There are multiple reasons why you might want to close your Robinhood account. If you are changing to a different brokerage, there is one procedure to follow. If you just want to close your account without transferring it, there is another procedure. There is a way to retrieve your account records after you close your account.
Robinhood is a financial services company that assists with investing and trading. If you have a Robinhood account that you want to close, you can easily close it in the Robinhood app. There are a couple of different ways to close your account, depending on the reason you are closing it. Read on to learn more.
If you are closing your Robinhood account because you want to open an account with another brokerage, the best approach is to contact the new brokerage and ask to have your assets transferred out of your Robinhood account. The company will take care of the transfer for you, and Robinhood will close your account once the transfer is complete.
1. Open the Robinhood app.
2. Tap on the Account icon.
3. Tap on Settings.
4. Tap on Account Information.
5. Tap on Deactivate Account. You will be prompted to close your positions and withdraw any money you have with Robinhood.
6. Follow the prompts.
7. Confirm that you want your account deactivated.
Federal regulations require that Robinhood keep certain records, even after an account is closed. You will be able to get copies of these records from the Robinhood app, even after you have canceled your account. You do not need to activate your account again to do so.
If you have a problem while trying to close your account or trying to transfer your assets to a new brokerage, you can contact Robinhood's customer service for assistance. Robinhood has no customer service phone line or chat room. Your only option is to use the Robinhood help desk.
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