Is Robinhood crypto safe?
- Fee for a $1,000 purchase
- $0by bank transfer
- Time for a bank withdrawal
- It hasn't been published.
- Coins
- 92
US customers use Robinhood Crypto, LLC, which has a New York licence. Your Robinhood crypto has no FDIC insurance. Sources are listed for Robinhood's 2 dated incidents on record.
Robinhood licences plus registrations
Robinhood Crypto, LLC runs Robinhood's US business.
Robinhood's New York licence or charter is issued by NYDFS.
On its licences page, Robinhood lists its state licences.
Has Robinhood been hacked? Enforcement history and incidents
For every Robinhood incident, a link points to the regulator or company statement.
| Date | What happened | Source |
|---|---|---|
| September 4, 2024 | California Attorney General reached a $3.9 million settlement with Robinhood Crypto because customers couldn't withdraw crypto. | oag.ca.gov |
| August 2, 2022 | NYDFS fined Robinhood Crypto $30 million for breaking anti-money-laundering, cybersecurity and consumer protection rules. | dfs.ny.gov |
How your money is kept
No proof-of-reserves attestation appears on the pages we read from Robinhood.
Robinhood says nearly all customer crypto is kept in cold storage. It doesn't lend customer crypto or use it to increase trading positions. Crime insurance (Lloyd's syndicates) covers part of the holdings against theft.
Scams aimed at users, including Robinhood text scams
Keep the 2FA code and your Robinhood password private. Never transfer funds to a "safe wallet" just because a text or call tells you to. Use only its app or website to reach Robinhood.
Is Robinhood FDIC insured or not?
FDIC or SIPC insurance doesn't cover crypto held on Robinhood.
We earn a commission if you open an account through our links. It does not change the fees you pay or our score.
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Common questions
Is Robinhood legitimate?
US customers use Robinhood Crypto, LLC. Yes, Robinhood is a real business. Sources are listed here for its 2 dated incidents.
Are crypto holdings on Robinhood FDIC insured?
The crypto isn't. FDIC or SIPC insurance doesn't cover crypto held on Robinhood.
What should I do if a Robinhood code arrives that I didn't request?
View it as a warning. Never share the 2FA code or your Robinhood password with anyone. Don't transfer funds to a "safe wallet" just because a text or call tells you to. Use only its app or website to reach Robinhood.