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 Wallet charge fees?

No, Robinhood Wallet 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, timing, and liquidity 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, timing, and liquidity 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, Solana, Arbitrum, Polygon, Optimism, Base
  • Send and receive: Ethereum, Bitcoin, Dogecoin, Solana, Polyon, Arbitrum, Optimism, Base
  • Connect to dapps through the web3 browser: Ethereum, Polygon, Arbitrum, Optimism, Base
  • Receive NFT: Ethereum, Polygon

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 when 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. If required, a token approval transaction may be included as part of your swap. For more information, learn about cross-chain swap security risks.

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

What are cross-chain swaps?

Cross-chain swaps allow you to swap crypto across different EVM (Ethereum Virtual Machine) networks including Ethereum, Arbitrum, Polygon, Optimism, and Base networks. It’s important to keep in mind that while there are many benefits to cross-chain swaps, there are also some limitations and risks. Learn more about cross-chain swap security risks.

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.

What are quests and how do I start one?

Crypto quests are online activities where you can learn about crypto, explore new networks and dapps, and earn rewards. You typically need a web3 wallet to participate.

We've collaborated with partners to create quests for Robinhood Wallet customers. You’ll find the latest in the Robinhood Wallet app.

Why can't I swap or buy Solana (SOL)?

Swapping and buying SOL isn’t supported at this time. You can transfer SOL from another wallet or exchange to pay for network fees.

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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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 an account with Robinhood Crypto, LLC (“RHC”) (NMLS ID: 1702840).Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Please review a list of RHC's licenses for more information. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected.

The Robinhood spending account is offered through Robinhood Money, LLC (“RHY”) (NMLS ID: 1990968), a licensed money transmitter. Please review a list of our licenses for more information.

The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard® International Incorporated. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

Robinhood Gold Card is subject to credit approval and underwriting. Robinhood Gold Card is offered by Robinhood Credit, Inc., and is issued by Coastal Community Bank, pursuant to a license from Visa U.S.A. Inc. Robinhood Credit, Inc. (“RCT”), is a financial technology company, not a bank.

Robinhood Gold is a subscription-based membership program of premium services offered through Robinhood Gold, LLC (“RHG”).

RHF, RHY, RHC, RCT, RHG, and RHS are affiliated entities and wholly owned subsidiaries of Robinhood Markets, Inc. RHF, RHY, RHC, RCT, RHG, and RHS are not banks. Investing products offered by RHF are not FDIC insured and involve risk, including possible loss of principal.

RHY is not a member of FINRA, and products are not subject to SIPC protection, but funds held in the Robinhood 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.

The risk of loss in trading futures can be substantial. Carefully consider if it’s appropriate for you in light of your financial circumstances. Please read the Futures Risk Disclosure Statement prior to trading futures products. Futures accounts are not protected by the Securities Investor Protection Corporation (SIPC) and are not Federal Deposit Insurance Corporation (FDIC) insured. Prior to trading virtual currency Futures products, please review the NFA Investor Advisory & CFTC Advisory providing more information on these potentially significant risks. Futures trading and options on futures trading are offered by Robinhood Derivatives, LLC (“RHD”), a registered futures commission merchant with the Commodity Futures Trading Commission (CFTC) and Member of National Futures Association (NFA) (NFA ID 0424278).

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Robinhood, 85 Willow Road, Menlo Park, CA 94025.© 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 an account with Robinhood Crypto, LLC (“RHC”) (NMLS ID: 1702840).Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Please review a list of RHC's licenses for more information. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected.

The Robinhood spending account is offered through Robinhood Money, LLC (“RHY”) (NMLS ID: 1990968), a licensed money transmitter. Please review a list of our licenses for more information.

The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard® International Incorporated. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

Robinhood Gold Card is subject to credit approval and underwriting. Robinhood Gold Card is offered by Robinhood Credit, Inc., and is issued by Coastal Community Bank, pursuant to a license from Visa U.S.A. Inc. Robinhood Credit, Inc. (“RCT”), is a financial technology company, not a bank.

Robinhood Gold is a subscription-based membership program of premium services offered through Robinhood Gold, LLC (“RHG”).

RHF, RHY, RHC, RCT, RHG, and RHS are affiliated entities and wholly owned subsidiaries of Robinhood Markets, Inc. RHF, RHY, RHC, RCT, RHG, and RHS are not banks. Investing products offered by RHF are not FDIC insured and involve risk, including possible loss of principal.

RHY is not a member of FINRA, and products are not subject to SIPC protection, but funds held in the Robinhood 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.

The risk of loss in trading futures can be substantial. Carefully consider if it’s appropriate for you in light of your financial circumstances. Please read the Futures Risk Disclosure Statement prior to trading futures products. Futures accounts are not protected by the Securities Investor Protection Corporation (SIPC) and are not Federal Deposit Insurance Corporation (FDIC) insured. Prior to trading virtual currency Futures products, please review the NFA Investor Advisory & CFTC Advisory providing more information on these potentially significant risks. Futures trading and options on futures trading are offered by Robinhood Derivatives, LLC (“RHD”), a registered futures commission merchant with the Commodity Futures Trading Commission (CFTC) and Member of National Futures Association (NFA) (NFA ID 0424278).

RO 3924940

Robinhood, 85 Willow Road, Menlo Park, CA 94025.© 2024 Robinhood. All rights reserved.