Robinhood is a popular investment platform that allows users to trade stocks, options, and cryptocurrencies. One of the cryptocurrencies that can be traded on Robinhood is Bitcoin. In this article, we will discuss how to send Bitcoin using Robinhood.
Before we proceed, it is important to note that sending Bitcoin on Robinhood is different from sending Bitcoin on a traditional cryptocurrency exchange. Robinhood does not provide users with a Bitcoin wallet address, which means that users cannot send Bitcoin to other Bitcoin addresses outside of the Robinhood platform.
Step 1: Open the Robinhood app
The first step to sending Bitcoin on Robinhood is to open the Robinhood app on your phone or tablet. If you do not have the app, you can download it from the App Store or Google Play Store.
Step 2: Navigate to the cryptocurrency section
Once you open the app, navigate to the cryptocurrency section by tapping on the “Crypto” icon located at the bottom of the screen. This will take you to the cryptocurrency trading screen.
Step 3: Select Bitcoin
From the cryptocurrency trading screen, select Bitcoin by tapping on the “Bitcoin” icon. This will take you to the Bitcoin trading screen.
Step 4: Tap on the “Transfer” button
On the Bitcoin trading screen, tap on the “Transfer” button located at the bottom of the screen. This will take you to the Bitcoin transfer screen.
Step 5: Enter the transfer details
On the Bitcoin transfer screen, enter the transfer details such as the amount of Bitcoin you wish to send and the recipient’s email address. Robinhood does not allow users to send Bitcoin to external wallets, so the recipient must also have a Robinhood account.
Step 6: Confirm the transfer
Once you have entered the transfer details, review the information and confirm the transfer by tapping on the “Confirm” button. Robinhood will then send a confirmation email to both the sender and the recipient.
Step 7: Wait for the transfer to complete
After the transfer is confirmed, the recipient will receive the Bitcoin in their Robinhood account. The transfer may take a few minutes to complete, depending on the network traffic.
Conclusion
Sending Bitcoin on Robinhood is a straightforward process that can be completed in just a few steps. However, it is important to note that Robinhood does not provide users with a Bitcoin wallet address, which means that users cannot send Bitcoin to external wallets. Additionally, the recipient must also have a Robinhood account to receive the Bitcoin.