/Touch ID or a PIN, you can do that through the security settings at any time in “Backups & security.”

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Meanwhile, you can secure your Robinhood wallet his the following ways;

  • Set up Face/Touch ID: This involves using your Facial look or fingerprint as a log in protect to the wallet.
  • Custom PIN: Here, you’d have to create a 6-digit pin to verify login.
  • Secret recovery phrase: A secret recovery phrase, also known as a seed phrase, consists of a series of words generated by the wallet that allows you access to your wallet and crypto.

Frequently Asked Questions About What is Robinhood Wallet?

Does Robinhood charge fees?

Interestingly, No. As of this moment, Robinhood doesn’t charge fees. However, another third party may charge network fees for certain transactions while using Robinhood Wallet.

What is DEX?

A decentralized exchange (DEX) consists of a marketplace where one can swap crypto directly with others without needing a middleman to promote the transfer and custody of funds. Instead of a middleman, a DEX uses smart contracts to execute swaps on the blockchain.

Can I move crypto from Robinhood to Coinbase?

Yes. You can easily and quickly transfer from Robinhood to Coinbase.

Conclusion

Finally, you should have discovered what is Robinhood wallet by now. Also how difficult it seems to transfer crypto from the wallet due to tighter security. However, knowing that there exists a way to transfer crypto from Robinhood should give you some relief. You just need to ensure to follow the right steps.

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