Robinhood is one of the most popular trading platforms in the world, primarily due to low fees and a highly streamlined user experience. However, there might come a time when you don’t need your Robnihood account anymore or simply want to explore what other brokers have to offer.
This article will provide a comprehensive step-by-step guide on securely closing and deleting your Robinhood account.
Key highlights:
- Before closing your Robinhood account, withdraw your cash balance to your bank account or transfer your portfolio to another brokerage platform.
- The process of closing a Robinhood account is very simple, requiring you to log in to your account and deactivate your account from settings.
- You can consider picking another trading platform if you don’t want to use Robinhood anymore.
What you need to do before closing a Robinhood account
Before closing your Robinhood account, ensure that you have withdrawn all your funds from the platform. Also, check that you don’t have any pending transactions or open tickets. A common option is to sell your securities and transfer your funds to a bank account.
Another option is to transfer your assets to another brokerage account. Robinhood provides a partial account transfer (allowing you to transfer just a part of your portfolio to another broker), and a full account transfer, which puts your account on hold and transfers your entire portfolio to another brokerage platform.
If you want to switch Robinhood to another brokerage account, you might want to test out eToro, which is one of the best trading platforms for CFDs, forex, stocks, and other investments.
How to close your Robinhood account?
In the following sections, we are going to showcase how to delete a Robinhood account. When you delete your account, you cannot reaccess it, as your account will be permanently closed. So make sure you don’t have any tickets open and your account balance is zero.
For the purposes of this guide, we’re showing how to close a Robinhood account using a mobile app. Keep in mind that the process is virtually the same when using a desktop browser.
Step 1: Log in to your Robinhood account and open your profile page
After logging in to your account, click on the profile icon in the bottom right corner to open your profile page.
Step 2: Open side menu
Click on the hamburger icon in the top left corner to access additional options.
Step 3: Open Settings
Scroll down to the “Settings” section and click on it.
Step 4: Deactivate your account
Click on the “Deactivate your account” button if you are ready to close your Robinhood account.
The bottom line: Make sure to withdraw your funds before deleting the account
You can easily delete your Robinhood account by following the staples outlined in this guide. Please note that Robinhood account deletion is permanent and irreversible. Once you’ve completed the account deletion process, your account cannot be recovered, and you cannot use any of its associated services. However, you can open a new account at any time.
If you are thinking about moving your portfolio from Robinhood to another broker, check out our selection of the best algorithmic trading platforms. Conversely, if you want to trade bonds, explore the best bond trading brokers.
Source: https://coincodex.com/article/37171/how-to-close-robinhood-account/