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Robinhood is a popular choice for beginning stock market investors, but at some point, you may want to delete the app and remove yourself from the platform. As Jennifer Stein, director of client engagement at Priebe Wealth, explains, "Robinhood has made headlines for misleading inexperienced investors and allowing them to make far riskier trades than they are comfortable taking on. Robinhood also does not offer retirement accounts, trust accounts, or many other investment vehicles outside of a standard brokerage investment account." Whether you want to delete your account for the above reasons or for some other purpose, this guide will show you how. Before you can close your Robinhood accountPrior to deleting your account, you'll first need to choose what to do with your holdings:
Just keep in mind: If you sell for less than you purchased the stock, you may lose money. You may also owe capital gains taxes by doing so, so a transfer is typically the better option. "This will allow investors to keep their investment but switch brokerages," Stein says. "They can then determine the best strategy for selling the shares and diversifying if that is their ultimate goal." Frequently asked questionsIf you sell your holdings and simply transfer the funds to your bank, closing your account is free. If you choose to transfer your holdings via ACATS, there is a $100 fee. You'll need to initiate an ACATS transfer through your new brokerage. They will need your account number, which you can find under "Account Information" in the main menu. A quick note: Crypto holdings cannot be transferred to other brokerages. They will be liquidated, and your cash proceeds can then be transferred to your new account. For regulatory purposes, Robinhood will hold onto records of your account — including statements, trade confirmations, and tax documents — even after you've closed it. You can continue to access them through the app. (Don't worry, re-downloading the app will not reactive your closed account.) Once you've liquidated or transferred your holdings, zeroed out your account balance, and requested the deactivation, Robinhood estimates it takes anywhere from three to five business days. The financial takeawayThere may come a time when you're ready to delete your Robinhood account. Before doing so, you'll need to sell your holdings or transfer them to another brokerage. You should take into account possible capital gains taxes, as well as Robinhood's $100 fee for transfers, before deciding which route to take. If you have questions about closing your account, reach out to Robinhood customer support directly. They can help guide you through the process.
Aly J. Yale is a freelance writer, specializing in real estate, mortgage, and the housing market. Her work has been published in Forbes, Money Magazine, Bankrate, The Motley Fool, The Balance, Money Under 30, and more. Prior to freelancing, she served as an editor and reporter for The Dallas Morning News. She graduated from TCU's Bob Schieffer College of Communication with a focus on radio-TV-film and news-editorial journalism. Connect with her on Twitter or LinkedIn. Read more Read less Posted by in Financial Apps | Updated on September 7, 2022As a broker-dealer for the individual trader, Robinhood has taken the millennial investor market by storm. It is a smartphone-first brokerage, allowing easy access to a trading platform for retail traders. With competitive pricing, including $0 commission, and access to ETF, options, and cryptocurrency trades in the U.S. and Australia, it’s easy to see why its user base has grown dramatically in the past four years. Robinhood has even shown growth despite the Coronavirus pandemic. However, easy-to-access trading platforms are not without their controversy. Recent news stories highlight a range of complaints aimed at Robinhood. This might explain an uptake in searches for how to close a Robinhood account.
Reasons Why You Might Want to Close Your Robinhood AccountThere are three broad categories of complaints against Robinhood that might explain why you want to know how to close a Robinhood account: You want to do more day tradingRobinhood makes trading easy by providing a trading platform without bells and whistles. You can only trade stocks, ETFs, and options, eliminating many of the advanced day trade platforms and tools. If you want to try your hand at day trading, you might want to close your Robinhood account. You want less risky, more traditional brokeragesRobinhood makes it easy to trade as an individual, retail trader. This means you are completely responsible for your investment strategy — you do not have a broker or financial advisor in the Robinhood ecosystem that can give you individual advice. If you do not know what you are doing, you can lose a lot of money. If you want to transfer your account to a more traditional, institutional investment broker, you might want to close your Robinhood account. You want more risky, less traditional brokeragesBy taking the unprecedented step of blocking its users from buying certain stocks in early 2021, Robinhood alienated a large part of its customer base. Retail investors who were using Robinhood as a way of getting away from traditional, institutional brokerages saw this move as “stealing from the poor to give to the rich”. If you want to transfer your account to a stock trading app that has not blocked its users from buying these stocks, you might want to close your Robinhood account. Steps to Take Before Closing Closing Your AccountFirst, you need to decide whether you want to close your account, or just deactivate it. If you close your account, the only thing you will be able to use the Robinhood app for is checking your historical account statements, tax documents, and trade confirmations. If you later decide you want to trade using Robinhood again, you will have to redo the application process. If you deactivate your account, you will still be able to check all of your documentation. You don’t have to leave any funds in your account. However, you will be able to easily reactivate your account if you want to resume trading on the app at a later time. Whether you choose to close or deactivate your account, your Robinhood account balance has to be $0. This means you have to either sell all of your positions and withdraw the balance to your bank account, or you have to transfer all of your assets from Robinhood to another brokerage. How to Close a Robinhood AccountIf you choose to sell all of your positions and withdraw the balance to your bank account, you can close your Robinhood account in the app itself. How to close a Robinhood account:
Once these steps are completed, your account will be restricted from investing or trading. Re-downloading the app will not reactivate your account. Because Robinhood is required by law to preserve certain books and records, your account will still exist in the Robinhood system, and you will still be able to access your account statements, tax documents, and trade confirmations in the app. How to Transfer My Robinhood Account to Another Broker?If you do not want to sell your positions, you can choose to transfer them to another brokerage instead. If all of your assets are transferred out, Robinhood will automatically close your account. The transfer process begins at your newly chosen brokerage firm. You will have to initiate an ACATS (Automated Customer Account Transfer Service) request and fill out any paperwork your new brokerage firm requires. Thereafter they will submit transfer instructions so your assets and funds can be moved to the new brokerage firm. You might need to give the other brokerage your Robinhood Securities (RHS) account number. You can find this information in your mobile app:
You might also need to reference a DTC number for your transfer. Robinhood’s DTC number is 6769. If you need assistance during the account transfer process, you can call the Robinhood customer service line at 1-650-940-2700. Does Robinhood Have a Cancellation Fee?Robinhood does not charge account closure fees on any of its accounts. However, closing your Robinhood account will still cost you money. If you choose to sell your positions, Robinhood doesn’t charge commissions, which is a bonus. However, like most brokerages, Robinhood will pass the SEC and FINRA sales charges on to you. Also, selling your positions might affect your capital gains tax position. If you choose to transfer your positions to a different brokerage, you will also pay fees. While transferring your trading account to Robinhood costs nothing, you will need to pay $75 to transfer to another brokerage. This can sometimes be offset by brokerage firms who offer incentives for you to transfer your positions to them. Read More
Final ThoughtsWhatever the reason you want to leave the Robinhood trading platform, finding out how to close a Robinhood account is straightforward. On the app, you can choose the Deactivate Account option, and it will prompt you to sell all of your trading positions and transfer your account balance to your bank account. If you do not want to sell your trading positions, you will need to initiate an automated customer account transfer service request to transfer your Robinhood data to a new brokerage. Although Robinhood does not charge an account closure fee, remember either option will have some financial cost to you as the user. Need a Loan? Get One in 3 Simple StepsIf you are considering applying for a personal loan, just follow these 3 simple steps. ApplyApply online for the loan amount you need. Submit the required documentation and provide your best possible application. Stronger applications get better loan offers. AcceptIf your application meets the eligibility criteria, the lender will contact you with regard to your application. Provide any additional information if required. Soon you’ll have your loan offer. Some lenders send a promissory note with your loan offer. Sign and return that note if you wish to accept the loan offer. RepayThe loan then gets disbursed into your U.S. bank account within a reasonable number of days (some lenders will be as quick as 2-3 business days). Now you need to set up your repayment method. You can choose an autopay method online to help you pay on time every month.
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Why can't I withdraw my money from Robinhood?You may not be able to withdraw money while your account is restricted. Robinhood sometimes restricts users' accounts. That can happen if the user has a negative balance, had a bank account transaction reversed, if the user is suspected of fraud, or for a few other reasons.
How do I close my Robinhood account completely?Deleting Robinhood on Android. Open up the Robinhood app on your phone and go to your profile. This is what your profile icon looks like. ... . Navigate to the settings menu. ... . Click on Settings. ... . Click on Account Information. ... . Scroll down and click Deactivate your account.. How much does it cost to close Robinhood account?After you complete a full ACATS transfer, we'll close your Robinhood account. There is a $100 fee for partial and full ACATS out of Robinhood.
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How to close Robinhood account and get my money
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