I recently decided to commit the cardinal sin for many crypto enthusiast. I moved my self custody crypto to Robinhood. I did this because I am considering selling some in order to buy options on crypto ETFs to add in a leverage factor. I also wanted to test out the Robinhood send and receive features etc. Fortunately sending into Robinhood worked great, but I did find that like most exchanges they then show my cost basis as zero since there is no way for Robinhood to calculate where I bought the crypto and for how much etc. Fortunately, it appears that though I do get a 1099 from Robinhood Crypto they only report proceeds to the IRS not basis. This is good since it would be incorrect. Fortunately, I am using Koinly already to calculate my crypto basis etc. I just have to import my Robinhood transactions into Koinly and keep giving my Koinly tax report to my accountant. I like using Robinhood because I can immediately convert to stocks, options, cash, crypto, and back. Also I did confirm with a rep and I have to say that Robinhood is much better than it was in the past in terms of customer service. I have been a long-term inconsistent user. But I may start keeping some funds in Robinhood as they have been adding good new features.
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