How to Delete Robinhood Account – Step by Step Guide
Steps to Close Your Robinhood Account
Closing your Robinhood account is a straightforward process that can be completed in a few simple steps. Before you begin the account closure process, it’s important to sell or transfer any stocks and cryptocurrencies, and withdraw any remaining balance. This will ensure a smooth transition and prevent any potential issues during the deactivation process.
Sell or Transfer Your Stocks and Cryptocurrencies
The first step in closing your Robinhood account is to sell or transfer any stocks or cryptocurrencies you currently hold. If you have stock positions, you can either sell them directly through the app or transfer them to another brokerage. For cryptocurrencies, you’ll need to sell them or transfer them to an external wallet.
To sell your stocks:
- Navigate to the stock’s detail page
- Tap “Trade”
- Select “Sell”
- Enter the number of shares you want to sell
- Review and confirm the order
To transfer your cryptocurrencies:
- Tap the cryptocurrency you want to transfer
- Select “Transfer to Wallet”
- Enter the recipient’s wallet address
- Review and confirm the transfer
Withdraw Your Remaining Balance
Once you’ve sold or transferred your assets, the next step is to withdraw any remaining funds from your Robinhood account. It’s essential to ensure your account has a zero balance before proceeding with the deactivation process.
To withdraw your remaining cash:
- Tap the “Account” icon in the bottom-right corner
- Select “Transfers”
- Choose “Transfer to Your Bank”
- Enter the amount you want to withdraw
- Review and confirm the transfer
Close Any Open Positions
Before you can deactivate your account, you must close any open positions, including limit orders or pending transactions. This step is crucial to avoid any potential issues during the account closure process.
To close open positions:
- Navigate to the “Account” tab
- Select “History”
- Review any open orders or pending transactions
- Cancel or modify the orders as needed
Deactivate Your Account in the App
Once you’ve completed the previous steps, you’re ready to deactivate your Robinhood account. This process is done directly through the app and requires a few simple taps.
To deactivate your account:
- Tap the “Account” icon in the bottom-right corner
- Select “Settings”
- Scroll down and tap “Deactivate Account”
- Follow the prompts to confirm the deactivation
Transferring Assets to Another Brokerage
If you prefer to transfer your assets to a new brokerage instead of selling them, you can initiate an ACATS (Automated Customer Account Transfer Service) transfer. This process allows you to move your stocks and other assets directly to another brokerage without having to sell them first.
Initiate an ACATS Transfer
To begin the ACATS transfer process, you’ll need to contact your new brokerage and provide them with your Robinhood account information. They will then initiate the transfer on your behalf.
Information you’ll need to provide:
- Your Robinhood account number
- Your Robinhood account type (e.g., individual, joint)
- The assets you want to transfer (e.g., stocks, options, cash)
Transferring Your Cryptocurrency Holdings
Unfortunately, ACATS transfers do not support the transfer of cryptocurrencies. If you hold any crypto assets in your Robinhood account, you’ll need to transfer them to an external wallet before closing your account.
To transfer your cryptocurrencies:
- Tap the cryptocurrency you want to transfer
- Select “Transfer to Wallet”
- Enter the recipient’s wallet address
- Review and confirm the transfer
Completing the Transfer and Account Closure
Once your new brokerage initiates the ACATS transfer, Robinhood will process the request and transfer your assets. This process typically takes 5-7 business days to complete. Once the transfer is finished, your Robinhood account will be automatically closed.
| Asset Type | Transfer Method |
|---|---|
| Stocks, Options, ETFs | ACATS Transfer |
| Cryptocurrencies | External Wallet Transfer |
| Cash | Included in ACATS Transfer |
Closing Your Robinhood Cash Management Account
If you have a Robinhood Cash Management account linked to your brokerage account, you’ll need to close it separately. This process involves withdrawing any remaining balance and deactivating your associated debit card.
Withdrawing Your Cash Management Balance
Before you can close your Cash Management account, you must withdraw any remaining funds to ensure a zero balance. You can transfer the money to your linked bank account or use your Robinhood debit card to make purchases until the balance reaches zero.
To withdraw your cash balance:
- Tap the “Account” icon in the bottom-right corner
- Select “Transfers”
- Choose “Transfer to Your Bank”
- Enter the amount you want to withdraw
- Review and confirm the transfer
Deactivating Your Robinhood Debit Card
Once you’ve zeroed out your Cash Management balance, you can proceed with deactivating your Robinhood debit card. This step is necessary to complete the closure of your Cash Management account.
To deactivate your debit card:
- Tap the “Account” icon in the bottom-right corner
- Select “Cash Management”
- Tap “Debit Card”
- Choose “Deactivate Card”
- Follow the prompts to confirm the deactivation
Accessing Account Information After Closure
Even after closing your Robinhood account, you may still need access to certain information for tax purposes or record-keeping. Fortunately, Robinhood allows you to view and download historical account statements, tax documents, and trade confirmations even after your account is closed.
Viewing Historical Account Statements
To access your historical account statements:
- Log in to your closed Robinhood account
- Tap the “Account” icon in the bottom-right corner
- Select “Statements”
- Choose the statement you want to view or download
Retrieving Tax Documents
Robinhood provides various tax documents, such as 1099 forms, which you may need when filing your taxes. These documents remain accessible even after your account is closed.
To retrieve your tax documents:
- Log in to your closed Robinhood account
- Tap the “Account” icon in the bottom-right corner
- Select “Tax Documents”
- Choose the document you want to view or download
Accessing Trade Confirmations
If you need to review your past trades or access specific trade confirmations, you can do so through the app or by contacting Robinhood support.
To view your trade confirmations:
- Log in to your closed Robinhood account
- Tap the “Account” icon in the bottom-right corner
- Select “History”
- Tap on a specific trade to view the confirmation details
In summary, closing your Robinhood account is a multi-step process that involves selling or transferring your assets, withdrawing remaining funds, and deactivating your account through the app. By following these steps and ensuring a zero balance, you can successfully close your Robinhood account while still maintaining access to important historical information for tax and record-keeping purposes.
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