Have you ever wanted to close your Robinhood account? Maybe you’re dissatisfied with the service and want to try something else. Whatever the reason, closing your Robinhood account is easy—you just need to follow the correct procedure. “Well, in this guide, I’m gonna show you how to deactivate your Robinhood account step-by-step. And also show you some things that you should look out for to make sure that you don’t get charged a fee when you go to close your Robinhood account.
If you are going to switch to another brokerage to start investing, you might wanna consider Webull. They are actually offering four free stocks when you open up an account. Now keep in mind that. To get the free stocks, worth up to $1,600. You do need to deposit at least $100 the first time that you deposit money in the account. So keep that in mind.
Why You Want To Deactivate Your Account Or Want To Move On A Different Platform?
After Robinhood made the decision to restrict people from buying certain stocks. Including AMC, GameStop, Nokia, Blackberry, and others. People are looking to buy their stocks on other platforms. And I really think this decision by Robinhood could really come back to hurt them.
Things To Remember Before Deactivating Your Account
The first thing you have to do to actually deactivate and close your account. You have to settle all of your shares and close all of the positions. You have to actually do that and get them sold off before you can continue with the process.
After you do that, the next thing you have to do is zero out your account balance. So once you sell your stocks, you will have to withdraw all of your money from the account. So you can get that balance to zero. And then after that, you’ll be able to actually deactivate your account.
How To Deactivate Robinhood Account
Follow the steps to deactivate your account:
- Open up your app.
- Go ahead and tap on the profile tab at the bottom right.
- Scroll down and tap on Settings.
- And then the very top, you see account information. So go ahead and press on that.
- Go ahead and scroll down to the very bottom. And you’ll see “deactivate account.” So tap on that.
- Once you transfer out all your assets from Robinhood. Then Robinhood will close out your account.
In total it may take up to a week’s time if you need to wait for your money to be able to transfer to your bank account. Then contacting Robinhood support. You see it’s pretty easy and it only takes a few clicks to be able to deactivate your account right from the app.
Note: There are a couple more steps that you have to go through.
How To Transfer Your Account To A Different Brokerage?
Well, instead of deactivating your account. You can transfer your money from Robinhood to another investment brokerage as well.
If you want to transfer your account to another brokerage. You have to choose where you’d like to transfer your account. So you would log on to that specific brokerage and start the transfer process. Now, whatever new brokerage you’re gonna go to. What they’ll do is, they will ask you for a lot of your account information for Robinhood so they know who to contact. And then they will start the process for you.
Now, one thing to keep in mind. If you submit a request to the brokerage to have your assets transferred out. It involves a transfer fee when you transfer your stocks to another brokerage. You’re actually going to get charged a $75 fee to transfer assets out of Robinhood.
You’re not gonna get charged a transfer fee if you just sell all of your stocks and withdraw the money into your bank account. But you will get charged that $75 if you try to move the money from Robinhood to another brokerage account without actually selling your stocks. So keep that in mind.
Also Read: How To Delete Lyft Ride History?
Is It Possible To Delete Robinhood Account and Open Another One Right After?
You can close your Robinhood account and open a new one at any time. This means that if you’re dissatisfied with the service, you can close your account and open a new one with different details. You can only have one Robinhood account at a time.
I hope this article helps you understand the process to deactivate your Robinhood Account. If you have any doubt let me know in the comments below!