How to Delete or Close Robinhood Account?

If you’ve decided to move on from the Robinhood trading platform, deleting your account is a straightforward process. Here’s a step-by-step guide to help you close your account permanently.

Before You Begin Deleting Your Robinhood Account?

• Settle Outstanding Balances: Ensure you have a zero balance in your Robinhood account. Withdraw any remaining funds to your bank account.
• Close Open Positions: Sell any stocks, options, or cryptocurrency holdings you still have within your account.
• Consider a Transfer: If you want to switch to a different brokerage, you can initiate an account transfer instead of selling your assets. Most brokerages handle this process for you.

How to Delete or Close Your Robinhood Account?

1. Open the Robinhood app on your mobile device or access it through a web browser.
2. Tap the account icon (often a person silhouette) and then tap “Settings.”
3. Select “Account Information.“
4. Scroll down and locate the “Deactivate Account” option.
5. Robinhood will guide you through any remaining steps needed to prepare your account for closure.
6. You’ll likely be asked to confirm the account closure. Once confirmed, the process is initiated.

Notes: Deleting your Robinhood account is irreversible. Once closed, you cannot reopen it. Robinhood is legally required to retain certain account information for regulatory purposes even after closure. Some brokerages might implement a short waiting period before the account deletion is finalized.

Why People Delete Robinhood Accounts?

There are several reasons why someone might delete their Robinhood account:

• Switching Brokerages: Users may find better features, customer service, or investment options on a different platform.
• Dissatisfaction with Robinhood: Recent controversies might have led to a loss of trust in the platform.
• Changing Investment Styles: Robinhood is known for its ease of use, but some investors might want a brokerage with more robust tools and research options as they become more experienced.

Deleting your Robinhood account is a significant decision. Ensure you’ve carefully considered your reasons and taken the necessary steps to withdraw funds or transfer holdings. Remember, this action is irreversible. If you encounter any issues deleting your Robinhood account, don’t hesitate to reach out to their customer support for assistance.