If you are interested in the stock market, then chances are you have a Robinhood account to manage your investments.
Robinhood is now considered a firm favorite among new investors, as it records potential investments and provides stock market advice.
However, Robinhood (see also ‘How To Add Money To Robinhood Without Bank Account‘) has also become a controversial name in the business world, as it has been known to trick users and advise them to make riskier trades.
Because of this, there are those who want to remove themselves from the platform and seek out other advice.
To delete a Robinhood account, you can follow the instructions outlined below, which are compatible with both android and ios devices.
Where To Start?
Prior to the deletion process, you will need to handle any investments still active on the main site.
For example:
- Sell main shares and close all positions – however, it is also possible to transfer the shares to another account with an automated customer account transfer service form.
- Shut down Robinhood debit card.
- Relocate all the money in the account and bring your overall balance back down to $0.
If you choose to sell your shares, it is important to remember that you could lose money if the stock sells for less than the purchase amount.
In this situation, you could owe capital gains taxes, which is another reason to move the shares to an alternative branch before selling them on. You will also need to calculate the taxes you owe before you decide to sell, as the exact amount will depend on your income and how long the investments were in your name.
How To Delete Robinhood Account (On iOS)
If you want to delete your Robinhood account on ios, then you can follow the instructions below:
- Switch on your smartphone and locate the Robinhood app. Open the application and from the home screen access the account icon – this is located in the bottom right-hand corner and should look like a human silhouette.
- Once the account has been opened, you will need to click on the three lines in the top corner -otherwise known as the hamburger icon.
- This action will result in a selection of options, which you will need to scroll through until you can locate the settings tab.
- Once you have opened the settings tab, locate the account information option and access it.
- From here, you will find a deactivation button at the bottom of the page, which you will need to select.
- Once selected, you will be asked to confirm your decision. Select the close account button and close the app.
Note: After the account has been deactivated, it can take three to five business days for the account to be permanently closed.
How To Delete Robinhood Account (On Android)
If you want to delete your Robinhood account on android, then you can follow the steps below:
- Switch on your smartphone and locate the Robinhood app. Open the application and from the home screen access the account icon – this is located in the bottom right-hand corner and should look like a human silhouette.
- Once the account has been opened, you will need to click on the three lines in the top corner – otherwise known as the hamburger icon.
- This action will result in a selection of options, which you will need to scroll through until you can locate the settings tab.
- Once you have opened the settings tab, locate the account information option and access it.
- From here, you will find a deactivation button at the bottom of the page, which you will need to select.
Note: After the account has been deactivated, it can take three to five business days for the account to be permanently closed.
Does Deleting A Robinhood Account Cost Money?
When it comes to the deletion of your Robinhood account, the overall process should be free. This is especially true if you are able to sell your shares and transfer the funds to another account.
However, if you are unable to do this, you could lose any funds you have acquired, as you will be unable to access the account once it has been deactivated. It is also important to note that when you transfer the holdings via an automated customer account transfer service form, there will be an additional charge of $75.
What Will Happen To The Account Records?
For legal purposes, Robinhood will need to hold onto the account records even after it has been deactivated, this includes statements, trade confirmations, tax documents, and much more.
Because of this, you will still be able to access your account records with the help of the Robinhood app. It is important to note that using the app will not reactivate your account, which means you can still use it without issue.
How Do You Transfer Assets To Another Branch?
If you want to delete your Robinhood account, then you will need to transfer any active assets to another brokerage, which can be initiated using an automated customer account transfer service form.
To do this, you will need to provide them with your account number, which should be stored under the account information tab. It is important to remember that crypto holdings cannot be transferred to other brokerage accounts, as the assets will need to be liquidated and then transferred to the new account.
How Long Does It Take To Delete A Robinhood Account?
As previously mentioned, you will need to liquidate or transfer your holdings before you can delete your Robinhood account, which can take some time. Once your assets have been secured and you have requested the deactivation, it should take anywhere from three to five business days for the account to permanently close.
Final Thoughts
When it comes to deleting your Robinhood account, you will need to set your affairs in order first. This means selling your shares or transferring them to another account before completing the deactivation.
During this process, you could find yourself owing capital gains, as well as transfer fees (see also ‘How To Transfer Stocks From Robinhood To Webull‘) and other costs.
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