07-17-2021, 08:21 AM
How I finally got my crypto off of robinhoid (and a guide)
<!-- SC_OFF --><div class="md"><p>I've been stuck in robinhood since January. Even after everything that went down, and knowing that I didn't actually own my crypto, I didn't want to try and get out because 1. Everything would be taxed, because you can't transfer coins from robinhood, you have to sell then and just rebuild elsewhere. And 2. The process of money getting to your bank from rh could take a week, which is extremely stressful in this market.</p> <p>So how did I finally get out? After some research and some help from this sub, I figured out how to minimize the risks. I should let you know that, even though this method allows you to almost instantly transfer from rh to coinbase, your coins will STILL be taxed. There is just no way around that.</p> <ol> <li><p>Go to the money management tab on RH and enable it. This will turn your RH account into a bank.</p></li> <li><p>Go to coinbase pro and list a new source of funding. You will be able to list you new RH account.</p></li> <li><p>Depending on your coinbase daily deposit limit (mine was 2000$) you can sell chunks of your crypto in that amount, and then immediately deposit that 2000 into coinbase, where you can buy your own coins to do what you wish with.</p></li> <li><p>Repeat until you are finished.</p></li> </ol> <p>Yes, it really is that easy. I wish I'd known about it a long time ago. I can't tell you how nice it is to finally own my crypto after so long. Hopefully this helps some people who were in my situation</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/el_palmera"> /u/el_palmera </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/olhf9l/how_i_finally_got_my_crypto_off_of_robinhoid_and/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/olhf9l/how_i_finally_got_my_crypto_off_of_robinhoid_and/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>I've been stuck in robinhood since January. Even after everything that went down, and knowing that I didn't actually own my crypto, I didn't want to try and get out because 1. Everything would be taxed, because you can't transfer coins from robinhood, you have to sell then and just rebuild elsewhere. And 2. The process of money getting to your bank from rh could take a week, which is extremely stressful in this market.</p> <p>So how did I finally get out? After some research and some help from this sub, I figured out how to minimize the risks. I should let you know that, even though this method allows you to almost instantly transfer from rh to coinbase, your coins will STILL be taxed. There is just no way around that.</p> <ol> <li><p>Go to the money management tab on RH and enable it. This will turn your RH account into a bank.</p></li> <li><p>Go to coinbase pro and list a new source of funding. You will be able to list you new RH account.</p></li> <li><p>Depending on your coinbase daily deposit limit (mine was 2000$) you can sell chunks of your crypto in that amount, and then immediately deposit that 2000 into coinbase, where you can buy your own coins to do what you wish with.</p></li> <li><p>Repeat until you are finished.</p></li> </ol> <p>Yes, it really is that easy. I wish I'd known about it a long time ago. I can't tell you how nice it is to finally own my crypto after so long. Hopefully this helps some people who were in my situation</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/el_palmera"> /u/el_palmera </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/olhf9l/how_i_finally_got_my_crypto_off_of_robinhoid_and/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/olhf9l/how_i_finally_got_my_crypto_off_of_robinhoid_and/">[comments]</a></span>Kind Regards R