how to cash out dogecoin on robinhood

Cashing out Dogecoin on Robinhood involves selling it and transferring the proceeds to your bank account, with processing times and potential fees to consider.

Oct 16, 2024 at 04:30 am

How to Cash Out Dogecoin on Robinhood

Robinhood is a popular trading platform that allows users to buy, sell, and trade cryptocurrencies, including Dogecoin. If you have Dogecoin on Robinhood and want to cash it out, follow these steps:

Step 1: Sell Your Dogecoin

• Open the Robinhood app on your mobile device or log in to the website.
• Navigate to your Dogecoin wallet.
• Tap on the "Sell" button.
• Enter the amount of Dogecoin you want to sell or choose "Max" to sell all your Dogecoin.
• Confirm the sale.

Step 2: Transfer Your Money to Your Bank Account

• Once you have sold your Dogecoin, the proceeds will be credited to your Robinhood wallet.
• Tap on the "Withdraw" button.
• Enter the amount you want to transfer to your bank account.
• Select your bank account from the dropdown menu.
• Confirm the withdrawal.

Processing Time

• Robinhood transfers may take 1-5 business days to be processed.
• However, Instant Deposits may be available for a fee of 1.5%. These transfers are typically completed within 30 minutes.

Withdrawal Fees

• Robinhood charges no withdrawal fees for ACH transfers.
• For Instant Deposits, a fee of 1.5% will be applied.

Alternative Methods

If you prefer not to cash out your Dogecoin on Robinhood, you can transfer your Dogecoin to another cryptocurrency exchange that supports Dogecoin withdrawals to a bank account.

1. Transfer to Binance: Binance is a popular cryptocurrency exchange that allows you to withdraw Dogecoin to your bank account using a variety of methods, including ACH, wire transfer, and SWIFT.
2. Transfer to Coinbase: Coinbase is another option for cashing out Dogecoin. It supports ACH withdrawals and debit card withdrawals with a 4% fee.
3. Use a Peer-to-Peer Exchange: You can also use a peer-to-peer exchange platform like LocalBitcoins to sell your Dogecoin for cash or other payment methods.

Note: Please verify your Robinhood account and ensure you have completed the identity verification process before attempting to cash out Dogecoin. Adhering to these steps will enable you to cash out your Dogecoin successfully and swiftly.