How To Withdraw Crypto From Robinhood

How to withdraw coin from the Robinhood app

Hand holding phone with money coming out and clicking withdraw button on the robinhood app 2x1

After you lot submit a request to withdraw funds from your Robinhood account, it can take a few trading days for the funds to settle in your account.

Rachel Mendelson/Insider


  • Rules for withdrawing funds from Robinhood
  • How to withdraw money from Robinhood on iOS 
  • How to withdraw money from Robinhood on Android
  • How to withdraw money from Robinhood on the web
  • The financial takeaway

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  • To withdraw money using the iOS or Android apps, you’ll have to navigate to your account settings and then click on the transfers option using the website or app.
  • Before you can withdraw money from your Robinhood account, you lot’ll have to meet certain requirements, depending on where the coin came from.
  • You lot tin can make upwards to five withdrawals a day and are limited to $l,000 per business twenty-four hour period.

Robinhood is 1 of the most popular trading platforms for young investors, but not all users are happy. If yous desire to switch from Robinhood to one of Insider’southward pinnacle-ranked investment apps, you tin either direct transfer securities out of Robinhood into your new brokerage account, or you can sell your stocks and crypto and transfer the money into your bank business relationship.

It’s like shooting fish in a barrel to withdraw coin from Robinhood on your iOS or Android mobile device — or by using the website. If y’all can, information technology’s all-time to withdraw your cash into the same bank business relationship yous used to fund your account. Otherwise, Robinhood may enquire y’all for extra documents to prove that you own the bank accounts in question.

Rules for withdrawing funds from Robinhood

Robinhood users should look out for a few rules that limit how and when they can withdraw their cash from their accounts.

  • Y’all may be required to expect upward to five business days later on depositing funds.
    Robinhood has an “Instant Deposits” policy, which means some customers can start trading as before long as they’ve moved cash into their Robinhood business relationship from their checking or savings business relationship. But there’s a grab: Even though you might exist able to buy and sell stock with your “instant deposits,” you won’t exist able to transfer your cash back
    out
    of Robinhood correct away. Once you lot’ve moved coin into your Robinhood account, you lot’re typically required to look up to five business days before you can move that money out.
  • After selling stock, y’all must wait for the trade to settle.
    When you buy or sell stocks, ETFs, or options in the U.s.a., information technology takes iii business days for those trades to “settle,” which ways the merchandise is officially consummate. If you’re a Robinhood Gold or a Robinhood Instant user, you lot may be eligible for instant settlement, which means you tin can withdraw whatsoever gain right later on you sell stocks, ETFs, or, options.
  • You can make simply five withdrawals per business organization mean solar day.
    If y’all’ve already hit that limit, you’ll take to look until the adjacent business organisation day to make whatever additional transfers.
  • You can withdraw only $50,000 per business twenty-four hour period.
    If yous have a big residual that exceeds that amount, you will take to withdraw money in lump sums.
  • You take to wait 30 days to withdraw funds from selling gratuitous stock.
    You know that free stock yous received from Robinhood’s Referral program? Robinhood will let you sell that stock right away if you desire, but you accept to proceed the greenbacks value of that stock in your account for thirty days before yous can withdraw information technology.
  • Y’all’ll confront special rules if you’re switching banking company accounts.
    Watch out if you funded your Robinhood account with one banking company account, and want to movement your coin into a
    different
    bank business relationship. That tin look suspicious, and Robinhood has some special rules that employ in that situation. They may enquire you to send some documents to testify you’re really the owner of both bank accounts, like sending pictures of your photo ID or banking company statements. To avoid the hassle, it’s best if y’all can withdraw your cash into the same banking company account that funded your Robinhood business relationship.
  • You may not be able to withdraw money while your account is restricted.
    Robinhood sometimes restricts users’ accounts. That tin can happen if the user has a negative balance, had a bank account transaction reversed, if the user is suspected of fraud, or for a few other reasons. If your account is restricted, y’all may not be able to withdraw whatever money until you’ve contacted Robinhood to clear things upward.

The financial takeaway

You tin can hands transfer money out of Robinhood into your bank account. Just there are a few catches. Well-nigh chiefly, yous can’t take money out until five business days after you’ve transferred that money into Robinhood. You’ll as well need to look three business days after selling stocks, ETFs, or options before you tin withdraw the proceeds.

On the iOS or Android app, get started past tapping the “Account” button in the bottom right of the screen, which looks like a cartoon person. From your browser window, become started by clicking “Account” in the top right, and and then click “Transfers.”

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Source: https://www.businessinsider.com/personal-finance/how-to-withdraw-money-from-robinhood

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