Actively seeking exposure to Bitcoin has become a lot easier over the years. Robinhood may seem an appealing option at first, but it has certain caveats. Withdrawing BTC from the platform to one’s own wallet is one thing no one can do.
The Robinhood Withdrawal Problem
Over the past few months, Robinhood has received a lot of attention. It is a very intriguing and powerful platform when used correctly, Following the recent stock market issues, a lot of younger people are finding their way to this platform. Despite that influx of new users, the company is still doing a lot of things the wrong way.
Investing in Bitcoin through Robinhood is convenient. Users can set up their portfolio within a few hours and simply watch profits roll in, assuming the market goes up. It is a simple and elegant system for those who seek exposure to cryptocurrency. However, adding extra crypto funds, or even moving it from Robinhood to one’s own wallet, is a different matter altogether.
According to the company’s own ToS, it is not possible to withdraw cryptocurrencies. This functionality simply isn’t supported. It may be added in the future, but for now, it remains an unattainable dream. The same goes with depositing crypto funds to Robinhood Crypto.
This is not possible either, as the company worried about illegal funds making its way to their platform. A genuine concern, but one that still raises a lot of questions.
Where is my Wallet?
One would think that Robinhood users can at least see their own wallet address. Sadly, that is not the case either. Users are never given access to their wallet or wallet address. The company doesn’t deem it necessary to provide at least that level of transparency to its users, for some unknown reason.
Moreover, the company claims users do own the cryptocurrency assets int heir account. An interesting statement, yet no one can actually verify there are Bitcoin assets in their own account.
Being able to buy and sell balances in an app is not the same as effectively owning anything. It is evident here is still a lot of work to be done by Robinhood. From a transparency point of view, the company will have its work cut out.
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