Do you want to delete your Robinhood Account? You have come to the right place, in this article we will show you how to delete your Robinhood Account.
If you decide to close your Robinhood account, be aware that the firm requires a written request to do so, send them an email at support@robinhood.com
The broker also will not close an account unless it has a $0.00 balance.
So first, sell all your securities, and then transfer the cash balance to your external bank account.
Once you are ready to close your account, go ahead and deactivate your Robinhood account in the app itself.
To deactivate your Robinhood account in the app, go to Settings > Account Information and select the ‘Deactivate Account’ option on the screen
The advantage is that you can also view historical account statements, tax documents, and trade confirmations in the app after your account has been deactivated.
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Can I Delete My Robinhood Investing Account?
Follow these steps to deactivate your Robinhood account within the app:-
- Tap the Account (person) icon
- Tap Settings
- Tap Account Information
- Scroll and tap Deactivate Account
- Follow the steps to close all your brokerage 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 need any assistance along the way, please contact Robinhood customer support via contact us
Instead of deactivating your Robinhood account, you can transfer it to another broker
To do so, follow the below-detailed steps
How to transfer your Robinhood account to another broker:
- Choose where you’d like to transfer your brokerage account
- Submit a request to that brokerage to have your assets transferred out of Robinhood.
- If you transfer all of your assets out, Robinhood will automatically close your account for you.
Remember If you choose to transfer your holdings via ACATS, there is a $75 fee.
That’s it you have successfully deactivated your Robinhood account
What happens when you deactivate your Robinhood account?
Once you deactivate your Robinhood account, you will immediately 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.
Conclusion
Robinhood is a US-based broker-dealer service that is primarily beneficial for those who want to perform smartphone-based trading.
The service is available on iPhone, Android, and the web and allows its users to place trades directly from their smartphones with benefits like zero commission, cryptocurrency trading, and more.
In early November 2021, the company announced that about 5 million customers had their email addresses stolen by hackers via a voice phishing scheme.
Due to increased security breaches, you can deactivate your Robinhood account from within the app or on the web.
To deactivate your Robinhood account via the app, go to Settings > Account Information and select the ‘Deactivate Account’ option on the screen
We hope that you found our article on how to delete your Robinhood Account helpful. If not, feel free to submit a comment or question for us and we’ll get back with an answer