Have seen tons of posts recently with people who have ETH “funds” in Robinhood account and would like to transfer over to another exchange (like Coinbase or CB Pro) without any delay in ETH exposure: as everyone knows, cannot currently own/transfer/withdraw coins from RH. Thought I would share below process I figured out to to all.
1. In RH account, create/add a “money management” account. This will essentially turn your RH account into a bank account (with bank account #) that you can withdraw $$ from directly.
2. Link that RH money management account/bank account to other exchange/CB.
3. Sell up to $1,000 worth of ETH per day in RH account (varies per your exchange/CB account, but that is the daily limit for immediate purchases on CB/CB Pro while $ is settled/transferred from RH) and immediately execute buy order for same amount on CB (funds source is RH bank account).
This helps avoid time lag of having to first sell everything in RH, wait for settle, transfer to bank account, wait for settle, transfer to exchange, and buy back. I had a few coins worth of ETH on RH and wanted to transfer to CB (for staking purposes) without any delay in my ETH exposure and I found this to be easiest way with few drawbacks. Given CB daily limits, took me 8 days to complete. As many others have suggested, would also suggest buying on CB Pro instead per their lower buy fees (can then transfer to normal CB for staking for free). As many others have mentioned thou, believe the RH sell will trigger a tax event so proceed accordingly.