Robinhood Wallet

The Robinhood Wallet app is a self-custody wallet that’s your portal to the web3 universe, where you can swap crypto with no network fees. Robinhood Wallet gives you full control over your crypto on the Polygon network, which means you hold and maintain the private key to your assets. Stay tuned, because we’ll be adding more networks to Robinhood Wallet in the future, too.

Keep in mind

Currently, you can only use one wallet address in the app at a time. Multiple addresses are not yet supported.

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Create a new wallet

  1. Select Create a new wallet
  2. Select Use Face ID or Touch ID or text in bold
  3. Select Claim reward or Skip to claim later
  4. Select Open wallet

After you create a new wallet, you’ll be prompted to back it up. We strongly recommend backing up your wallet as soon as you create it, because it's the only way you can recover your wallet and crypto if you lose or reset your device. If you don’t back up your wallet when you create it, you can do it later in Backups & security. For step-by-step instructions, see back up your wallet.

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Import your existing wallet

If you already have a self-custody wallet, you can import it to Robinhood Wallet using your existing wallet’s secret recovery phrase.

  1. Select Import your existing wallet
  2. You can either copy and paste, or manually enter your secret recovery phrase
  3. Select ImportContinue
  4. Select Use Face/Touch ID or Create a custom PIN
  5. Select Claim reward or Skip to claim later
  6. Select Open wallet
Note

Currently, you can’t choose additional addresses to import, but we’re working on supporting multiple addresses in the future.

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Recover your wallet

If you backed up a wallet to your iCloud in the past, you can recover it.

  1. Select Recover your wallet from iCloud
  2. Enter the password to unlock your backup
  3. Select Recover wallet
  4. Select Use Face/Touch ID or Create a custom PIN
  5. Select Continue
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Protect your wallet

To secure your wallet, you need to set up either Face/Touch ID or a custom PIN, which you’ll use to authenticate every time you open the Robinhood Wallet app. We recommend Face/Touch ID as the most secure way to protect your wallet because your face and fingerprints are unique. If you want to switch between Face/Touch ID or a PIN, you can change your security settings any time in Backups & security.

Set up Face/Touch ID

When prompted during setup, tap OK to allow Robinhood Wallet to use Face/Touch ID.

Custom PIN

When prompted during setup, enter a 6-digit PIN and then confirm the PIN a second time. Remember to never share this number with anyone.

Secret recovery phrase

A secret recovery phrase, also known as a seed phrase, is a series of words generated by your wallet that allows you access to your wallet and crypto.

It’s important to keep your secret recovery phrase stored in a safe place and never share it with anyone. We don’t have access to this phrase, so we can’t help you recover it if you forget it. And we’ll never ask you to input your recovery phrase anywhere except in the Robinhood Wallet app.

For more security best practices, see protecting your self-custody wallet’s secret recovery phrase.

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Back up your wallet and secret recovery phrase

It’s incredibly important to back up your wallet because it's the only way you can recover your wallet and assets if you lose or reset your device.

You can back up your wallet manually by writing down its secret recovery phrase and storing it in a safe place offline or by saving it in a secure password manager. Storing your recovery phrase offline (by writing it down, for example) has its benefits, since there’s less risk of compromising your data. Remember to never share this phrase with anyone.

As another layer of protection, you can also back up your wallet to iCloud:

  1. HomeMenuBackups & security
  2. Under Backups, select the wallet you want to back up
  3. Select Back it up to iCloud
  4. Enter a password
  5. Confirm your password
  6. Select Save and back upDone
Note

Make sure not to lose this password because we can't help you recover it.

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Fund your wallet with Robinhood Crypto

You can transfer tokens from a Robinhood Crypto account to fund Robinhood Wallet. While Robinhood Crypto currently only supports USDC and MATIC transfers to Robinhood Wallet, soon you’ll be able to transfer more tokens.

  1. HomeMenuTransfer from Robinhood
  2. Choose the token you’d like to transfer
  3. Enter the amount you’d like to transfer
  4. Select ReviewSubmit
  5. Enter your one-time code from your authenticator app
  6. Select Return to Robinhood Wallet
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Send crypto from your wallet

You can send tokens from Robinhood Wallet to any address that is compatible with the Polygon network. If you’re sending tokens to an exchange, first make sure to verify that the exchange supports Polygon network deposits for that token.

  1. HomeMenuSend
  2. Scan the code or enter the address manually
  3. Choose the token to send
  4. Enter the amount you’d like to send
  5. Select ReviewSubmit
  6. Use Face/Touch ID
  7. Select Done
Keep in mind

If you transfer tokens on networks other than Polygon, those assets won’t be accessible in Robinhood Wallet. We’re working on supporting additional networks in the future.

Remember to only send crypto to people and entities you know and trust. For more safety tips, see how to identify and report scams.

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Receive crypto from another wallet or exchange

You can receive tokens from other self-custody wallets on the Polygon network. To receive tokens from an exchange, make sure you verify that the exchange supports withdrawals for that token.

  1. HomeMenuReceive
  2. Scan the QR code or enter the address manually
  3. Send to My Wallet
Keep in mind

If you transfer tokens on networks other than Polygon, those assets won’t be accessible in Robinhood Wallet. We’re working on supporting additional networks in the future.

Remember to only receive crypto from people and entities you know and trust. For more safety tips, see how to identify and report scams.

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Swap crypto with your wallet

You can swap tokens on the Polygon network via 0x API, a decentralized exchange (DEX) aggregator, as long as they're supported.

  1. Search for the token you’d like to swap
  2. Select SwapSell or Buy
  3. Enter the amount you’d like to buy or sell
  4. Select the token to swap
  5. Select ReviewSwipe to swap

Your balances will automatically update after your transaction has been processed on the blockchain.

Keep in mind

You’ll need to approve most tokens to be swapped by 0x API, a DEX aggregator, the first time you swap them. These token approvals help protect your crypto from others who might try to access it without your permission.

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Robinhood Wallet FAQ

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
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.

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. The 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.

What tokens can I use for transactions?

At this time, you can only swap tokens that are compatible with the Polygon network and that are supported by 0x API, a DEX aggregator. You can still send and receive other Polygon-compatible tokens and transact with them via dapp connections.

Tokens you own on other networks may not be accessible in Robinhood Wallet. For example, if you import an Ethereum wallet with ETH, you won’t be able to view or transact with that token because it's not compatible with a Polygon wallet. However, you still have custody of your ETH.

What are wrapped tokens?

Generally, wrapped tokens make it possible to use crypto from one blockchain on a different blockchain. In Robinhood Wallet, you might need to wrap MATIC to WMATIC on the Polygon network for a more technical reason. Smart contracts (like 0x API) 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.

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.

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. You can search your transaction history with the crypto address, transaction ID, block, or token.

What if I sent crypto to the wrong address?

If crypto is sent to the wrong blockchain address, these transactions 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.

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).

How do I keep my wallet secure?
  • Never share your secret recovery phrase with anyone. We will never ask you for your secret recovery phrase outside of the Robinhood Wallet app.
  • Be wary of suspicious phishing, social engineering, and scam attempts. This includes airdrops, emails, text messages, social media messages, and fraudulent websites that ask for your personal information, contain unexpected crypto assets or attachments, offer financial advice, etc. When in doubt, verify the authenticity of any request before taking action.
  • Before signing a transaction with your wallet, make sure to check the transaction details. It’s possible for hackers to access your funds if you sign a transaction, so only approve transactions if you trust the sender.
  • Only transact with entities and individuals that you know and trust. This includes connecting to dapps, sending and receiving crypto, and so on.

For more information on phishing and crypto scams, see how to identify and report scams.

How do I connect to dapps?

You can connect to dapps (decentralized applications) that support Polygon through WalletConnect. You’ll need to use the dapp to set the network to Polygon before you can start interacting with it.

To connect to dapps:

  1. Go to a dapp or web3 service through your browser
  2. Find the Connect wallet option
  3. Select WalletConnect from the list and a QR code will pop-up
  4. Open Robinhood Wallet on your phone and select the Scan icon
  5. Scan the QR code
  6. When a connection request appears, accept it to connect your wallet

You can also find previously connected and trusted dapps in your wallet:

  1. Go to HomeMenuDapp connections
  2. Select the dapp to connect

After you connect, you can allow the dapp to trade on your behalf. You can also manage and disconnect from these dapps at any time by going to Dapp connections.

Keep in mind, you can remove a connected dapp from Robinhood Wallet, however, it does not revoke permissions for that dapp. Go to Polygonscan to review and revoke token permissions in your wallet.

Learn more about dapps and how they work.

Note

Only connect to dapps that you know and trust, and always pay close attention to the scope of permissions that you’re authorizing.

Are NFTs supported?

Currently, Robinhood Wallet does not support NFTs. We’re working on making this feature available soon.

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Fees and disclosures

Robinhood currently does not charge service fees on token swaps. Fees are subject to change.

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

Network fees may apply for token approvals, transfers to an external wallet, and interacting with dapps.

Robinhood Wallet doesn’t collect any part of the network fee.

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.

© 2022 Robinhood Non-Custodial, Ltd. Robinhood®. All rights reserved.

Reference No. 2439637, 2444572
Still have questions? Contact Robinhood Support