Robinhood Wallets - Test First!

[C.Grigg]

I have begun seeing a lot of discussions lately about people having issues with transferring their coins out of Robinhood to another wallet. I urge everyone to always test their new wallet addresses with a small amount before transferring a large value amount to ensure you do not come across any issues and possibly lose your balance.

 

[Nova_]

Problem with privacy exchanges having control over your currency of any crypto is that they hold the incoming and outgoing cards. So that is kind of risky and also some of the time the wallets can be pretty much risky as the robinhood can lock it too. I mean think about it, they don't even give you private keys of such wallet. So kind of risky to be on their platform.

 

[Monster Masterpiece]

May this limitation is security step is made by Robinhood team itself to avoid any kind of problem that is related to scams or something similar so they did not want any kind of such problem.

 

[C.Grigg]

Problem with privacy exchanges having control over your currency of any crypto is that they hold the incoming and outgoing cards. So that is kind of risky and also some of the time the wallets can be pretty much risky as the robinhood can lock it too. I mean think about it, they don't even give you private keys of such wallet. So kind of risky to be on their platform.

That is why many always say, "No seed? Not your coins. Simply an I. Owe. You."
Once you control the wallet with the seed, you truly own them and no one in this world can force them from you without the seed.

 

[Nova_]

Exactly the phrase is something like this - "Not your keys, not your crypto". It is right too. Because many companies don't offer you the private keys and that makes it pretty difficult to change the way money can be earned. I personally have struggled a lot with the exchanges when they kind of take the longer KYC and the limit increase decrease time and each time you have to do AML and KYC verification.

 

[C.Grigg]

Exactly the phrase is something like this - "Not your keys, not your crypto". It is right too. Because many companies don't offer you the private keys and that makes it pretty difficult to change the way money can be earned. I personally have struggled a lot with the exchanges when they kind of take the longer KYC and the limit increase decrease time and each time you have to do AML and KYC verification.

Wait till decentralized exchanges really start becoming a thing. That's definitely going to make things interesting.

 

[Nomad]

If you are using a new platform, you should always test by sending and receiving a small amount. You should also do a lot of research before using any platform.

 

[Riberet19]

I always do that, that is, if I want to send 0.02 BTC in total, first I send myself 10,000 satoshis or some similar amount to see if everything is correct, if the transaction arrives correctly, then I send the total amount in one transaction, it seems that there is people who are not very fond of their money and want to lose it

 

[Nomad]

I have learned my lessons the hard way. I once transferred BTC to perfect money in the hope to withdraw as fiat currency but later I found that that had a very high withdrawal threshold and also very high fees. I ended up losing a lot of money. Robinhood is available in limited countries, therefore, make sure if you can access without a VPN.