Robinhood enables you to trade exchange-traded funds, stocks and cryptocurrencies without paying any fees. If your Robinhood account has been closed, you can unfreeze it by visiting the Robinhood website and following the guidelines given in this article.
Robinhood is gaining popularity because of the variety of services it offers at an affordable rate. For instance, Robinhood not only allows you to trade in stocks and exchange funds but also enables you to pay for your bills using online checks. Most of the services Robinhood offers are free of charge, and this is what makes it user-friendly.
Another benefit of using Robinhood is that, unlike other brokers, you don't need to maintain an account minimum. Robinhood is also one of the few brokers that allows its users to trade in cryptocurrencies. The company also has a feature, introduced in 2021, that involves recurring investments.
Having a Robinhood profile helps you keep track of your investments. Your profile provides information about the percentage you've invested in cryptocurrencies, stocks and exchange-traded funds. It's also easy to monitor where your investments are concentrated and the amount of profit you've made in each area. To continue enjoying these services, you must have an active Robinhood account.
If your account has been closed, there are minimum requirements that you must meet to reopen it. Your account must have been opened after January 1, 2002, and it must meet anti-money laundering (AML) requirements. If you want to reopen a client or sub-account, you must have an open master account. Keep reading to find out how to unfreeze your Robinhood account.
Unfreezing Your Robinhood Account
If you want to unfreeze your Robinhood account, follow the guidelines below, or contact the Robinhood customer support team for more guidance.
1. Log into account management
2. You find an abbreviated menu in the account management section for your closed Robinhood account
3. Click on "Manage Account"
4. Tap on "Settings"
5. Select "Reopen Account" to display a reopen account page
6. Click on the link "Upgrade Trading Permissions." This allows you to update the products you wish to trade and the countries in which you wish to trade.
7. If your update contains incorrect information that indicates your account doesn't meet the trading experience and financial criteria for the products that you choose, Robinhood sends you an error message
8. You also receive a link to update this information with the correct details
9. Next, update your market data subscriptions by following the instructions displayed on the screen
10. If you completed the W-8 form more than four years ago, the form is expired and needs updating.
11. If this is the case, you receive a link to update the W-8. Click on it, submit the form and then return to the reopen account page
12. When you complete this process, you receive an email with a confirmation number
13. Enter this confirmation number on the required field on the screen
14. You then receive a confirmation that Robinhood has received your reopen account request and that the request is pending approval
In case you encounter problems during this process, you can request assistance from the Robinhood customer support team through live chat.
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