delete a robinhood account

Get rid of Robinhood: How to delete your Robinhood account in 2024

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PUREVPNGuidesGet rid of Robinhood: How to delete your Robinhood account in 2024

Have you experimented enough with Robinhood and want to move on? Well, there are various options available in the digital market today. Or you could take a break from trading altogether. 

And to manage either, you must bid farewell to your Robinhood account. This guide will walk you through everything you need to know to permanently delete your Robinhood account while ensuring your network remains secure from cyber attacks.

Reasons Why You Might Want to Close Your Robinhood Account

You might have different reasons to close your Robinhood account, some of the common reasons are:

Dissatisfaction: If you’re not satisfied with Robinhood’s platform, tools, or customer service, it might be time to explore alternatives that better meet your needs.

Investment Diversification: If you want to diversify your investment portfolio or prefer more sophisticated investment options, a different brokerage with a broader range of assets could be a better fit.

Risk Tolerance: As risk tolerance evolves, another brokerage may offer more advanced risk management tools and strategies.

Account Maintenance or Compliance: If your account becomes inactive or you no longer wish to maintain it, closing it can save you from unnecessary account fees. Changes in your residency, citizenship status, or tax implications may require you to use a different brokerage or close your account.

Let’s get right into it: 

What should you know before deleting your Robinhood account?

Deciding to delete your Robinhood account can be crucial, so it is better not to rush into it. We have accumulated everything you must know before permanently deleting your Robinhood account. Take a look:

  • You can use your Robinhood app to delete your account.
  • It may take up to 3-5 business days for Robinhood to delete your account permanently.
  • To delete your account, you must sell your holdings, close all positions, and withdraw any remaining funds from your account.
  • You can also submit a request to transfer your stocks/holdings to some other brokerage.
  • Your account balance must be $ 0.00.
  • Deactivating or deleting your account is completely free.
  • To transfer your holdings via ACATS, you must pay a one-time fee of $ 100.
  • You must also close your debit card if you previously signed up for one.
  • Once you delete your app, you will still be able to view tax documents, account statements, etc.
  • You can recover your Robinhood account after deleting it.

How to delete your Robinhood account – Step-by-step

So, if you have made up your mind about leaving this chaotic world of digital trade, you can finally bid farewell to Robinhood. Here are detailed steps to delete your Robinhood account on different devices:

Using iPhone or Android

  1. Open your Robinhood app.
  2. Click on the account icon in the bottom-right corner of the screen.
  3. Tap on the hamburger menu ( three horizontal lines) in the top-right corner.
  4. Click on Settings.
  5. Under Account, tap on Account Information.
  6. Now click on Deactivate your account.
  7. You must complete the task list before submitting your request.
  8. Tap on Deactivate/Close account.

Transfer holdings to another Brokerage 

  1. Open your Robinhood app.
  2. Click on the account icon [person icon].
  3. In the top-right corner of your screen, tap on the hamburger menu (three horizontal lines).
  4. Click on Investing.
  5. Note down your account number, visible at the top of the screen.
  6. Provide information to your new brokerage to initiate a transfer request.
  7. You must provide your Robinhood account number, and DTC number [ 6769].
  8. Also, request an ACATS transfer [Automated Customer Account Transfer Service] of your portfolio.

Does Robinhood Have a Cancellation Fee?

No. Robinhood will not charge you anything as a cancellation fee. However, it is always a better idea to review their terms and conditions for any potential fees related to account closure or transfer of assets.

How to recover your deleted Robinhood account 

Unlike other digital platforms, Robinhood has well-defined policies if you want to reactivate your account after deletion. 

  • If you used ACATS transfer and 6 months have not yet passed, you can simply submit a new application request. 
  • But if more than 6 months have passed or you did not use the ACATS transfer, you can follow the steps provided below.

There are 3 main steps here:

Confirm profile information

  1. Open your Robinhood app.
  2. Click on the account icon [person icon].
  3. In the top-right corner of your screen, tap on the hamburger menu (three horizontal lines).
  4. Click on Settings > Personal Information.
  5. Update your profile information and enter your email address, residential address, and phone number.
  6. Tap on the Investor profile.
  7. Review your financial situation, brokerage information, and investing needs 
  8. Lastly, you can add a trusted contact if you want.

Confirm tax status

Log in to your Robinhood account and confirm and update your tax certification here.

Reactivate account

  1. Open your Robinhood app.
  2. Click on the account icon [person icon].
  3. In the top-right corner of your screen, tap on the hamburger menu (three horizontal lines).
  4. Click on Settings > Reactivate Account.
  5. You will receive an email, once your account is reactivated

How to Transfer My Robinhood Account to Another Broker?

To transfer your Robinhood account to another brokerage is simple:

  • Open an account with the new broker.
  • Complete their transfer request forms.
  • Await the transfer process, which typically takes a few days.
  • Verify the successful transfer and consider closing your Robinhood account.

Enjoy more secure digital trade with PureVPN and PurePrivacy

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PureVPN can be a great help if you are looking for a reliable Robinhood VPN to manage your network security. It will allow you to enhance network security and prevent hackers and scammers from getting their hands on your digital funds.

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Frequently asked questions

What is Robinhood?

Robinhood is a 100% commission-free trading platform where you can buy, trade, and sell cryptocurrencies, stocks, EFTs, and more. It offers features like a user-friendly app, accessible investing, fractional shares, and more.

Is it free to close your account on Robinhood?

It depends. If you want to simply delete your account by selling your holdings or by transferring them to your bank account, then you will not be charged. But, if you transfer your holdings via ACATS, you must pay a one-time fee of $ 100.

How long will it take to close my Robinhood account?

It will generally take around 3-5 business days for Robingood to process your deletion request, however, it can take longer as well. 

Can I use a VPN with Robinhood?

Yes, you can use a VPN to trade more securely on Robinhood or any other digital trading platform. Using a VPN, like PureVPN, ensures that your network remains protected against any kind of data breach.

How can I delete my Robinhood account?

You can delete your Robinhood account by logging in to your app and tapping the account icon. Now navigate through Settings > Account Information > Deactivate your account. Complete the task list and select Deactivate/Close account.

Can You Still Access Information from a Closed Account?

Yes, you can. Even after closing your Robinhood account, you can access essential documents such as account statements, tax forms, and trade confirmations within the app. 

Conclusion

If you are done with digital trade for now, you can proceed to delete your Robinhood account. The good thing is that getting your account back is just as easy if you change your mind later. 

But, whether you choose to remain in the digital trade scene or not, ensure that your network remains protected against any security threats and cyberattacks.

Use PureVPN to encrypt your network traffic and protect your assets and data against vicious scammers!

author

Sameed Ajax

date

January 1, 2024

time

5 months ago

6-Feet Tall Tech writer.

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