Moving from Robinhood
I have 15k cash in Robinhood that I want to move to coinbase and buy crypto. Should I withdraw to bank and then deposit into coinbase (which takes awhile)? Or should I buy ETH and transfer to coinbase wallet (faster) to then trade into my desired cryptos? Any tax penalty from doing that? Robinhoods crypto selection sucks, and they always (still) conveniently go into "maintenance trading halt" every time there's a big move in crypto.
Good luck getting money out of rh!
Buy btc(or whatever) in robinhood(I usually get better fees in RH). Send to coinbase or whatever wallet you want. Probably a Trezor hardware wallet is best. DYOR
I have a ledger, but I want to acquire cryptos on coinbase first
Yes robinhood is cheaper on average, see the comparison here: https://robinhood.com/us/en/about/crypto/
You do u dawg.
Sorry to see you’re disappointed by our service, I’ll make sure to forward your feedback and look into it.
Can you describe the "maintenance trading halt"? We work hard to ensure our crypto service is available 24/7. We also do not halt trading, especially during critical times of high volatility. Please let us know specifically the behavior you're seeing and we'll do our best to correct any issues.
Yo.. I'm an upcoming crypto whale . Let chat on IG @donaldgaffney2
For tax implications, it'd be easy to keep your entire crypto trading history on one platform rather than initiate trades on Robinhood and then transfer to your non-custodial wallet and then to Coinbase. Just transfer the cash to your preferred platform first and then buy. Also, if you are going with Coinbase, then make sure you do a lump sum purchase because their fees are very high. You definitely wouldn't want to set a recurring purchase on Coinbase and eat those flat fees. I just tested a $10 BTC buy order on coinbase and the fee was $0.99 which is nearly 10%! Robinhood fees are way lower and more straightforward. Btw you probably should have done this way earlier before crypto pumped so much. Right now you might just be in the wave of dumb money that is chasing the pump. Also, this might be a signal for me to sell 😅
crypto kinda sucks in general no? I mean look what happened just during last years bear market. What happens if we get a real recession? And no there isn’t any tax penalty from transferring from one account to another. Cost basis moves with the transfer usually or you just got to adjust it yourself come tax time. But 15k isn’t much and IRS doesn’t go after small things that aren’t easy to track.
It's cyclical. We're starting the next bull market
oh I don’t disagree that we aren’t moving into a new bull market I’m just saying that crypto is volatile as heck and it can easily implode during a real recession. Like why not just get spxl or some levered index product instead. Hard to take down index and not anywhere near as volatile