So you‘re thinking about downgrading from Robinhood Gold back to a regular Robinhood account? Not a problem! I totally get it – paying a monthly fee for Robinhood Gold isn‘t for everyone.
In this comprehensive guide, I‘ll walk you through everything you need to know to smoothly cancel Robinhood Gold in just a few quick steps.
Stick with me and you‘ll be downgraded to a free standard Robinhood account in no time. I promise the process is super quick and easy!
What is Robinhood Gold Exactly?
Before we begin, let‘s briefly review what Robinhood Gold actually is.
Robinhood Gold is a paid membership program from the investing app Robinhood. It gives you access to special premium features like:
Bigger instant deposits – Deposit up to $50,000 instantly instead of just $1,000
Professional research – Get access to Morningstar research reports on stocks and funds
Level II market data – View NASDAQ Level II quotes and depth charts
Margin investing – Borrow money from Robinhood to trade on margin
Handy features for sure! But of course, these perks come at a price…
Robinhood Gold costs between $5-$125 per month depending on which tier you choose:
|Tier||Cost Per Month||Instant Deposit Limit|
As you can see, the higher your Robinhood Gold tier, the more useful trading tools you unlock. But the monthly cost also rises significantly.
This brings us to…
Why You‘re Thinking About Downgrading
There‘s a few common reasons you might want to cancel Robinhood Gold:
You‘re not using the extra features enough – If you aren‘t taking advantage of bigger instant deposits or margin trading, it‘s hard to justify paying $5-$125 per month.
The costs no longer fit your budget – Life happens! If your financial situation has changed, that monthly Gold fee may now be too expensive.
You want to simplify your investing – Using professional research reports and Level II data can complicate things. You may want to get back to basics.
You need a break from active trading – Slowing down on trades? The Gold perks become less necessary so it makes sense to downgrade.
Whatever your personal reasons, cancelling Robinhood Gold is quick and painless. Just follow the steps below.
But first, let‘s briefly compare…
Robinhood Gold vs. Robinhood Instant
When you cancel Robinhood Gold, you don‘t actually close your account. You simply revert back to a free Robinhood Instant account.
What‘s the difference between Gold and Instant? Here‘s a quick rundown:
|Robinhood Instant||Robinhood Gold|
|Monthly Fee||$0||$5 – $125|
|Instant Deposit Limit||$1,000||Up to $50,000|
|Level II Market Data||No||Yes|
So in summary:
- Robinhood Instant is 100% free with limited features
- Robinhood Gold has paid monthly access to advanced trading tools
Downgrading from Gold to Instant means losing the premium features. But you also stop paying monthly fees!
Next let‘s walk through how to actually downgrade in the app…
Step-by-Step: How to Cancel Robinhood Gold
Ready to pull the plug on paying for Robinhood Gold? Cancelling only takes about one minute.
Here are the quick and easy steps:
1. Open the Robinhood mobile app
Make sure you have the latest version of Robinhood installed on your iPhone or Android phone.
Sign in to your account if you aren‘t already.
2. Tap the profile icon
At the bottom right of the screen, tap on the icon that looks like a little person. This opens your account menu.
3. Select Robinhood Gold
From the menu, choose Robinhood Gold. This brings you to your Gold membership page.
4. Tap "Downgrade from Gold"
On the Robinhood Gold page, tap the big yellow Downgrade from Gold button.
5. Confirm the downgrade
Carefully review the confirmation message and tap Downgrade again to confirm your choice.
That‘s it! Just 5 quick taps and your Robinhood Gold subscription is instantly cancelled. It‘s that easy.
Wasn‘t too painful right? Now let‘s go over what happens after downgrading…
What Changes When You Cancel Robinhood Gold
Here are the key things that occur after you downgrade from Robinhood Gold back to an Instant account:
– You lose Robinhood Gold features – No more giant instant deposits, professional research reports, or borrowing margin money. It‘s back to regular Robinhood.
– Your monthly fee disappears – Starting next billing cycle, you‘ll stop being charged for Robinhood Gold. It‘s free from here on out!
– Your buying power decreases – Without margin lending ability, your max buying power for new investments will decrease.
– Your account reverts to Instant – You now have a free Robinhood Instant account again with $1,000 instant deposits.
– Your holdings aren‘t affected – Importantly, any existing stocks, crypto, or cash in your account will be completely unaffected.
So in summary:
- You lose Robinhood Gold features
- But you stop paying monthly fees
- And all your investments remain the same
Pretty straightforward right? Now let‘s cover what to do if you run into any trouble cancelling…
Trouble Downgrading? Here‘s What To Do
In most cases, downgrading a Robinhood Gold account goes smoothly.
But occasionally some issues pop up that prevent downgrading. Here‘s how to resolve them:
You get an error message when trying to downgrade
If you attempt to cancel Gold but get an error saying "Can‘t downgrade account", here‘s some potential fixes:
- Update to the latest Robinhood app version
- Pay any pending margin interest charges
- Lower your margin balance below your Instant buying power
- Cancel any pending Gold orders using margin
Then try downgrading again.
Robinhood says you don‘t have enough cash to downgrade
To downgrade from a Robinhood Gold margin account, you‘ll need enough cash to cover any outstanding margin loan balance.
If Robinhood says you don‘t have enough cash, you have two options:
Deposit more cash into your account to cover margin.
Sell positions to generate cash to pay back margin. Stocks, crypto, and options contracts can all be sold.
Once your margin balance is fully paid, you‘ll be able to downgrade with no issues.
You still can‘t figure out how to cancel
If you‘ve tried everything and still can‘t seem to cancel your Gold membership, please contact Robinhood support for assistance downgrading your account.
They should be able to help troubleshoot any remaining issues!
And those are the best tips I have for troubleshooting a stubborn Robinhood Gold cancellation. Hopefully you won‘t run into any hiccups though!
Next let‘s go over some frequently asked questions…
Frequently Asked Questions
Here are answers to some of the most common questions I get about downgrading from Robinhood Gold:
Do I get a refund if I have time left on my paid subscription?
Unfortunately Robinhood will not provide prorated refunds for any unused portion of an already-billed Gold membership period. You‘ll have to wait until your next billing date to avoid further charges.
What if I have a margin balance? Can I still downgrade?
You cannot downgrade from a Robinhood Gold margin account unless your margin loan balance and any accrued interest is completely paid back first. You‘ll need to deposit enough cash to cover the entire balance before downgrading.
Will downgrading to Instant impact my stock holdings?
Not at all! Downgrading has no effect on any stocks, options contracts, crypto coins, or cash currently held in your Robinhood account. You simply lose access to Robinhood Gold features.
Is Robinhood still free if I don‘t have Gold?
Absolutely! The regular Robinhood Instant account has no monthly fees. You get unlimited commission-free trades plus instant access to $1,000 of deposits. Robinhood works great even without paying for Gold.
What‘s the difference between Instant and Cash accounts?
Robinhood Instant provides instant access to a portion of deposits before they fully settle. This allows trading right away. Robinhood Cash accounts must wait for deposits to settle before trading or withdrawing.
Can I delete my Robinhood account completely?
Yes, you can fully delete your Robinhood account if desired. Just go to the app profile, select Settings > Close Account. This will permanently delete your account after withdrawing or transferring any remaining assets.
Let me know if you have any other questions! I‘m always happy to help explain anything about downgrading from Robinhood Gold.
The Bottom Line
The main takeaway here is that cancelling your Robinhood Gold membership is quick and hassle-free.
Just open the Robinhood mobile app, go to the Gold page, and tap "Downgrade from Gold". Review the confirmation and tap again to confirm.
That‘s all it takes to cancel the premium subscription and go back to a free standard Robinhood Instant account.
You‘ll lose the advanced Gold features but also stop paying monthly fees. And of course all your investments remain completely unaffected.
So if Robinhood Gold is no longer worth the cost for you, downgrading only takes seconds. I hope this guide gave you everything you need to know to smoothly cancel at your convenience. Let me know if any other questions come up!