FAQs

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Why don’t I have access to Robinhood Wallet?

Only customers who signed up for the waitlist can get Robinhood Wallet right now. We’re rolling out access in phases by sending people on the waitlist an access code by email. Once everyone on the waitlist has access, we’ll make Robinhood Wallet available to everyone. Join the waitlist.

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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. Select the wallet under Backups
  3. If you’ve already backed up your wallet manually, select View recovery phrase, if you haven’t, select Back it up manually
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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.

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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.

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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.

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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 collect any part of the network fee.

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What tokens can I use for transactions?

At this time, you can only swap tokens that are both compatible with the Polygon network and supported by 0x API, a DEX aggregator. However, you can send and receive tokens, and connect to dapps on both the Polygon and Ethereum networks.

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What are wrapped tokens?

Generally, wrapped tokens make it possible to use crypto from one blockchain on a different blockchain. Smart contracts need all tokens to follow the same format, which is the ERC-20 token standard. The native MATIC token doesn’t adhere to that standard, so it needs to be “wrapped” to an equivalent amount of WMATIC 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.

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Why do I need to approve my tokens before swapping?

When you swap a token for the first time, you approve it to be swapped by 0x API, a decentralized exchange (DEX). 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.

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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.

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What if I send tokens to the wrong address?

If you send tokens to the wrong blockchain address or to an incompatible network, these are 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.

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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).

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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.

© 2023 Robinhood Non-Custodial, Ltd. Robinhood®. All rights reserved.

Still have questions? Contact Robinhood Support