Robinhood is recognized by many people as the best broker when it comes to the platforms that democratize the trading process, and it is celebrated for its low fees and user-friendly interface.
However, there might come a time when your need for a Robinhood account diminishes, or you’re eager to explore the offerings of other top brokers (even if most brokers offer similar features).
This guide provides a thorough, step-by-step approach to securely closing and deleting your Robinhood account, ensuring a smooth transition to your preferred brokerage platform.
To-Do List BEFORE Deleting Your Robinhood Account
If you’ve decided you no longer want to use Robinhood, it’s crucial to follow specific steps to ensure you don’t have any issues or inconveniences. So, BEFORE to delete your Robinhood account, remember to:
- Close out all your positions – To do this, start by selling all your holdings, including stocks, options, and crypto assets – basically, the entire portfolio. You’ll need to have a zero balance before you can close your account. Also, you can consider transferring assets. If you plan to invest with another brokerage account, you can initiate an Asset Transfer Out (ATO) with Robinhood (which is like an account transfer). This lets you move your holdings to another platform without selling them first. You will need your Robinhood account number, Robinhood’s DTC number, which is 6769, and a request to the ACATS (Automated Customer Account Transfer Service) to transfer your entire portfolio.
- Withdraw your cash – Transfer any remaining cash in your Robinhood account to your bank account. As we already said, your cash balance must be zero. Check you don’t have any pending transactions or open tickets. To transfer your cash, tap the account icon at the bottom-right, access the three-line menu, navigate to Transfers, select your Robinhood account as the source, choose your bank account as the destination, enter the full cash balance, and tap Review to confirm.
- Download transaction history – This will be helpful when filing your tax documents. You can download your statements from Robinhood. To download your transaction history, access the Menu (three bars) or Settings (gear icon), navigate to Reports and Statements > Reports, select Generate New Report, customize the report by selecting the account type, start date, and end date, and then select Generate Report to download it.
Must Know BEFORE Deleting Your Robinhood Account
- Closing your Robinhood account is free – Fortunately, closing your Robinhood account incurs no fees. However, if you intend to transfer your holdings (stocks, options, crypto) to another brokerage, an Asset Transfer Out (ATO) fee may apply.
- You can still access your Robinhood account information after closing the account – Even after account closure, you can still access your historical data for tax purposes (if you didn’t download them. We highly recommend downloading them before closing the account).
- Robinhood Debit Card deactivation – Be aware that closing your Robinhood account also deactivates your linked Cash Management account. This, in turn, affects your Robinhood debit card, making it inoperable.
How to Delete a Robinhood Account in 2024: 2 Methods Easy to Follow
To assist you effectively and offer a solution for everyone, we will present two simple methods to delete or deactivate (call it how you want) your Robinhood account.
So, after you have followed the recommendations we have presented above, read the following options.
We recommend using the first method because it is quicker and achieves the same result as the traditional method outlined in method two.
Let’s get started!
Method 1 (The Easiest): Email Robinhood Customer Support to Request Account Closure
The simplest and most straightforward way to close your Robinhood account is by sending an email request. This method is quick and convenient, saving you the hassle of navigating through multiple steps on the app.
To proceed, use the email address you registered with Robinhood to compose a message. Address your email to [email protected]. In the subject line, write “Deactivate my account,” and repeat this phrase in the body of the email. Be clear and concise about your request to ensure there is no confusion.
Once you send the email, you can expect a prompt response from Robinhood’s Customer Support team. They will provide you with further instructions or necessary steps to complete the deactivation process. Follow their guidance carefully, and your account will be successfully deactivated in no time.
Method 2: Close Your Account Through the Robinhood App
Step 1. Connect to Your Robinhood Account within the App and Tap on Your Profile Icon
Open the Robinhood app on your smartphone or tablet. Once you’re logged in, locate your profile icon. It’s typically a silhouette of a person and is usually situated in the bottom right corner of the app’s main screen.
Tap on the profile icon. This will open your account menu, which displays various options related to your Robinhood profile.
Step 2. Select “Account Settings”
Within the account menu you accessed in Step 1, look for a section labeled “Account Settings.” This section will contain options for managing your account information and other related settings.
Tap on “Account Settings” to go to a new screen where you can view and edit various aspects of your Robinhood account.
Step 3. Initiate Account Deactivation
Once you’re in the Account Settings menu, look for an option labeled “Deactivate Your Account” or similar phrasing. Tap on it.
Step 4. Press the “Contact Support” Button
A new window will appear after you press the “Deactivate Your Account” button. In that window, tap on “Contact Support.”
Step 5. Copy the Robinhood Customer Support E-mail Address or Press the “Open Mail App” Button
Further, Robinhood will display the support email address directly within the app. From here, you have 2 options: simply copy the email address and proceed to your preferred email client to compose a new email requesting account deletion, or just tap on the “Open Mail App” button.
Step 6. Request Account Deletion
Once you’ve established contact with Robinhood support (via email or another method), clearly state your intention to close your Robinhood account.
You might be asked to provide additional information or confirm your identity for security purposes. Cooperate with any reasonable requests from Robinhood’s support team to ensure a smooth account closure process. And that’s it. The closing process for your new account or old account on Robinhood is complete!
FAQs
What is Robinhood?
Robinhood is a commission-free trading platform that enables users to buy, trade, and sell various financial instruments, including cryptocurrencies, stocks, ETFs, and more. With its user-friendly mobile app, Robinhood provides accessible investing opportunities, including features like fractional shares, allowing users to invest in stocks with smaller amounts of money.
How Long Does it Take to Close My Robinhood Account?
The timeframe for closing your Robinhood account typically ranges from 3 to 5 business days for the platform to process your deletion request. However, it’s essential to note that the process may occasionally take longer than anticipated. Factors such as account verification requirements or other administrative processes may contribute to variations in the closure timeline.
Does Robinhood Have a Cancellation Fee?
No, Robinhood does not impose a cancellation fee on its users. However, it’s always wise to carefully review the platform’s terms and conditions to ensure you are aware of any potential fees associated with closing your account or transferring your assets.
How to Recover Your Deleted Robinhood Account?
If you’ve deleted your Robinhood account and wish to reactivate it, the process varies depending on certain factors.
If you previously used the ACATS transfer and it’s been less than six months since deletion, you can simply submit a new application request.
However, if more than six months have passed since deletion, or if you didn’t use the ACATS transfer, you’ll need to follow a few steps.
First, confirm and update your profile information by logging into the Robinhood app, accessing your account settings, and updating your personal information, including your email address, residential address, and phone number. Reviewing your financial situation and brokerage information is also recommended during this step.
Additionally, consider adding a trusted contact if desired. Next, ensure your tax status is up to date by logging into your Robinhood account and confirming or updating your tax certification.
Finally, to reactivate your account, access the Robinhood app, navigate to your account settings, and select the option to reactivate your account. Once your account has been successfully reactivated, you will receive an email confirmation.
How to Transfer My Robinhood Account to Another Broker?
Transferring your Robinhood account to another brokerage is a relatively straightforward process. Begin by opening an account with the new brokerage where you wish to transfer your assets. Complete any transfer request forms provided by the new brokerage, ensuring that all required information is accurately provided.
Once the transfer request is submitted, you will need to wait for the transfer process to be completed, which typically takes a few days. Once the transfer is successfully processed and your assets are transferred to the new brokerage, you may choose to close your Robinhood account if desired.
Can I Use a VPN with Robinhood?
Yes, you can utilize a Virtual Private Network (VPN) while trading on Robinhood or any other digital trading platform.
Conclusion
Deleting your Robinhood account is a significant decision. Make sure you’ve thoroughly considered your reasons and have taken the necessary steps to withdraw your funds or transfer your holdings.
Remember, if you experience any difficulties during the account deletion process, contact Robinhood support for assistance.
