Do you want to vacate from Robinhood to Binance?
Or are you looking to transfer some crypto coins to your Binance account?
Whichever way you have it, it’s no big deal!
And we can sort it out together
But before we proceed, Let’s define clearly what we are going to learn in this article:
- Some things to put in mind before making any transfer
- The guide on how to transfer from Robinhood to Coinbase
If you don’t mind, let me start by answering an important question that will determine the structure of this article
Can I transfer coins directly from Robinhood to Binance?
No, it is not possible to transfer directly from Robinhood to Binance
Though this is sad, there’s nothing we can do to change it.
Nevertheless, there’s still a solution and I am going to share it with you
Things to note before doing any transfer
There are some important factors to put in mind before doing any transfer and they include:
- Remember that there is literally nothing like transfers between Robinhood and Binance because Robinhood doesn’t permit such.
- The way to successfully transferring crypto from Robinhood to Binance is moving your funds out of Robinhood, then using them to purchase your preferred coins on Binance
- You have to complete the identity verification process on Binance before buying any crypto token
- Lastly, you have to be very careful when doing all these, because if anything happens, you might lose your funds FOREVER.
Having said all these, I welcome you to our guide below, it is very interesting and interactive.
A guide on how to transfer from Robinhood to Binance
By now,you should have gotten a little understanding of how this transfer is going to work
Stick with me to the end as I show you the way:
Let’s dive in
Due to the restriction imposed on transfers by Robinhood, you canor transfer coins from Robinhood to another exchange platform
So the method we are using is to; sell your coins, withdraw to your bank and buy new coins on Binance.
Selling your holdings on Robinhood
Step 1: Click on the coin
As we have said earlier, we are first going to sell our current holdings.
So after logging in to your Robinhood account, click on the coin you want to sell.
Note: We’ll be using the Robinhood app for this explanation
Also, we’re using BTC a our example, so click on BTC
Step 2: Tap trade
After tapping on BTC, you’ll be directed to the Bitcoin details page.
On that page, click on “trade” then on “sell”.
Step 3: Click on orders
Click on the “order” button
The order button is located at the top-right section of the page.
Also choose your preferred order type and continue.
Step 4: Confirm your order
After reviewing the details of the transaction, confirm your order
Swipe up to submit your order.
You are done.
Note: It will take some time for your transaction to reflect. Have patience and wait for it.
And even after the transaction is successful, you’ll not be able to withdraw the transferred money for a period of two days.
Withdrawing your funds to your bank from Robinhood
After selling the coin that you’re holding for cash, the next step is to withdraw the cash to your bank.
Follow the steps below to do that.
Step 1: Tap “account”
After logging into your Robinhood account
Look for the account button. It is located at the bottom-right section of the page
Step 2: Tap “transfers”
After you have clicked on accounts, you’ll see a list of buttons appearing.
Look for transfers and click on it then on “Transfers to your bank”.
Step 3: Choose the bank account
After clicking on ” transfers to your bank”, click on the bank that you want to transfer to.
Then enter the amount you’d like to transfer to that account, continue.
NOTE: I believe your account has already been added as a payment option on Robinhood.
If not, then go ahead and add a new account by clicking on “add new accounts” and following the instructions.
Step 4: Review the transfer details
After entering the amount you ant to withdraw and clicking continue, then review the transfer details making sure that everything there is correct.
Finally click on “submit“.
Buy your preferred coin on Binance
After getting our funds out of Robinhood, we can now download the Binance app in preparation for trading on it.
Follow these steps when toy are ready to buy crypto on Binance.
Step 1: Create an account on Binance
After downloading the Binance app, create an account on the platform by using either a mobile number & a password or a Gmail & a password.
Log in with the same details you used to create the account.
On the home page, you’ll see a button that says “complete the verification”, click on it.
After clicking on it, fill in your information as required as you prepare to trade.
Note: It is not that you cannot trade without completing the identity verification, you can.
But Binance advises you to complete the identity verification on their platform so that you can enjoy the full potential of their services.
Step 2: Click on trade
After doing all these, click on the “trade” button.
The trade button is the center yellow button located at the lower part of the page.
Click on it, then on “buy”
Step 3: Choose the coin you want to buy
After clicking on buy, you’ll be directed to a new page where different coins are listed
You can search by scrolling or by using the search box at the top of the page.
Search for the coin that you want to buy and click on it.
Then enter the amount of your fiat currency that you are willing to pay for it.
Click on buy to continue.
Step 4: Decide your payment method
Decide your payment method out of all the options that Binance offers you.
Let’s use bank for this example, so click on bank.
Then, add your bank as a payment option since you’re a new user.
Then click on it.
Step 5: Review the payment details
Then review the details of the transaction, checking if all the figures are right.
Then click on “confirm”.
Note: Your transaction should reflect within seconds, if not minutes. Why?
Binance is one of the fastest and has one of the lowest transaction rates amongst others.
DISCLAIMER: No information on this site should be perceived as an investment advice
No matter what you should only invest what you can afford to lose