How to Close Robinhood Account?

close robinhood account

Robinhood is a popular app for trading and investing in crypto. But if you are facing any problem or you are not liking to use it.

You can delete the Robinhood account permanently anytime. You just need to undergo a certain process.  

Steps to Close Robinhood Account 

The steps that you need to follow are- 

  • Step 1: Open the Robinhood application on your phone. 
  • Step 2: Now from the home screen, open the ‘Account’ option. 
  • Step 3: You have to click on the ‘three lines’ located in the right corner. 
  • Step 4: Then from the dropdown menu, select ‘Settings‘. 
  • Step 5: You have to tap the ‘Account information’ option. 
  • Step 6: On the next screen, you have to scroll down and choose  ‘Deactivate account’
  • Step 7: Fill in all the necessary details and tap ‘Close account’ 
  • Step 8: Within 5-7 business days, your account will be closed if you have zero balance in your account. 

Alternatively, you can also compose an email by requesting for closing along with the reason for cancellation. You can send the email to support@robinhood.com

Things to do Before Closing your Robinhood Account

Before closing the account you must be careful about the following points- 

  • You can only use the Robinhood app to examine your account statements history, tax work and transaction confirmations if you close your account.
  • If you intend to trade with Robinhood again in the future, you will have to redo the application process.
  • Your Robinhood account balance must be zero regardless of whether you choose to close or deactivate it. This entails selling all of your holdings and withdrawing the proceeds to your bank account or transferring all of your assets from Robinhood to another brokerage.

Conclusion

You can easily close your Robinhood account through the Robinhood application. You can also contact the Robinhood customer support team if you face any difficulty. 

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Frequently Asked Questions

How to transfer stocks to another account before closing Rabinhood Account? 

Firstly you have to choose where you want your account to be transferred. Then to have your assets transferred out of Robinhood, send a request to that brokerage. We’ll immediately close your Robinhood account if you move all of your assets out.


What is the cost of closing a Robinhood account?

Closing your account is free if you sell your holdings and simply transfer the monies to your bank. There is a $75 fee if you opt to transfer your shares through ACATS.


Is it possible to have multiple Robinhood accounts?

Each consumer can only have one account. This implies that you even submitted a new application. If you already have an account linked to your Social Security number, you’ll need to reactivate it to use Robinhood.