This article was originally published on https://techafforda.com/how-to-delete-robinhood-account/
If you have been trading for a while then I’m very sure that you have come across an app called Robinhood. And since you are here reading this article, then that means there’s a high probability that you already have an account created with it.
Also, as we all know Robinhood has been under a lot of fire ever since the Gamestop debacle.
And for those of you who don’t have any idea about what had happened. Let me brief you. Basically, Robinhood which markets itself as the literal ‘Robinhood’ of the stock market restricted many stocks from being bought and sold. The company allegedly engaged in ‘manipulation of the stock market’ to protect other institutions. This is highly illegal and corrupt. This in turn led to millions of dollars in losses as users weren’t able to sell these stocks. Anyway, that was the crux of it. Also, let me make it clear that I never installed the app. But for those of you who were unfortunate enough to install this app. And worse so, create an account with it, then you are in the right place. I will take you through step by step as to how you can delete your Robinhood account.
Deleting Your Robinhood Account Has Never Been Easier, Just Follow These Steps
Step 1. Launch the Robinhood app on your Android or IOS phone and tap on your account icon which should be at the bottom right of the app.
Step 2. Now navigate to ‘settings’ and search for an option called ‘Deactivate account’.
Step 3. Once you tapped on the ‘Deactivate account’ button. You will see a bunch of steps that you must first follow before you can close or delete your account.
So here’s what you do:
Step 1. You need to sell all of your shares and then close any positions that are open on your account.
Step 2. Withdraw all the funds within your Robinhood account so your Robinhood account balance becomes zero.
Step 3. Once you are done with these prerequisites, you can now contact support and proceed to close your account.
If you followed all of the steps above, then you have successfully deleted your Robinhood account.
Now, if you are having second thoughts about deleting your account because you have some options open or you don’t want to sell your shares. But at the same time, you feel like you don’t want to deal with Robinhood anymore then I can definitely understand where you are coming from. This is why there’s an even better alternative.
And if you hadn’t already figured it out then I’m talking about transferring your account to another brokerage.
How to transfer your Robinhood Account to another brokerage?
Here’s the answer, it’s called filling out the ACAT form. It’s an abbreviation to “Automated Customer Account Transfer Service”. It’s a very straightforward process.
Simply go to your new brokerage, or their website, or app whichever is more convenient for you and fill out the ACAT form. After this, all of your holdings will be moved from your Robinhood account to your new brokerage firm. And it’s as simple as that. And the best part is you don’t need to open Robinhood during any of this process.
Do I have to pay a transfer fee?
Yes, you need to pay a transfer fee of $75 when you transfer your Robinhood account. This fee is substantially higher than the alternatives out there which usually revolves around the $50 mark.
How long does it take for my Robinhood Account to transfer?
Typically, an ACAT request should go through within 4 to 6 business days.
Are there any perks of transferring my account?
Well yes, of course.
Most brokerage firms have many promotional rewards for new account openings. And same is true for transferring funds from one broker to another. You get free money essentially if you opened the account with the right promotional links and these should be there on their website as well as part of some offer or campaign. But in most cases, expect some kind of welcome gift when you open a new account in these brokerage firms.
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Some important things to keep in mind before you delete your Robinhood Account.
If you have any other queries or concerns related to how to delete your Robinhood Account then the following section should answer most of it for you.
Do I still get access to important documents in Robinhood after deactivating the account?
You will still be able to access important documents even after you deactivate your account. This is necessary because you will eventually need those documents when you file your tax or any other tax-related work. The account statements and any previous transactions will also be saved for you. Although keep in mind that once deactivated, you cannot trade on this account again.
Is there any cancellation fee when I delete my Robinhood account?
No, there is no closure fee for Robinhood when you close your account. It’s free and there are no hidden charges added to it. Be it an individual account or a joint account, there is no closure fee for deactivating or deleting your Robinhood account.
Alternatives to Robinhood
There are tons of stockbrokers out there who provide great service at low costs. These brokerages also provide many additional features and perks. To name a few, we have TD Ameritrade which is by far one of the best stock broking platforms out there. And it’s not us who says that, experts from StockBrokers, NerdWallet, and The Motley Fool all agree to the statement.
Other alternatives include Allyinvest and Betterment. You can even check out Cash App which is great for beginners as it doesnt charge any commissions on trades just like Robinhood. It also makes it easy to trade in Bitcoins using the app. Overall, there’s an endless number of possible alternatives to Robindhood. And should you finally decide to delete your robinhood account altogether or transfer your account to another player. You can rest assured knowing there are other platforms out there as well.
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Robinhood is one of those companies that just can’t seem to get a break from controversy. You will find them in news headlines and memes all year round. And I don’t know if it is a business tactic (publicity stunt) or blatant arrogance or just plain lack of judgment but they seriously need to fix how their organization works.
And their most recent debacle has essentially put the final nail in the coffin for them.
This is why it has become the need of the hour to know how to delete Robinhood account.
They were bombarded with hundreds of thousands of negative reviews and people were leaving the app and deleting their robinhood accounts on an unprecedented scale. Until they fix their underlying issues, all we can do is deactivate our account or find a better alternative.