The Menlo Park, California-based Robinhood Markets, Inc. is an American financial services firm that, since March 2015, has offered a mobile app for trading stocks, ETFs, and cryptocurrencies without commission. Robinhood is a member of the Securities Investor Protection Corporation, is SEC-registered, and FINRA-regulated as a broker-dealer. In this article, we will be telling you how to delete an account in Robinhood step-by-step.
Steps To Delete Robinhood Account
Note: There is no charge to close your account at this time. Since Robinhood markets itself as a smartphone-first brokerage, using the platform is as simple as using the company’s mobile app.
- Access your Robinhood brokerage account. Proceed to your app’s login screen and enter your login details for Robinhood. To continue, click the account icon.
- Select “Account Details.”
- When you click the menu button, “Account Information” will pop up.
- Do as it says to do next by tapping there.
- Go to the Account Settings menu and click the “Deactivate Account” button.
To permanently delete your account, click the corresponding link. There are two primary criteria that you must meet before closing your Robinhood profile, and both will be displayed to you.
- You must liquidate all open positions and withdraw any remaining funds. Get rid of everything you have in your trading account, including specific stocks. For the same reason, you must have all of your money removed from the system and safely stored in a bank account before you may delete your profile.
- On the display, a few ticks will materialize.
- These must all be in the “green” to proceed with the process.
- Verify the Deactivation Request
As soon as you’ve finished the necessary steps, your account will be disabled.
The opportunity to delete your Robinhood account is only a tap away.
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How To Delete Your Robinhood Account On iOS
- Launch the Robinhood app on the mobile device you’re using. When you are on the home screen, locate the icon that looks like a person’s silhouette and is placed in the bottom right corner of the screen.
- Click on this icon to access your account. Simply select the three vertical lines that can be found in the top right corner (often called a “hamburger”).
- A screenshot of the profile for a Robinhood account on iOS, with a circle drawn around the Settings icon, which is represented by three horizontal bars and is located in the top right corner of the screen.
- The Menu screen can be accessed by tapping on the icon that looks like three horizontal lines.
- Click the Settings button after scrolling down.
- A screenshot of Robinhood’s Menu for iOS, with a box drawn around the opportunity to change the settings. You can access your settings by going to the menu for your account.
- Simply select the Account Information tab.
- A capture of the settings menu on the iOS version of Robinhood, with a circle drawn around the option to “Account Information.”
- On the screen that displays your account information, you will find a button that allows you to deactivate your account.
- To deactivate your account, scroll down and click the corresponding button.
A snapshot of the Account Information screen on the iOS version of Robinhood, with a checkmark next to the option to “Deactivate your account.”
- You can deactivate your account by clicking the button that is located at the very bottom of the page that contains your account information. Aly J. Yale
Choose to close your account.
- A capture of the “Close Your Account” screen on the iOS version of Robinhood, with a circle drawn over the “Close Account” button.
- It will first show you the image to the right, then it will ask you to verify that you really do wish to delete your account. The deactivation request will not be processed until three to five business days have passed.
What You Should Do Before Deleting Your Robinhood Account?
Before you may delete your account, you will first be prompted to make a decision regarding your assets, which are as follows:
You have the option of either selling all of your shares and closing all of your positions or transferring them to another brokerage account using a form provided by the Automated Customer Account Transfer Service (ACATS).
If you have already signed up for a debit card, you should cancel it.
You must withdraw all of the money from your account in order to bring it down to zero.
Just keep in mind that you run the risk of losing money if you sell the stock for a price that is lower than what you paid for it. If you do this, you could end up owing taxes on your capital gains, thus in most cases, transferring the asset would be the best choice.
Stein thinks that this will make it possible for investors to keep their investments while switching brokerages. They will then be able to devise the most effective plan for selling the shares and diversifying their holdings, assuming that this is their final objective.
Note: Before you make the decision to sell your holdings, you should first determine the possible amount of back taxes you may owe. The precise sum will be determined by the length of time that you kept onto the investments as well as your current income level. In this section, the IRS provides a breakdown of various taxes.