THIS is how to close a Robinhood account [2022]

Updated on March 16, 2022

As a broker-dealer for the individual trader, Robinhood has taken the millennial investor market by storm. It is a smartphone-first brokerage house, allowing easy access to a trade platform for retail traders. With competitive price, including $ 0 perpetration, and access to ETF, options, and cryptocurrency trades in the U.S. and Australia, it ’ randomness 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. holocene news program stories highlight a image of complaints aimed at Robinhood. This might explain an consumption in searches for how to close a Robinhood score .

Reasons Why You Might Want to Close Your Robinhood Account

There 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 trading

Robinhood makes deal easy by providing a trade chopine without bells and whistles. You can alone trade stocks, ETFs, and options, eliminating many of the advanced day craft platforms and tools. If you want to try your hand at day trade, you might want to close your Robinhood account.

You want less risky, more traditional brokerages

Robinhood makes it slowly to trade as an individual, retail trader. This means you are wholly responsible for your investing strategy — you do not have a broker or fiscal adviser in the Robinhood ecosystem that can give you person advice. If you do not know what you are doing, you can lose a batch of money. If you want to transfer your history to a more traditional, institutional investment broker, you might want to close your Robinhood account .

You want more risky, less traditional brokerages

By taking the unprecedented step of blocking its users from buying certain stocks in early 2021, Robinhood alienated a boastfully part of its customer nucleotide. retail investors who were using Robinhood as a direction 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 bill to a stock trade app that has not blocked its users from buying these stocks, you might want to close your Robinhood explanation .

Steps to Take Before Closing Closing Your Account

first, 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 lotion summons. If you deactivate your account, you will silent be able to check all of your software 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 late time .
Whether you choose to close or deactivate your account, your Robinhood account counterweight has to be $ 0. This means you have to either sell all of your positions and withdraw the balance to your depository financial institution bill, or you have to transfer all of your assets from Robinhood to another brokerage .

How to Close a Robinhood Account

If you choose to sell all of your positions and withdraw the balance wheel to your trust report, you can close your Robinhood report in the app itself .
How to close a Robinhood account:

  • Tap the Account (person) icon
  • Tap Account Information
  • Scroll and tap Deactivate Account
  • Follow the steps to close all your positions and withdraw your outstanding balance
  • Once your balance is $0.00 and your positions are closed, you will be able to confirm your deactivation request
  • If you want to close your account, email a written request to Robinhood ([email protected]).

once these steps are completed, your report will be restricted from investing or trade. Re-downloading the app will not reactivate your account. Because Robinhood is required by law to preserve certain books and records, your account will hush exist in the Robinhood system, and you will inactive be able to entree your account statements, tax documents, and deal 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 rather. If all of your assets are transferred out, Robinhood will automatically close your explanation .
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 newly brokerage firm requires. Thereafter they will submit transfer instructions indeed your assets and funds can be moved to the raw brokerage house firm .
You might need to give the other brokerage house your Robinhood Securities ( RHS ) history number. You can find this data in your mobile app :

  • Tap the Account icon in the bottom right corner
  • Tap Investing
  • Your account number will be at the top of your screen.

You might besides need to reference a DTC number for your transfer. Robinhood ’ s DTC phone number is 6769.

If you need aid during the bill transplant process, you can call the Robinhood customer service pipeline at 1-650-940-2700 .

Does Robinhood Have a Cancellation Fee?

Robinhood does not charge history closure fees on any of its accounts. however, closing your Robinhood report will still cost you money .
If you choose to sell your positions, Robinhood doesn ’ thymine charge commissions, which is a bonus. however, like most brokerages, Robinhood will pass the SEC and FINRA sales charges on to you. besides, selling your positions might affect your capital gains tax status .
If you choose to transfer your positions to a different brokerage, you will besides 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 house firms who offer incentives for you to transfer your positions to them .

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Final Thoughts

Whatever the reason you want to leave the Robinhood trade platform, finding out how to close a Robinhood account is aboveboard .
On the app, you can choose the Deactivate Account choice, and it will prompt you to sell all of your trade positions and transfer your report balance to your bank account. If you do not want to sell your trade positions, you will need to initiate an automated customer account transfer service request to transfer your Robinhood data to a raw brokerage. Although Robinhood does not charge an account blockage fee, remember either option will have some fiscal cost to you as the user .

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