Robinhood offers different accounts for different requirements of the users. The premium account offered by Robinhood comes under the name Robinhood Gold.
If you are a trader who requires you to make marginal trades and access all kinds of advanced features of Robinhood, then Robinhood Gold is a good match for your requirements.
It’s all the advanced services under one roof deal. Although, after using it for a while, you must feel that you can function equally well without a gold membership as you don’t access any of the advanced trading features.
In such a case, you must wonder how I can end my Robinhood gold membership and downgrade to a normal trading account on the platform.
Can I Cancel Robinhood Gold?
Yes. You can downgrade from Gold membership to an instant or normal account on Robinhood. For this, all you need is the Robinhood application on your device and its login details.
Once you reach the Robinhood gold account, you need to search for Account settings. Here, you can find an option for discarding your membership under the Degrade from Gold option.
Click on this option and your gold membership will be instantly discarded and your account will be shifted to an instant account. Also, the privileges and premium services offered along with the gold membership are closed for your account.
If you have accumulated any sort of interest during the billing cycle, you will have to pay the equivalent amount once you downgrade to an instant account from a Robinhood gold account.
Although you must check for a few things before you cancel your Robinhood gold membership. So that you can easily cancel your Robinhood gold membership and not pay any plenty or lose any stocks.
Basic Requirements to Downgrade to an instant Account from Gold One:
- There is no investing on margin using your account and you must have a considerable marginal balance
- Deposits over thousand dollars must not be available on your account and under operation
- All your orders are completed and the ones which do not include marginal trading
- The cash available in your account must be greater than the accrued interest which is pending on your account
- Enough cash available in your account to surpass and fulfill the collateral option requirements
Once you make sure these requirements are met by the current situation of your gold account, you can easily degrade it to an instant account.
Also Read: Can You Trade After Hours On Robinhood?
How To Cancel Robinhood Gold?
Cancelling Robinhood gold membership is very easy. If you have the latest application of Robinhood on your device, all you need is to login into your gold account.
Before that, make sure you log in to the right account with the right details. Also, the latest available version of the app would be preferable and hence, you can update it before using it.
Once you do this, you need to check if you have all the basic requirements Robinhood stated for allowing you to degrade from a gold account to an instant account.
Open your Robinhood gold account on your device and look for the account setting option. On clicking on this option, you will be redirected to a page where you can easily find the degradation from the Gold account option. Click on it and just like that, your gold membership will be discarded and you will be able to use your instant account easily.
What Is the Robinhood Gold Margin?
Robinhood margin is an advanced feature offered to the gold members of Robinhood users. It allows the users to take a little more than they can. If you have a Robinhood Gold account, you can take a fixed amount of loan to buy stocks and securities on Robinhood.
Robinhood allows you to fetch a loan from their site once they find you eligible and you are a Robinhood gold member. It provides an additional amount of buying power to the traders such that they can trade and buy securities from this borrowed money.
The very first thing you need to do for getting such an advantage from Robinhood is to get a gold membership on the platform.
However, if you are a trader majorly interested in trading Crypto, then margin trading is not for you. The rights and securities of all the crypto-related stocks lie with the Robinhood crypto which is a rather separate branch.
There will be no margin or loans available for the crypto traders. However, if you wish to trade only in stocks, Mutual funds, and such securities, Margin trading can be very fruitful for you.
How To Turn Off Margin On Robinhood?
To turn off the Margin on the Robinhood gold account, you need to follow different procedures depending on the type of platform you are using. If you are using IOS Or Android, the procedure to turn off Margin on Robinhood is the same for both platforms.
However, the basic requirement is the same in both cases.
The basic requirement is the Robinhood app and its latest version available for both ios and android users.
The second thing you will need is the correct login details and details of your Robinhood account.
Steps To Turn Off Margin On Robinhood:
Step 1: Go to the latest version of the Robinhood app on your ios Or android device and open it
Step 2: Look for the account option on the bottom right corner of the redirected page
Step 3: Click on the account to reach the next page which leads you to the settings option
Step 4: Once you open the settings option on your device, search for Gold membership settings by choosing the Robinhood Gold option On this page
Step 5: You will find a Margin investing option on the top of this current page on your screen
Step 7: Come back to the original accounts setting and go to investing settings on your app
Step 8: Click on day trade settings from the presented menu bar
Step 9: Now turn off the instant settlement option and you are done
By completing this procedure stepwise, you will be able to turn off margin investing from your Robinhood gold account.
Also Read: Robinhood Options Explained
Robinhood Gold Minimum Error
Robinhood gold users sometimes get the message that indicates a minimum error on Robinhood gold while putting an order.
This is caused because the order you are putting in does not match with the equivalent amount of equity or the balance in your possession.
It simply indicates that you do not possess enough equity to out an order of that value at the time. Most of the time, traders trading in crypto face this issue.
The major reason behind the traders trading in crypto facing the issue of a minimum error on their gold account is that they often forget that crypto is not covered under margin trading.
Robinhood gold lets you borrow a small amount of money to buy all sorts of securities except crypto. Crypto can not be bought under the margin provided by Robinhood and hence, you face the issue of Robinhood gold minimum error.
How To Downgrade From Instant To Cash Account Robinhood?
The selection of a type of account depends on the requirements of the account holder or the trader. If you are a trader who uses Robinhood for day trading or swing trading, you might want to switch the cash account to an instant account and vice versa.
To convert your instant Robinhood account to a cash account on Robinhood, you will need a few days for the funds to be available for investing again.
Turning your instant account into a cash account is easy. First of all, you need to go to the account settings on your Robinhood app. Once you open this menu, go to the instant settlement option.
Here you can disable the instant settlement by scrolling to the bottom of this page. A single click can allow you to change your account to a cash account.
You will receive confirmation about this and also, information about how many days it will take for the funds to be available with you for further investing.
Can You Use Margin On Robinhood Without Gold?
No. By default, every new account on Robinhood is an instant account. You get instant access to some initial funds using which you can begin trading.
However, for using margin on Robinhood, getting a gold membership is a must. The only way to get advantages of trading through the margin is to get a gold membership and apply for eligibility on it.
Robinhood gold opens many gates for the traders and margin is one of the most useful ones. Once your account is verified and Robinhood finds you suitable, you will receive margin and other attached advanced features for a smooth trading process.
However, if you find it suitable, you can easily close your gold membership and replace it with an instant or cash account using the Robinhood application on your device.