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.
Currently, you can only use one wallet address in the app at a time. Multiple addresses are not yet supported.
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.
If you already have a self-custody wallet, you can import it to Robinhood Wallet using your existing wallet’s secret recovery phrase.
Currently, you can’t choose additional addresses to import, but we’re working on supporting multiple addresses in the future.
If you backed up a wallet to your iCloud in the past, you can recover it.
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.
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:
Make sure not to lose this password because we can't help you recover it.
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.
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.
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.
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.
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.
You can swap tokens on the Polygon network via 0x API, a decentralized exchange (DEX) aggregator, as long as they're supported.
Your balances will automatically update after your transaction has been processed on the blockchain.
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.
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:
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.
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.
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.
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:
Robinhood Wallet doesn’t collect any part of the network fee.
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.
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.
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.
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.
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.
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).
For more information on phishing and crypto scams, see how to identify and report scams.
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:
You can also find previously connected and trusted dapps in your wallet:
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.
Only connect to dapps that you know and trust, and always pay close attention to the scope of permissions that you’re authorizing.
Currently, Robinhood Wallet does not support NFTs. We’re working on making this feature available soon.
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.
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