Robinhood: Stocks & CryptoLatest release: VARY ( 24th January 2023 ) 🔍 Last analysed 15th September 2021 . Can't send or receive bitcoins
The product can't send or receive BTC.
As part of our Methodology, we ask:
Can it send and receive bitcoins?If the answer is "no", we mark it as "Can't send or receive bitcoins".
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.The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.
Help spread awareness for build reproducibility
Please help us spread the word discussing the risks of centralized custodians with Robinhood: Stocks & Crypto via their Twitter!
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.
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