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How To Cancel Robinhood Account in 2020


Robinhood account closing fee. Cost and how to close brokerage investing or IRA accounts online. Robinhood app deletion, canceling fees.



Robinhood Account Cancellation Fee


Robinhood does not charge account closure fees for both joint or individual brokerage accounts.


Robinhood IRA Account Closing Cost


Robinhood does not offer non-taxable also known as IRA or individual retirement accounts at this time.


Robinhood Top Competitors




How To Transfer Robinhood Account


To learn how to transfer Robinhood account to another broker follow this link »


Instructions on How To Delete Robinhood Account


If you decide to close your Robinhood brokerage account, be aware that the firm requires a written request to do so. The broker also will not close an account unless it has a $0.00 balance.

So first, sell all your securities and then transfer the cash balance to your external bank account. You can do this using the broker's mobile app. Since Robinhood has $0 commissions, you don't have to worry about the liquidation process costing anything.

Once your account has a zero balance, send a closure request via e-mail to support@robinhood.com. It could take up to a week for the firm to complete the request.

Alternatively, the broker's mobile app has an account closure request form. In the Help menu, choose 'Contact Support'. Next, tap on 'My Account'. Finally, select 'Close my account'. Here you can type a quick message to request the closure of your trading account. Other brokers, such as TD Ameritrade, can be reached via on-line chat to submit a request. Robinhood unfortunately doesn't offer this type of service.

After your request is completed, tax documents, trade confirmations, and account statements will still be available through the Robinhood mobile platform. Deleting and then re-downloading the firm's mobile app will not reopen an account. If you decide you want to reactivate your Robinhood account after you close it, you'll have to apply for another one.

Robinhood does not charge anything to close a brokerage account. The firm doesn't offer Individual Retirement Accounts at this time, so there are no IRA fees to speak of.

There is a $75 account transfer fee when moving a securities account to another firm. This fee is quite a bit higher than the transfer fees charged by other brokers. Fidelity and TD Ameritrade, for example, charge nothing; while Merrill Edge traders pay only $49.95.

If you need any assistance during this process, you can reach a Robinhood associate during normal market hours, Monday through Friday, at 1-650-940-2700.


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Robinhood Overview


Robinhood has a very attractive pricing structure. They charge $0 trading fees for both buying and selling stocks. Some restrictions apply but almost all USA traded stocks are free to trade. They do note they charge the mandatory regulatory fees on sales of securities.

For margin users they offer a huge advantage. They charge a fixed monthly price for margin instead of charging interest. This can be a great advantage to active traders and those who invest regularly on margin. It will certainly be the most cost effective option for borrowing to invest in most cases. Obtaining a gold account, with the monthly fee, is required to get margin trading.

Their phone/tablet app is fast and very easy to use. Traders can view charts, news, and other data directly in the app and the trading interface works very well on a phone or tablet screen. It is a free app to download to signup and get started immediately. They do electronic transfers from your bank account(s) and also offer wires as a fee based option.

Robinhood currently offers a free share of a randomly selected stock if a referral link us used to sign up. They offer some instant deposit options which are great for getting started right away. It is a great platform for those simply wanting to invest in exchange traded stocks with simplicity and ease of use in mind.

They also offer free transfers to and from your bank account via ACH. This is great for withdrawing gains or injecting new investment capital. Gold accounts get a bonus of ongoing instant bank transfers for trading immediately if the account size qualifies. Being able to react to the market immediately versus waiting for a bank transfer is a great advantage.

For active traders the gold accounts (with margin) Robinhood offer instant settlement on trades. This allows traders to buy and sell as they see fit without restriction. This is a big advantage for day traders. Not being subject to T+2 settlement allows the investor to react to market changes without losing investable capital.


Robinhood Account Closing Fee


Investors receive instant transactions notifications on their phone or tablet when trades execute. This is a nice feature as the app does not have to be open and running at all times. This is an advantage of other brokerage houses that just send emails when trades execute. Investors can reinvest the capital in the next security more quickly.

Overall Robinhood is a great trading platform for investors wanting to invest purely in exchange traded funds and common stocks in the US market. Transactions costs are very low, the interface is intuitive, and the unique features give an investor many advantages over a traditional brokerage account. The signup process is paperless and 100% via their app eliminating a lot of waiting time and start trading in minutes.


Robinhood Account Closing Fee Disclaimer


For the most recent information on Robinhood account termination fee visit their website.