If you have finally realized that you are being charged much more on your Robinhood account for the services you are receiving and if you already have found a better alternative, then it is time for you to cancel your Robinhood account before they deduct more of your money.
For those who invest a lot in ETF and cryptocurrency, platforms like Robinhood are quite useful as they let the account holders get completely commission-free stock and other options. If you have been a frequent trader, you might also have signed up for a Robinhood account, and if you are planning to opt out of trading, it is better that you close your Robinhood account as well.
To cancel your Robinhood account, open the Robinhood app on your device and go to your profile page. Head to the Settings menu and go to the Account Information option where you will find the option to “Deactivate your account”. Select that option and that’s it.
To know more about canceling your Robinhood account and downgrading your Robinhood subscription to the app, you are required to keep reading this article.
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How Do I Cancel My Robinhood Account?
If you have finally decided to cancel your Robinhood account, there are a few things that you need to look into before taking this major step.
Make sure that you have sold all your shares and closed all the positions. If you do not exactly want to sell your shares entirely, you can also choose to transfer your shares to another brokerage account for which you will be required to an ACATS form.
If you have signed up for a debit card, make sure to close it as well. And also bring your account’s balance to Zero before closing your Robinhood account. You can transfer all the money over there out of the account.
Once you have ensured that you have taken care of all the things mentioned above, you are all set to get your Robinhood account canceled.
The procedure for getting your Robinhood account canceled might vary a little depending upon whether you are using an Android device or an iOS. But don’t worry, we have covered the procedure for both cases, you can check the one which is appropriate for you.
Canceling Your Robinhood Account On Android Devices
If you are using an Android device, here are the steps that you will be required to follow to cancel your Robinhood account.
1. On your Android device, launch the Robinhood application.
2. Log in to your respective account and head to your profile page by tapping the profile icon.
3. Look for the Settings menu with three horizontal lines and tap on it.
4. Now, click on the Settings option from the menu.
5. Select the “Account Information” option from the next menu.
6. Then, just scroll through the options to find the “Deactivate Your Account” option and select it.
That is it, once you do this, your account on Robinhood shall be deactivated.
Canceling Your Robinhood Account On iOS Devices
For iOS device users, here is a list of the steps that have to be followed if you want to cancel your Robinhood account.
1. Open the Robinhood application on your iOS device and log in to your account.
2. Select the account icon on the home screen present at the bottom right of the screen.
3. Next, tap on the three horizontal lines at the top right of the screen.
4. Scroll through the options to go to the Settings menu.
5. Tap on “Account Information” and look for the Deactivate Account option in the list.
6. Tap on “Deactivate Account” and then press the “Close Account” button on the screen.
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How To Cancel Robinhood Subscription?
If you do not want to completely deactivate your Robinhood account and just wish to cancel your ongoing subscription on the platform, then you just need to go through a few simple steps that will do the work for you.
First, open Robinhood and log in to your account. Then, head to the Help menu where you will find the “customer support” option, and select it.
Next, you have to tap on the “My Account” option where you will see the option to “Close my account”. Choose this option and follow up as directed to opt out of your current subscription on Robinhood.
How To Downgrade From Robinhood Gold Subscription?
If you are a member of the Robinhood Gold subscription and you wish to downgrade it, then you can simply go through a few easy steps that are mentioned right below.
1. First, open the Robinhood app on your device, or you can also head to their official website.
2. Log in to your respective account.
3. Choose the “Robinhood Gold” option under your Account Settings menu.
4. Here you will find the option “Downgrade from Gold” select it and you are done.
That’s how simple it is to downgrade your Robinhood Gold subscription on the app.
Is There A Fee For Closing Robinhood Account?
Robinhood doesn’t charge its users any fee for closing their accounts. Apart from that, you are also not charged any kind of fee when you open an account on Robinhood or maintain your brokerage account on the app.
Can I Withdraw All My Money From Robinhood?
If you wish to withdraw money from your Robinhood account, you will be allowed to withdraw a maximum of $50,000 to the bank account that you have linked with your Robinhood account. Per day, you are eligible for an instant transfer of $5000 from Robinhood.
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Can I Delete My Robinhood Account And Make A New One?
Once you close your account on Robinhood, you will not be able to reopen the same, however, you can have access to all of its documents. as for opening a new account, yes, you are definitely allowed to create a new account for which you will be required to go through the entire application process once again.
Wrapping Up
We hope that with the help of our guide, you will neither have any trouble deleting your Robinhood account nor canceling your Robinhood subscription. If there is any other subscription or membership that you would like to cancel, let us know in the comments so that we can help you out before you are charged for another billing cycle.