FAQ | Robinhood

FAQ

Why don’t I have access to Robinhood Wallet?

You may not have access to Robinhood Wallet if you reside in a jurisdiction sanctioned under US law.

What is a secret recovery phrase and how do I find it?

A secret recovery phrase is a series of words generated by your wallet and is the only way to recover access to your wallet if you lose or reset your device. It’s important to keep your secret recovery phrase stored in a safe place and never share it with anyone.

To find your recovery phrase:

  1. HomeMenuBackups & security
  2. In BackupsSecret recovery phrase

What is the difference between a secret recovery phrase and a private key?

While a secret recovery phrase recovers access to your wallet, a private key is used to create a verified digital signature that allows you to make transactions and prove ownership of a blockchain address.

What is DEX?

A decentralized exchange (DEX) is a marketplace where you can swap crypto directly with others—without a middleman to facilitate the transfer and custody of funds. Rather than a middleman, a DEX uses smart contracts (self-executing computer code) to execute swaps on the blockchain.

Does Robinhood charge fees?

No, Robinhood doesn’t charge fees at this time. However, there may be network fees or other third-party service fees for certain transactions while using Robinhood Wallet. Check out Fees for more details.

What are network fees?

Network fees, or gas fees, are transaction processing fees. These required fees are submitted to the network along with your transaction. Fees fluctuate based on the volume of transactions, confirmation speed, and transaction size for that network.

Network fees may apply for the following:

  • Token approvals
  • Transfers to an external wallet
  • Interacting with dapps
  • Wrapping tokens

Robinhood Wallet doesn’t receive or collect any part of the network fee. Check out Fees for more details.

What crypto can I use for transactions?

You can swap crypto that are supported by 0x API or LI.FI, decentralized exchange (DEX) aggregators on the Ethereum and Polygon networks; and crypto that is supported by LI.FI on the Arbitrum network.

You can send and receive crypto on Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base networks.

You can connect to dapps on the Ethereum, Arbitrum, Polygon, Optimism, and Base networks.

What can I do on each network?

  • Swap: Ethereum, Arbitrum, Polygon
  • Send and receive: Ethereum, Bitcoin, Dogecoin, Polyon, Arbitrum, Optimism, Base
  • Connect to dapps through the web3 browser: Ethereum, Polygon, Arbitrum, Optimism, Base
  • Receive NFT: Ethereum, Polygon

Why can't I swap across networks?

You can only swap crypto for other crypto on the same network. Swapping crypto cross-chain, or bridging, isn’t available at this time.

What are wrapped tokens?

Generally, wrapped tokens make it possible to use crypto from one blockchain on a different blockchain. Because blockchains are separate systems, they can’t easily communicate with each other. Wrapped tokens solve for this incompatibility.

Wrapping a token is essentially swapping one token for another token in an equal amount via Smart contract, or code on the blockchain that can store and send funds. Many smart contracts adhere to a specific format— the ERC-20 token standard. For example, the native ETH token doesn’t adhere to that standard, so it needs to be “wrapped” to an equivalent amount of WETH in order to be tradable — like converting a dollar to quarters to use them in a pinball machine.

You can swap wrapped tokens safely in your Robinhood Wallet. Learn more about wrapped tokens and how they work.

Note

While wrapped tokens (like WETH) are separate from the unwrapped token (ETH) in Robinhood Wallet, some dapps don’t differentiate them.

Why do I need to approve my tokens before swapping?

Tokens need to be approved the first time you swap them on both 0x API and LI.FI, decentralized exchange(DEX) aggregators.

A DEX requires the use of smart contracts to enable the swapping of crypto on the blockchain. Token approvals help protect your crypto from being accessed by a smart contract without your permission. You’ll only need to approve a token once in order to swap it. If required, a token approval transaction may be included as part of your swap.

You can revoke token approvals through blockchain explorers. For iOS and Android steps, check out Revoke token approvals.

How do I check my transaction history?

You can review your transaction history in the app by selecting Activity on your wallet dashboard.

You can also see your transaction history by using a blockchain explorer, such as Polygonscan and Etherscan. You can search your transaction history with the crypto address, transaction ID, block, or token.

What if I send crypto to the wrong address?

If you send crypto to the wrong blockchain address or to an incompatible network, that crypto is lost and not recoverable. Make sure to always double check the address before sending to a new address, and only send crypto to people and entities you know and trust.

Why is my transaction pending, unconfirmed, or failed?

Transactions may be pending or unconfirmed because of the volume of transactions, confirmation speed, and transaction size for that network.

If a swap transaction fails, it may be due to an error on the part of the decentralized exchange (DEX).

What happens if I remove or reset my wallet?

Make sure you back up your wallet before removing or resetting your device. You can restore your wallet and regain access by importing your wallet with its secret recovery phrase or recovering your wallet from its iCloud backup. Just remember, if your wallet isn’t backed up already, you’ll permanently lose access to it on that device.

What is Sardine?

Robinhood Wallet has integrated Sardine, a leading crypto on-ramp provider, that allows you to buy crypto using a debit or credit card.

Sardine supports crypto assets on various networks including Ethereum, Polygon, Optimism, and more.

To buy crypto through Sardine you can find steps in Buy and transfer crypto.

Disclosures

Self-custody cryptocurrency wallet and related services are offered through Robinhood Non-Custodial, Ltd., a limited company organized in the Cayman Islands, and other third-party providers. Cryptocurrency held through the Robinhood Self-Custody Wallet is not FDIC insured or SIPC protected. Availability may be subject to regulatory approval in certain jurisdictions.

Crypto rewards terms & conditions.

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Brokerage services are offered through Robinhood Financial LLC, (“RHF”) a registered broker-dealer (member SIPC) and clearing services through Robinhood Securities, LLC, (“RHS”) a registered broker dealer (member SIPC). Cryptocurrency services are offered through Robinhood Crypto, LLC (“RHC”) (NMLS ID: 1702840). The Robinhood Money spending account is offered through Robinhood Money, LLC (“RHY”) (NMLS ID: 1990968), a licensed money transmitter. Credit card products are offered by Robinhood Credit, Inc. (“RCT“) (NMLS ID: 1781911 and issued by Coastal Community Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.

The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard® International Incorporated. RHF, RHY, RHC and RHS are affiliated entities and wholly owned subsidiaries of Robinhood Markets, Inc. RHF, RHY, RHC and RHS are not banks. Securities products offered by RHF are not FDIC insured and involve risk, including possible loss of principal. Cryptocurrencies held in RHC accounts are not covered by FDIC or SIPC protections and are not regulated by FINRA. RHY products are not subject to SIPC coverage but funds held in the Robinhood Money spending account and Robinhood Cash Card account may be eligible for FDIC pass-through insurance (review the Robinhood Cash Card Agreement and the Robinhood Spending Account Agreement).

Options trading entails significant risk and is not appropriate for all customers. Customers must read and understand the Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Options transactions are often complex and may involve the potential of losing the entire investment in a relatively short period of time. Certain complex options strategies carry additional risk, including the potential for losses that may exceed the original investment amount.

Commission-free trading of stocks, ETFs and options refers to $0 commissions for Robinhood Financial self-directed individual cash or margin brokerage accounts that trade U.S. listed securities and certain OTC securities electronically. Keep in mind, other fees such as trading (non-commission) fees, Gold subscription fees, wire transfer fees, and paper statement fees may apply to your brokerage account. Please see Robinhood Financial's Fee Schedule to learn more.

© 2024 Robinhood. All rights reserved.
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All investing involves risk.

Brokerage services are offered through Robinhood Financial LLC, (“RHF”) a registered broker-dealer (member SIPC) and clearing services through Robinhood Securities, LLC, (“RHS”) a registered broker dealer (member SIPC). Cryptocurrency services are offered through Robinhood Crypto, LLC (“RHC”) (NMLS ID: 1702840). The Robinhood Money spending account is offered through Robinhood Money, LLC (“RHY”) (NMLS ID: 1990968), a licensed money transmitter. Credit card products are offered by Robinhood Credit, Inc. (“RCT“) (NMLS ID: 1781911 and issued by Coastal Community Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.

The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard® International Incorporated. RHF, RHY, RHC and RHS are affiliated entities and wholly owned subsidiaries of Robinhood Markets, Inc. RHF, RHY, RHC and RHS are not banks. Securities products offered by RHF are not FDIC insured and involve risk, including possible loss of principal. Cryptocurrencies held in RHC accounts are not covered by FDIC or SIPC protections and are not regulated by FINRA. RHY products are not subject to SIPC coverage but funds held in the Robinhood Money spending account and Robinhood Cash Card account may be eligible for FDIC pass-through insurance (review the Robinhood Cash Card Agreement and the Robinhood Spending Account Agreement).

Options trading entails significant risk and is not appropriate for all customers. Customers must read and understand the Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Options transactions are often complex and may involve the potential of losing the entire investment in a relatively short period of time. Certain complex options strategies carry additional risk, including the potential for losses that may exceed the original investment amount.

Commission-free trading of stocks, ETFs and options refers to $0 commissions for Robinhood Financial self-directed individual cash or margin brokerage accounts that trade U.S. listed securities and certain OTC securities electronically. Keep in mind, other fees such as trading (non-commission) fees, Gold subscription fees, wire transfer fees, and paper statement fees may apply to your brokerage account. Please see Robinhood Financial's Fee Schedule to learn more.

© 2024 Robinhood. All rights reserved.