Robinhood Crypto Wallets Are Here! 🔥 - YouTube

I've finally gained access to the new Robinhood crypto wallets feature,

and today I'm going to give you an inside look at the crypto wallet interface.

I'll walk you through activating your Robinhood crypto wallet,

show you how it works, and we'll also discuss when you can expect

to have a crypto wallet in your Robinhood app.

Now, this video is not not sponsored,

but I do have referral links below if you'd like to get special sign up bonuses

when joining Robinhood or any other investing app through my website.

InvestingApps.com. I also have timestamps

below if you'd like to jump ahead or jump back to any part of today's video.

With that being said, let's get started.

So one of the advantages to buying and selling crypto on Robinhood has

always been the fact that you can do so commission-free.

But one of the downsides, however, was that whenever you bought crypto off

of Robinhood, you couldn't transfer it to another crypto wallet externally.

So if you're like me,

you've probably been waiting in anticipation of finally being able

to create a crypto wallet on the Robinhood app that allows you to do both.

And while the new wallets are currently

in beta, they now give us users the ability to send and receive crypto

from our Robinhood app to external crypto wallets.

This means that no longer does the crypto that you bought on Robinhood have to be

tied exclusively to the Robinhood platform.

You can now send your coins to a mobile wallet, to a hardware wallet such as

the Trezor wallet, or even to another crypto exchange.

Now towards the end of this video,

we're going to discuss one major negative implication of doing this that you need

to be aware of, so be sure to stay tuned for that.

So let's first dive into the Robinhood app

so you can know what to expect when first setting up your crypto wallet.

The first thing you need to do, guys,

before anything else is you need to activate your crypto wallet.

And to do this, you need to verify your identity within the app.

And you also need to set up two factor

authentication if you don't already have that set up.

Now, if you're wondering why you have

to verify your identity on Robinhood's website, they do state the following:

They say that "Crypto's decentralized

nature means that there is a greater need for security to ensure that you and only

you can transfer coins into and out of your Robinhood crypto account."

So in case you're wondering,

that's why. After completing these verification steps,

Robinhood says that it may take up to five business days for them to review

your information and then enable crypto wallets on your Robinhood account.

So let's now hop inside the Robinhood app

so I can show you exactly how to activate your crypto wallet.

So here's the email I received

from Robinhood. Congrats you're off the wallet's waitlist.

So it says click here to get started.

So when you do get off that waitlist yourself for the crypto Wallet,

you should receive an email from Robinhood directly.

You simply want to click on Get Started here.

After that, it will walk you through the steps of activating your Crypto Wallet.

So it says let's keep your crypto safe.

To activate your wallet,

you want to follow these steps, verify your identity,

set up two factor authentication, and then activate your crypto wallet.

Now, if you already have verified your

identity, if you already have set up two factor authentication on your Robinhood

account in the past, you don't have to do this.

As you can see, I already have those check marks.

You simply have to activate your Crypto Wallet.

You only have to do those other two steps if you haven't already done.

So let's simply click here on activate crypto wallet.

Or you can simply click on Activate Crypto Wallet right here.

So let's click on Activate Crypto Wallet. All set.

Transfercrypto now. So that is awesome.

Simply click on done from here and Crypto Wallets are now activated.

Awesome. So let's see how this works.

So here's the email I just got

from Robinhood right after Activating My Wallet inside the app.

It says you can now send and receive

Crypto if they click down here on Transfer Crypto.

Let's see where that takes us inside the Robinhood app.

Let's see how this interface looks.

This is the first time I'm seeing this with you guys here right now in real time.

All right, so these are the Robinhood cryptocom wallets.

Explore all Cryptocurrencies.

I believe they are planning to increase that amount of coins going forward,

but it looks like starting off, you have Bitcoin, Litecoin, Bitcoin Silver,

Bitcoin Cash, Dogecoin, Ethereum Classic, and Ethereum.

You can also filter by the Ethereum family, the Bitcoin family, or the Altcoins.

So let's say, for example, I wanted to buy some Bitcoin.

You would simply click here on Bitcoin right here.

Oh, you can, look at this. Send and receive.

These are new buttons right here, guys,

that were not there before in the Robinhood Crypto section.

It was always just buy and sell.

These are new buttons here.

Send and receive.

Unbelievable.

So let's do a quick test here.

Let's actually send some Bitcoin

from Robinhood to Coinbase and see how fast this actually works.

So back here on the Robinhood homepage, I'm going to scroll down and I'm going

to go down to my Bitcoin Wallet, which only has a little bit in it.

Okay. So let's say I want to send .0005 Bitcoin.

Let's click continue right here.

So I'm going to get my Coinbase Wallet address.

Hang on one second, guys. All right, guys.

So I quickly jumped on over to my Coinbase account so we can get a Wallet address

to send the Bitcoin from Robinhood to Coinbase for this test.

So we're going to go click on over where it says Assets here on the bottom.

We're then going to click on Bitcoin.

We're then going to scroll down, click on Bitcoin again the Bitcoin Wallet.

And I'm going to click this little QR code here.

And again, Robinhood is bringing

the QR codes in the future, but not yet in the beta.

Right now, I have to copy this manually.

I'm going to open back up my Robinhood.

Here we are back now in the Robinhood app, I'm now going to paste that QR code.

That address I just got from Coinbase.

Always, guys, make sure you're sending Bitcoin to Bitcoin.

Make sure you're sending the same crypto to the same crypto.

That is very important. So we're going to click review here. Amount

to send .0005 Bitcoin to the Wallet address of Coinbase.

Let's click Submit.

All right, so I have to enter a two factor authentication code.

Remember, guys, you do have to have two factor set up.

So let me enter that real quick. All right.

So I've now entered my two factor authentication code.

It says BTC, transfer pending will let you know.

Let's see, right now it's 5:18 pm and I will let you guys know.

Click done here.

I will let you know how long it took to arrive in my Coinbase account.

Hey, guys, this is Erik from the future here about an hour in the future.

It took about an hour for the crypto

to transfer from Robinhood to my Coinbase Wallet.

But it is done.

It has transferred let me give you guys some quick look here at that transfer.

So again, you want to scroll down to your crypto wallet again.

In this case of this test, I transferred some Bitcoin.

So I'm going to scroll down the transaction history of my Bitcoin here.

My quantity of Bitcoin has decreased as you can see.

And also if we scroll down

to the transaction history, guys, the very bottom history, you'll see

BTC sent. Today's date, .0005 Bitcoin, it has all the breakdown there.

In this example, I transferred this to my Coinbase Wallet.

So now let's hop on over to Coinbase and I'll show you guys that transfer.

So here we are now back in my Coinbase app to see if the transfer was received.

To do that, we're going to simply click on where it says Assets on the bottom icon

and then click on our Bitcoin Wallet and then scroll down beneath

that and again, click on our BTC Wallet or Bitcoin Wallet.

If you scroll down here, you'll see pending.

This is the transfer I sent from Robinhood.

.0005 Bitcoin or $18.75. Again, it was received at 6:01 pm on Coinbase.

I sent it out. I kept track of time.

I sent it at 05:18 p.m. On Robinhood.

So it took about 40 minutes roughly to send over.

And now it's just pending, waiting for enough confirmation from the network.

But the transfer is essentially done. How cool is that?

Guys? That was the first time I've ever

transferred Bitcoin out from Robinhood to another crypto wallet such as

Coinbase and the test worked that is awesome.

So what's on the roadmap for Robinhood crypto wallets?

Because while it is currently in beta,

they do have several items on the roadmap to come on the horizon.

Firstly, they said they do plan to enhance the send and receive flows by adding

things such as QR code scanning ability that's going to be helpful.

They also plan to revamp the transaction history interface, and they've also said

they're even planning on to add Block Explorer support to provide users

with greater transparency into their on chain transactions.

Another item like I mentioned earlier

on their roadmap is adding the ability for users to calculate the dollar amount

of crypto they want to send or receive in terms of US dollar amount.

So this will definitely be beneficial because the app will then be able to make

those crypto dollar conversions for you automatically.

Right now in beta, you have to do those conversions yourself.

So let's take a second now to quickly cover transfer limits and fees.

Now, when it comes to transfer limits

and fees, there are some things you need to be aware of because firstly,

in terms of transfer limits, you can send up to $3,000 worth of crypto

or make up to ten transfers total in a 24 hours period.

Also, crypto bought on Robinhood using

Robinhood instant cannot be withdrawn until those transactions settle,

which as you know, can take approximately up to five business days.

Now, in terms of transfer fees,

the good news is that Robinhood doesn't charge any extra fees to send or receive

crypto from your Robinhood to an external crypto wallet.

However, every on chain transaction, guys,

does involve a network fee, also known as the minor fee.

Now, these fees are determined by the coin

and by the number of transactions currently happening on the network.

This, of course, is standard across all crypto platforms and exchanges.

And before you complete any transaction

on Robinhood, you'll always see the network fee displayed before submitting.

Again, guys, this fee is not charged by Robinhood.

It's collected by the cryptocurrencies network to facilitate that transaction.

But without a doubt,

gaining the ability to now send and receive crypto from Robinhood

to an external crypto wallet is a great step for Robinhood users.

Whether you want to send it to a hardware

wallet or to another crypto exchange, this gives you infinitely more control

over your crypto that you didn't have before.

But as I mentioned earlier, there is one major implication of sending

crypto off a platform that you need to be aware of.

When you buy and sell crypto exclusively

on a single platform, such as on Robinhood,

all of your transactions are kept track of directly on that exchange.

And come tax season,

this makes reporting your crypto transactions significantly easier.

You see, a single platform such as

Robinhood will provide you with your form 1099 tax document.

It will include a record of all your

crypto transactions and you're essentially good to go.

But the moment you start sending crypto from Robinhood off platform to another

crypto wallet, this does make reporting your crypto taxes a bit more complicated.

For instance,

if you buy crypto on Robinhood then send it out to another exchange and you sell it

on that other exchange, Robinhood won't be able to track that sale.

However, the other exchange will track that sale transaction.

So come tax season,

you may have some conflicting tax forms from different crypto exchanges.

In this case, you may need to end up using

a third party crypto tax software that will help you track all your crypto

transactions across multiple crypto exchanges.

So when it comes to the Robinhood crypto wallet, when can you expect to gain access

to the new crypto wallet feature on your Robinhood app?

Well, as you may know, there is currently a waitlist and they've

started rolling out access to the first 1000 users for beta testing back

in January and I just gained access here in February.

So Robinhood has said that they do expect

to expand the beta program to reach 10,000 users by March.

After that, it is then expected to the feature will roll out to all users.

So if you're currently on the waitlist,

they have said that the quickest way to move up that list is to invite a Fred

to join the app and if you've already been on the waitlist for a while like I have

been guys, just hang in there a little longer and I hope that you will gain

access to the crypto wallets feature as well.

Now if you're new to Robinhood and would

like to open up a Robinhood account or any other investing app,

you can get special sign up bonuses when joining through any of my referral links

below or through my website website InvestingApps.com

Now if you enjoyed Robinhood's crypto

wallet feature, I definitely recommend checking out these videos right here.

Whether you're a Robinhood user or

a crypto investor, they make a great compliment

to the Robinhood crypto wallet. So click on over and I'll see you in that video.