Robinhood: Stocks & CryptoLatest release: VARY ( 27th June 2022 ) 🔍 Last analysed 15th September 2021 . Can't send or receive bitcoins
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Do your own research!
Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.
The Analysis ¶
From the self-description, Robinhood is an investment and trading app. It is possible to buy and sell cryptocurrencies, including Bitcoin.
Taken from the FAQ:
You can secure access to your mobile app using TouchID, FaceID, or a custom PIN code. We also offer two-factor authentication with an external authenticator app or via SMS.
Also, it appears that KYC verification is in use.
Can I transfer crypto into or out of my Robinhood Crypto account?
Not yet, but we’re working on it! We’re prioritizing safety and service reliability as we build out features that allow you to make cryptocurrency deposits and withdrawals.
It is currently not possible to send or receive BTC to and from your account.
The product can't send or receive BTC.
As part of our Methodology, we ask:Can it send and receive bitcoins? If not, we tag it No send/receive!
If it is for holding BTC but you can’t actually send or receive them with this product then it doesn’t function like a wallet for BTC but you might still be using it to hold your bitcoins with the intention to convert back to fiat when you “cash out”.
All products in this category are custodial and thus funds are at the mercy of the provider.
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