Robinhood, the popular trading platform, has expanded its cryptocurrency services by enabling Stellar (XLM) transfers for users. This update allows customers to deposit and withdraw XLM directly through the app, marking a significant step toward asset self-custody.
Key Features of Robinhood’s XLM Support
- Deposit/Withdrawal Functionality: Users can now move XLM between Robinhood and external wallets or exchanges.
- Limited-Time Bonus: A 1% deposit reward is offered for XLM transfers during the promotional period.
- EU-Focused Rollout: Initially announced by Robinhood Crypto EU, this feature aligns with the platform’s broader strategy to enhance crypto utility in Europe.
👉 Explore Robinhood’s Crypto Services
Background: Robinhood’s Crypto Evolution
Robinhood launched its EU crypto trading service in December 2023, initially restricting transfers. The recent update reflects a shift toward user-controlled asset management, following October’s announcement permitting crypto transfers for European customers.
Supported Cryptocurrencies on Robinhood
Robinhood supports over 40 cryptocurrencies, including:
- Major Assets: Bitcoin (BTC), Ethereum (ETH), Solana (SOL)
- Altcoins: Cardano (ADA), Polygon (MATIC), Shiba Inu (SHIB)
- New Additions: Stellar (XLM), Tezos (XTZ), Uniswap (UNI)
(Full list available in the Robinhood app.)
Recent Platform Updates
- Solana (SOL) Transfers: Enabled alongside XLM, with a 1% deposit bonus until November 30, 2024.
- New York Expansion: XLM, UNI, and XTZ became available to New York users in September.
Robinhood’s Future Plans
The platform aims to introduce:
- Futures Trading
- Index Options
These additions target advanced traders, complementing its user-friendly crypto and stock offerings.
FAQs About Robinhood’s XLM Support
Q: How do I transfer XLM to Robinhood?
A: Navigate to the crypto section in the app, select XLM, and use the deposit/withdrawal feature.
Q: Is the 1% deposit bonus available globally?
A: Currently, the bonus is limited to eligible EU users. Check the app for terms.
Q: Can I stake XLM on Robinhood?
A: Staking isn’t supported yet, but the platform may add this feature in the future.
Q: Are there fees for XLM transfers?
A: Robinhood typically charges network fees for crypto transactions. Verify details in-app.
👉 Start Trading XLM on Robinhood Today
Note: Offer terms and cryptocurrency availability may vary by region.
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