Robinhood Wallet

Robinhood Wallet Review

Robinhood walletRobinhood Wallet has revolutionized what it means to store and manage cryptocurrency. This app simplifies the crypto-buying process with no network fees on Polygon, as well as giving users complete control over their assets by maintaining the private key. With plans for more networks to be added to Robinhood in the near future, this wallet is a must-have for those looking for a secure and efficient platform for digital asset management.

The wallet is setting out to prove that it’s more than just a mobile wallet for storing cryptocurrencies. It aims to provide users with WEB3 functions such as connecting to DeFi applications and NFT marketplaces. While many wallets offer this, Robinhood CEO Johann Kerbrath explains that the Robinhood Wallet application is distinct from such other options.

Available on iOS and Android, at its core, the goal for Robinhood Wallet is for it to eventually become a major application in both DeFi and NFT markets – allowing users seamlessly access these tools without any sort of friction.

Pros :

  • Fees
  • Good security features
  • Android & iOS app

Cons :

  • Not open source

What is Robinhood Wallet ?

Zero fees and full NFT support are two of the main features of Robinhood Wallet, a non-custodial wallet that provides users with full control of their cryptocurrency access codes. In addition to being commission-free, it also grants users access to DeFi services such as games and yield sites. The wallet supports a variety of cryptocurrencies including Bitcoin, Tether, Ethereum, DAI and Dogecoin. It also comes with useful features such as QR code scanning and Face ID authentication for added security. With Robinhood Wallet, you can now enjoy zero fees while easily managing your crypto portfolio!

Robinhood charge fees

Robinhood Wallet doesn’t charge any fees at the present time, but there may be network fees or other third-party service fees for certain transactions. Network fees, or gas fees, are transaction processing fees that must be paid to the network along with your transaction in order for it to be completed. These fees can vary depending on things like the volume of transactions, speed of confirmation, and size of the transaction. Network fees are normally incurred for token approvals, transfers to an external wallet, interacting with decentralized applications (dapps), and wrapping tokens. Robinhood does not take a cut of any of the network fee that is submitted.

Send, receive, and swap crypto

Robinhood Wallet provides an easy way to send, receive, and swap crypto. You can quickly and securely store your favorite cryptos in the wallet, including Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, Ethereum Classic, and Litecoin. With no fees or commissions involved when storing your coins in the wallet and one-click swapping for all supported cryptocurrencies, it’s easier than ever to send and receive digital assets without leaving the Robinhood app. Plus, users are able to have full control of their keys in this secure environment – it couldn’t be any simpler!

Protect your wallet

Securing your wallet is essential to protecting your funds. Robinhood Wallet makes it easy with two different ways to safeguard your money. To set up secure authentication, you can use either Face/Touch ID or a custom PIN. We highly recommend Face/Touch ID because of its unbeatable security; after all, fingerprints and faces are entirely unique! If you ever want to switch between Face/Touch ID and a PIN, you can do so anytime in the Backups & Security setting. Setup is easy – when prompted during setup, tap OK for Face/Touch ID and enter a 6-digit unique PIN if opting for that option instead.

Make sure to never share this number with anyone! As an extra layer of protection, create a secret recovery phrase or seed phrase; it’s a series of words generated by your wallet that allows you access should you forget your credentials. Utilizing these simple yet important steps will ensure your deposits remain safe and sound.

How to create a wallet ?

Steps to create a new wallet:

  1. Select “Create a new wallet”
  2. Choose to use either Face ID/Touch ID or create a custom PIN
  3. Backup options: iCloud, manual, or skip for later
  4. Continue or skip to claim reward later
  5. Fund the wallet through Robinhood Crypto or from another wallet/exchange
  6. Open the wallet

Note: Backing up the wallet is highly recommended as it is the only way to recover the wallet and crypto in case of loss or device reset. Instructions for later backup can be found in the “Backups & security” section.