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
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). 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). 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). This was especially a frustration last year when Robinhood suddenly suffered "technical difficulties" during the epic Doge runup (more info here). 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
- Citadels CEO Lied Under Oath about a Collusion with Robinhood
- Robinhood locked the buy button when it suited them
TLDR: I finally moved all my crypto off Robinhood now that they enabled my crypto wallet. You should too because they are shady AF.
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