“Price is what you pay; value is what you get”, goes the famous saying! And in contemporary times, people want that value on their invested money. People have been infusing their capital in stocks. Bonds & funds without paying commission fees for time immemorial now & many trading apps have surfaced for the same in recent years.
INTRODUCTION TO ROBINHOOD ACCOUNT
In today’s modern era, myriad trading apps have emerged & embodied themselves as the perfect trading app for investing money in stocks, mutual funds & bonds. They offer 0 or nominal service charges for the tradable assets. Some of the popular mobile apps making rounds in this area are – Global, Binomo, Olymp trade, Paytm money stocks, etc. One of the high-yielding apps that deals in stocks and mutual funds are Robinhood. It focuses more on high-flying individual stocks & cryptocurrencies. Many peoples have been confused by the procedures for closing an account with a Robinhood. If you want to completely deactivate your Robinhood account but don’t know-how, then you can read this article carefully. So, let’s discuss some of the easiest steps for closing a Robinhood account.
STEPS TO CLOSE YOUR ROBINHOOD ACCOUNT
Of course, there is no explicit option for automatically closing the account once you have created one. But many easy alternatives to close your Robinhood account have been considered to work for users successfully. The downright method for the same is as follows: –
1) First of all, you can open the mobile app from your app drawer & select the account section at the bottom right side of the initial screen.
2) Then, you can go to the ‘HELP’ section.
3) Filter through the list of options available to find the preference of ‘deactivate my account’, or you can search ‘close my account’ from the search bar. This will bring you to a helpdesk that will furnish you with information on how to close your Robinhood account.
4) If you are done with investing in your journals and want to deactivate your account, it is very important to make sure you sell all your positions. This step is very important for closing your open positions in the trading app before you continue with the process of deactivation.
5) Then withdraw all your outstanding account balance from your main account balance. This way, you will zero out your account balance. So, once you sell all your stocks, you can withdraw all your money from the Robinhood account. And get your balance to zero.
6) Of course, once you completed all steps, you can able to deactivate your Robinhood account without any issues.
Contact the customer service through your Robinhood app or email, submit a request so that they can officially shut down your Robinhood account.
7) Keep in mind that you need to ensure that you have access to your historical account tax statement as it is an important document to hold onto. Once you have decided to take part from your Demat account, make sure you have all the important documents in hand with you. (including account statements and tax documents)
OTHER EASY OPTIONS TO DEACTIVATE ROBINHOOD ACCOUNT
Robinhood, in particular, has a difficult procedure to deactivate the account. However, the vigorous process can be run around by transferring your Robinhood account holdings to a different brokerage account.
If you wish to get your Robinhood assets transferred to a different brokerage for investment, you can ask for the transfer to be made. This is the easiest way to close your Robinhood account without selling and pulling off your money. You can transfer your holdings and start investing in new stocks. And bonds within two days of successfully transferring your Demat account. Just make sure that you have access to all the historical account tax statements.
Then, you can choose ‘transfer your stocks to another Brokerage’ from the app. And the process will begin with a 75-dollar fee to transfer assets out of Robinhood.
The process will require your confirmation for transferring the assets, including funds, bonds & stocks that you own within the Demat account of Robinhood.
Once the process is complete, you will receive a Robinhood mail on your registered email address. This will explain the procedure and the successful transfer of your property.