Robinhood has become one of the most popular trading platforms since its launch in 2013. Its commission-free trades and easy-to-use mobile app have made it a favorite among millennial investors.
However, there are several reasons why you may want to know how to delete Robinhood account. Perhaps you want to switch to another brokerage that offers more features. Or maybe your trading needs have changed and Robinhood no longer fits your style. Inactivity can also be a trigger – if you haven’t used your account in a while, closing it makes sense.
Whatever the reason, deleting your Robinhood account is a bit more complex than simply closing the app. Robinhood gives you two main options: deactivating or fully deleting your account.
Deactivating pauses trading and removes your info from the app, but keeps your account on file with Robinhood. Deletion, on the other hand, completely closes your account and initiates the process of erasing your data.
In this guide, we’ll explore the step-by-step process for both deactivation and deletion. We’ll also cover how to properly transfer your assets to a new brokerage before closing your Robinhood account.
How To Delete Robinhood Account: Step-by-Step
Deleting a Robinhood account involves two stages – first deactivating your account, and then contacting support to request permanent deletion. Here is the process for each:
2.1 Deactivating Your Account
Deactivating your Robinhood account is straightforward to do through the app or website:
- On the app, go to the account menu and tap “Deactivate Account”
- On the website, click the account icon, select “Account Details”, and click “Deactivate Account”
- Robinhood will show a message confirming deactivation – click “Continue”
- Your account is now deactivated and you are logged out
Deactivation cuts off access to your account and prevents any further trading. However, Robinhood will retain your personal information and account history on file.
To fully delete your Robinhood account, you need to take the additional step of contacting customer support.
2.2 How to Delete a Robinhood Account Permanently
To permanently delete your Robinhood account, follow these steps:
- Withdraw all cash and assets – liquidate any stocks or cryptocurrencies
- Formally close any open options contracts and orders
- Go to Robinhood’s Contact Us page and select “Account Deletion Request”
- Explain that you want to permanently delete your Robinhood account
- Provide your account details – username, full name, email
- Request written confirmation once your account has been deleted
Robinhood states that account deletion can take up to 10 business days. They may also retain some personal data as required by regulators and laws.
Key Things to Know
- Withdraw everything before requesting deletion
- Formally close all positions and orders
- Get deletion confirmation in writing from Robinhood
- Some data may still be retained for legal reasons
By properly deactivating and deleting your Robinhood account, you can ensure it is permanently closed and your assets are transferred out.
Transferring Your Assets to Another Brokerage
Before deleting your Robinhood account, it is wise to transfer any remaining stocks, cryptocurrencies, or cash to another brokerage. This avoids having your assets stuck in limbo during the deletion process.
There are several benefits to transferring rather than liquidating and withdrawing:
- Maintains your portfolio and cost basis
- Avoids fees and charges from selling
- Quicker process compared to withdrawals
Follow these general steps to transfer assets out of Robinhood:
- Choose your new brokerage account
- Initiate asset transfer process from that brokerage
- Provide Robinhood account details when prompted
- Double check transfer fee amounts and details
- Wait for transfer confirmation notifications
Some popular brokerages that Robinhood users transfer to include:
- Fidelity – Great educational resources and fractional shares
- Charles Schwab – Excellent research tools and banking integration
- Webull – Similar mobile app experience as Robinhood
- Merrill Edge – Strong trading platforms and account management
Every brokerage charges different transfer fees – make sure to compare these costs before initiating the process. Transfers can take 1-2 weeks to fully complete in most cases. Cryptocurrency transfers may have additional requirements.
Contact Robinhood Support
Robinhood does not allow users to delete accounts directly from the app or website. To request account deletion:
- Go to Robinhood’s Contact Us page
- Select the “Account Deletion Request” topic
- Explain that you want to delete your Robinhood account permanently
- Provide identifying details – full name, username, email, etc.
Alternatively, you can contact support via email or phone call to request account deletion.
Await Confirmation of Deletion
Per Robinhood policy, account deletion can take approximately 10 business days. This gives them time to process and approve the closure.
You can request written confirmation once the process is fully complete to serve as a record. After deletion, Robinhood will terminate your access to the app and website.
Conclusion
Deleting your Robinhood account is a multi-step process, requiring you to first deactivate your account and then contact support to request permanent deletion. Make sure to withdraw all funds and formally close any open orders or positions before closing your account.
The wise move is to initiate an asset transfer to another brokerage rather than liquidating your holdings. Choose a brokerage that fits your investing style and needs. Be aware of any transfer fees involved.
By following the proper steps to deactivate, delete, and transfer out of your Robinhood account, you can seamlessly move on from the app while keeping your investment portfolio intact. Just be sure to save any needed tax documents ahead of time if you request account deletion.
FAQs: Deleting and Transferring Robinhood Accounts
Here are answers to some frequently asked questions about removing your assets from Robinhood and deleting your account:
How long does it take to fully delete a Robinhood account?
It can take up to 10 business days after requesting deletion for Robinhood to permanently delete your account and data.
Can I reactivate a deactivated account?
Yes, you can reactive a deactivated Robinhood account at any time by simply logging back in. Deletion is permanent, however.
What happens to my tax documents if I delete my account?
Robinhood will no longer have your tax forms if you delete your account. Make sure to save any needed 1099, 1098, or 5498 documents for filing taxes before requesting account deletion.
Are there fees to transfer assets or close my Robinhood account?
Robinhood does not charge a fee to deactivate or delete your account. But the brokerage you transfer assets to may impose a transfer or account closing fee in some cases.
Can I transfer fractional shares to another brokerage?
Fractional shares cannot be directly transferred. They must be liquidated and the cash proceeds transferred. Some brokers do support fractional shares though.
