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Since the introduction of Bitcoin in 2009, cryptocurrencies have seen a massive explosion. Now, there are many different types of cryptocurrencies, tokens, and other digital assets created through the blockchain.
As Bitcoin and other cryptocurrencies gain global popularity, exchanges and platforms for buying, selling, trading, and storing these coins and tokens have also become widespread.
Since cryptocurrencies offer protection against traditional financial institutions and systems, the most important aspect of owning cryptocurrencies is protecting them. Since the bank does not hold them, you are responsible for their safety.
In this post, we will show you how to transfer your cryptocurrency from Robin Hood—One of the largest and most popular cryptocurrency exchanges in the world. We will show you how to transfer cryptocurrencies from this exchange to a cold wallet for safe storage and provide you with examples of electronic and non-electronic cold wallets.
Table of Contents
Encryption Security
When you hold your cryptocurrencies on an exchange, you expose yourself and your assets to security risks.
Hackers and scammers see exchanges as targets because they “hold” large amounts of cryptocurrency at one time. Of course, many of these exchanges, such as Crypto.com, Robinhood, and Coinbase, have security measures and protocols in place to do their best to protect your personal information and cryptocurrency.
However, when anything is connected to the internet, such as an exchange or a hot wallet, it is vulnerable.
In 2014, Mt. Gox was one of the largest Bitcoin exchanges. It was hacked and lost 740,000 Bitcoins, which were worth around $375 million at the time! This shook the cryptocurrency world to a great extent as nothing like this had ever happened before.
Shortly after, in 2019, Binance also suffered a major hack incident that resulted in the theft of over $40 million worth of BTC, along with personal information, verification codes, and other details!
Cold wallets are the only place to safely store your cryptocurrencies.
Transfer your cryptocurrency from exchange to cold wallet
What makes a cold cryptocurrency wallet different from a hot wallet or exchange is that it is not connected to the internet. This makes it immune to hacking.
It is important to understand that there are different types of cold hardware wallets. These are devices that can be electronic, such as Ledger, CoolWallet, and Trezor, or non-electronic, such as Material Wallets or Tangem. These types of cold hardware wallets store your private keys offline.
Moving your cryptocurrencies from an exchange to a cold wallet is vital to your security, and we’ll show you how to do it!
What to Consider Before Transferring Crypto from Robinhood to a Cold Wallet
1. Security Considerations
Before buying and transferring cryptocurrencies, you should make sure you are using a secure internet connection. Never use public Wi-Fi networks, and consider using a VPN for added security.
2. Device Requirements
To securely transfer your cryptocurrencies, you will need to set up your cold wallet and connect it to an exchange (if necessary). Make sure the exchange can pair with the cold wallet, and accepts the specific cryptocurrency you wish to transfer. Some devices require USB connections and software pairings that require a desktop or mobile device.
3. Know your investment goals.
Have a clear vision of what you plan to do with your cryptocurrency. The most common plan is to hold the investment for the long term, but if you are an experienced trader and plan to move assets daily, you may consider other options. These decisions will affect the best portfolio for you.
Robin Hood Overview
Before we get started, it’s important to note that Robinhood Exchange complies with US regulations. This means that proof of US citizenship is required to open an account.
In the European Union, a separate exchange called Robinhood Crypto has opened, which allows all EU citizens to buy, sell and trade cryptocurrencies but has not yet put in place the ability to transfer cryptocurrencies to other wallets.
This results in you having to leave your cryptocurrencies on their platform and not being able to transfer them to the wallet of your choice.
Step by Step: Transfer Crypto from Robinhood to E-Wallet
To demonstrate how to transfer crypto from Robinhood to a cold wallet, we will use Ledger Nano as an example.
➡️Connect Ledger Nano to your computer using a USB cable and complete the setup process by following the instructions.
➡️Install the Ledger Live app on your mobile device or web browser.
➡️Add an account to be able to receive cryptocurrencies (make sure to add Bitcoin to receive BTC, Ethereum to receive ETH, etc.)
➡️ Create a receiving address by clicking on the “Receive” tab in Ledger Live. Then select the cryptocurrency, and click “Continue.”
➡️Your Ledger Nano will now display the receiving address. Make sure the address matches the one shown on your physical device and Ledger Live.
Once your hardware wallet is ready to receive cryptocurrencies, you can now make the transfer from Robinhood to your Ledger Nano wallet.
⚠️To transfer cryptocurrencies using Robinhood, you must verify your identity and enable two-factor authentication (2FA). This process can take up to 5 business days.
1. Go to Encryption Details Page Select the cryptocurrency you want to send.
2. Click the “Send” button to start the transfer process.
3. Enter the amount of cryptocurrency you want to convert.
4. Enter or paste the receiving wallet address (generated from your cold wallet).
5. Review the details and then click “Submit” to complete the process.
Transferring cryptocurrency from Robinhood to a physical wallet
As a non-electronic wallet, we will use: Bitcoin Material Cold wallet as an example to show how to receive cryptocurrencies from Robinhood.
Using a cold wallet, such as Material Bitcoin, is much easier and simpler than other digital wallets. Typically, cold wallets are not used It does not need to be pre-defined.or Coupled to a separate application.
Using your physical Bitcoin wallet, simply follow the steps above to transfer cryptocurrencies from your Robinhood account.
When prompted to add the receiving wallet address, you can enter it manually, as it is printed on the metal card, or scan it. QR Code To copy and paste it into your Robinhood app.
That’s it! There are no further steps.It couldn’t be easier.
To make it even simpler, you can buy supported cryptocurrencies directly from Material Wallet. This is ideal for new investors who don’t want the added hassle or complexity of using an exchange but want to get started investing in cryptocurrencies.
Frequently Asked Questions
Should I transfer crypto from Robinhood to Wallet?
- Transferring cryptocurrencies to a wallet from an exchange will give you better security and control over your assets.
Does it cost to transfer crypto from Robinhood to Cold Wallet?
- Robinhood cryptocurrency transfers involve network fees and can change depending on the day and market conditions.
Are your cryptocurrencies still growing in the wallet?
- Yes, your cryptocurrency still increases in value when you keep it in a wallet. Storing it in a cryptocurrency wallet does not stop the growth or decrease in value of your cryptocurrency.
Is it safe to leave cryptocurrencies on an exchange?
- No, leaving cryptocurrencies on an exchange is risky. Using a cold wallet is always a safer option, especially for long-term storage.
Why won’t Robinhood let me send all my crypto?
- Robinhood has limits on the amounts that can be transferred, as well as geographic restrictions. Please review the guidelines before making any transfers.
