I’ll admit it: I’ve kept a large sum of my crypto on Robinhood this whole time… until now. To be fair, I had stopped actively buying with them a year ago, but had decided not to sell since they had announced they were developing crypto wallets. So I decided to just hodl until I could transfer out… and that time has finally come! Last night I finally received word that my wallet was ready. **As of this morning the remaining assets I has hodling have been transferred OUT!**
Screenshot: [https://imgur.com/a/unzF2sS](https://imgur.com/a/unzF2sS)
**I STRONGLY urge you to do the same if you have not done so already.** It’s worth the gas price too ([which is a little lower than normal right now](https://ycharts.com/indicators/ethereum_average_gas_price)). If you’ve quietly been waiting for your Robinhood crypto wallet, it should come soon. I was around number 55k in line to receive mine.
*Why transfer out?* If you’re not aware, Robinhood restricted trades during the the GameStop/meme-stock mania last year which effectively helped shady hedge funds and hurt regular folk like you and I ([see more about that here](https://www.cnet.com/personal-finance/investing/robinhood-backlash-what-you-should-know-about-the-gamestop-stock-controversy/)). They were also fined $70M by FINRA over other shady practices, including having “outages” during big market swings between 2018 and 2020 ([check that out here](https://www.nytimes.com/2021/06/30/technology/robinhood-fined-misleading-customers.html)). This was especially a frustration last year when Robinhood suddenly suffered “technical difficulties” during the epic Doge runup ([more info here](https://www.theverge.com/2021/5/4/22419159/robinhood-dogecoin-outage-crypto-trading-crash#:~:text=Robinhood%20confirmed%20that%20it%20experienced,the%20beginning%20of%20the%20day)). So then, it’s pretty clear that Robinhood’s interests are NOT with you. **Why trust them with your assets when they block you from making financial decisions during critical market movements?**
I’m not the only one in this sub that is alarmed by Robinhood, please see these additional posts and comments from our fellow sub-mates for more information so you can make your own decision:
* [Robinhood CEO can’t/won’t answer questions](https://np.reddit.com/r/CryptoCurrency/comments/lmyhur/for_those_still_on_the_fence_with_robinhood_watch/)
* [Citadels CEO Lied Under Oath about a Collusion with Robinhood](https://np.reddit.com/r/CryptoCurrency/comments/pw0kgt/leaked_documents_show_that_citadels_ceo_lied/)
* [Robinhood locked the buy button when it suited them](https://np.reddit.com/r/CryptoCurrency/comments/lfrslo/reminder_robinhood_blocked_several_stocks_from/)
TLDR: I finally moved all my crypto off Robinhood now that they enabled my crypto wallet. You should too because they are shady AF.
I only have 1 Doge on Robinhood from the BurgerKing promo 😂
Please nobody use robinhood. They’re a big fan of stealing from the poor and giving to the rich
Congratulations on now officially owning Crypto for the first time.
Well the word was never to use Robinhood for like a year now so….
I stopped using them early on, I did my first crypto trades on there but I noticed quickly that they wouldn’t execute my limit orders unless it was 2%+ past the limit.. obvious scam.
Waiting to move mine out. Only 747,000 people in front of me on the list
Robinhood is a disgrace in crypto world.
I swear exchanges like WeBull and TD restricted buying GME as well
Thanks for the post OP! It still shows I am 26k in line but I noticed they added the send/receive buttons so looks like I can actually access my wallet now!
I’d be more worried about Coinbase at this point
>>If you’re not aware, Robinhood restricted trades during the the GameStop/meme-stock mania last year
Same with about 8 other exchanges – why only mention RH? All exchanges still hold this right.
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>>They were also fined $70M by FINRA
Again same with tons of other exchanges. Google it
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>> Robinhood suddenly suffered “technical difficulties” during the epic Doge runup
All exchanges have done this as well at one point or another.
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​
My point is that we shouldn’t condemn RH but then go recommend Coinbase or some other copycat exchange. If anything, we should be glad RH has introduced so many newbies to crypto. (we want more people in crypto)
I got a long way to go currently #1,931,243 on the waiting list.
And just curious which Crypto wallet are you using now?
What if my portfolio is the value of transaction fees of ethereum
Lol get this wsb lame ass conspiracy shit out of here. It’s fine to not want to use exchanges and brokerages but like a total of 5 brokerages stopped trading and almost every public brokerage does pfof (payment for order flow). That “helping the hedgy” is just morons droning on about market mechanics they don’t understand.
With that being said…..anyone holding coins on exchanges, those aren’t your coins cold wallet gang forever.
So they are letting the prisoners escape? Time to short the stock into the ground.
You’re #991,588 on the list!
Jump the list by half when you successfully invite friends to join Robinhood. lol No.
We already banned Robinhood based on their GME shenanigans. Everyone get off this platform now
I’m number 291,561
Steals from the rich… Steals from the poor. Not like the Robin Hood of legends.
All my homies hate Robinhood
Let’s sink RH
>> I was around number 55k in line
I’m at over 1 million. RIP me.
Well, you are certainly not wrong for doing this. I too was once a Robinhood user. Thankful that I pulled my shit before the fiasco.
imagine you didnt have the option to transfer your coins out TILL NOW, that was a huge red flag.
Do they wear tights?
This is my only question.
Don’t use Robinhood, ever
If they didn’t have a superbowl commercial, then you shouldn’t use them. HAHA
Good job. Proud of you.
There’s no good reason to use Robinhood
I think the whole point of owning crypto is owning crypto, which you cant do on robinhood.
The fact that robinhood didn’t have a superbowl ad is extremely bear-ish for them. Trying to pivot to crypto and falling way behind other exchanges.
Their crypto wallet could not come any sooner for my sanity
Wow good job, super easy to do and should have done it a long time ago.
GG brother, wish you luck in future investing
Took me so many transfers but the day I was approved to do it I began! Fuck HOOD I’m glad my crypto is no longer held hostage by them
This subreddit and the whole crypto community have stated it multiple times guys. Stay out of Robinhood. They ‘ll lock your orders when they see fit
Very good advice. 🙂 +/u/sodogetip 10 doge
Thanks for the update on your wallet with Robinhood in the mean time for the rest of us there is nothing we can do until the wallets release
Also Robinhood drags its ass getting tax documents ready for some douchey reason.
Yea, I didn’t really take the whole storing on exchange thing all that seriously until relatively recently… nothing bad happened to me, but a frequent who didn’t take security as seriously as I do almost got hacked. The exchange had to lock his profile before they got in and then transfer his funds to a new one.
But between that and how much interest you can get staking virtually anything proof of stake and/or keeping it on a platform like Celsius that still has more security features than an exchange even though it’s not a private wallet, there really isn’t much of a reason to keep anything more than you need for limit sells on the exchange.
Hell, with a couple that have super low transaction fees like ALGO I just have a note with all the levels I’d like to sell at and keep it all earning interest. Even if it spiked up to those levels in the next few days the interest would still cover the fees in and out.
I don’t like the idea of using Robinhood anymore than the next guy… but you gotta admit their UI is great. It’s kept me around much longer than it should have.
If another trading brokerage could put together an app that was as user friendly and aesthetically pleasing and Robinhood, I’d switch yesterday.
At 498,000 in the wait-list, hopefully I can transfer out before any funny business with RH occurs, otherwise I hope nothing I might regret doing occurs.
MY AVERAGE ON RH IS SO LOW I NEED MY RH WALLET SO I CAN GET THAT BIG BOI DCA ON CB
Crypto homies don’t let other crypto homies use Robin Hood.
Cold wallet storage, put in a fireproof safe, back up the seedphrase a bunch of times, and forget about it.
Only open it back on in 2030. You’re now a billionaire.
You’re welcome. Don’t forget my 100k for the consulting service.
You finally got some crypto is more like it 😀 congrats!
It’s not just on OP. If people hold their crypto on exchanges, we will eventually exceed 21 million Bitcoin. Maybe we do now. See how that works? People think they have Bitcoin but don’t.
Good move! I liquidated all crypto late last year and did the same with stocks. I could not wait any longer to get as far away from rh as possible. Caveat emptor- I recommend that NO ONE EVER uses them!
Anyone that was still using Robinhood after it’s two major fiascos kinda had it coming…. I mean… They pretty much showed who they were at that point and it was red flags all over…
You were 55k in line and just now got to transfer? God… I’ll need some more patience as I am somewhere around 1 mil in line lol