How to Permanently Delete Your Robinhood Account: The Ultimate Step-by-Step Guide

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Hey there! As a fellow tech geek and investing enthusiast, I totally get it – sometimes you just need to move on from an old brokerage account.

Maybe Robinhood‘s barebones research tools drive you nuts. Perhaps you‘re tired of their limited customer service. Or you simply want a trading platform with more robust features.

Whatever the reason, I‘m here to walk you through permanently deleting your Robinhood account, step-by-step. Stick with me and soon you‘ll be trading with a slick new brokerage perfectly suited to your needs!

Let‘s start with the basics…

What Actually Happens When You Delete a Robinhood Account?

Before we dig in, you‘re probably wondering:

  • What happens to my personal data?
  • Will I lose my trading history and tax documents?
  • Is it possible to recover my account?

Fantastic questions! Here‘s what goes down when you delete a Robinhood account:

  • Robinhood erases your personal data from their systems – That includes your name, contact information, SSN, linked bank accounts – gone for good!

  • Your trading history and tax forms are removed after a period of time – Brokerages are required by FINRA to retain records of your trading activity and tax reporting for 6 years. But after that, Robinhood deletes them.

  • You cannot recover or reactivate a deleted Robinhood account – Once you close it, that account is permanently deactivated. You‘d have to open a brand new account to use Robinhood again.

The bottom line: Terminating your Robinhood account cuts ties completely. You‘ll need to start fresh if you ever decide to return.

Now that we‘ve got that covered, let‘s talk logistics…

Step-by-Step: How to Delete Your Robinhood Account

Deleting a brokerage account sounds scary, but the process with Robinhood is actually quite straightforward.

Here‘s exactly how to terminate your Robinhood account in just a few quick steps:

Step 1: Withdraw Your Robinhood Account Balance

First things first – you‘ve gotta empty your Robinhood account.

The platform will not let you close the account until the balance reads $0.00. So let‘s withdraw those funds!

  1. Open the Robinhood mobile app and tap the profile icon in the bottom right corner.

  2. Tap "Transfers" then select "Withdraw Funds."

  3. Choose the amount you‘d like to withdraw.

  4. Enter your bank account details to transfer the funds.

Once the withdrawal is processing, your account balance should start dropping. According to Robinhood‘s support site, ACH withdrawals take around 4-5 business days to complete.

Pro Tip: If you‘re having issues withdrawing funds from Robinhood, contact their customer support at [email protected] before going any further.

Step 2: Close All Open Investment Positions

Next, you need to ensure you have no open stock, options, or cryptocurrency positions.

Robinhood will not let you shut down an account that still holds investments. So let‘s close ‘em out!

Here‘s what to do:

  1. Tap the "Account" icon in Robinhood and select your specific account.

  2. Tap "Trade" and cancel any pending buy/sell orders.

  3. Sell all held stocks, options contracts, crypto coins, etc.

Once all positions show $0.00 value, you‘re ready for the next step.

Step 3: Disable Options Trading (If Enabled)

Robinhood also requires options trading to be disabled before closing your account.

If you‘ve been trading options, here‘s how to switch it off:

  1. Go to "Account" then tap "Brokerage and trading."

  2. Tap "Options trading" and toggle the switch to off.

This disables options so you can proceed to the account termination process.

Step 4: Request Account Closure

This is it – time to pull the plug!

Once your Robinhood account is empty, here‘s how to request deletion:

  1. Tap the profile icon in the bottom right corner.

  2. Tap "Account Information."

  3. Scroll down and select "Deactivate Account."

  4. On the confirmation screen, tap "Deactivate Account" again to verify.

And…your Robinhood account will instantly be closed! All your personal data is wiped from their systems. Wild, right?

It may feel scary to delete it for good, but rest assured you‘ve made the right call. Onward to bigger and better brokerages!

3 Alternatives to Totally Deleting Robinhood

Okay, before you drop the hammer and terminate Robinhood once and for all, consider these intermediate options:

Transfer Your Account to a New Brokerage

Rather than outright deleting your account, you could initiate a transfer to another brokerage firm instead. This allows you to:

  • Maintain your full investment history.
  • Keep tax records in one place.
  • Avoid the headache of re-purchasing assets.

The catch? Robinhood charges a $75 account transfer out fee.

So weigh whether it‘s worth $75 to keep your account history intact. If so, simply open a new brokerage account and request an ACATS transfer from their support team.

Downgrade to a Robinhood Cash Account

You can also downgrade to a Robinhood Cash account instead of fully deleting. This allows you to:

  • Maintain your portfolio of stocks and ETFs.
  • Retain shares purchased on Robinhood.
  • Avoid taxes from liquidating positions.

Just be aware – a Cash account prevents purchasing newly listed IPOs and crypto. But it lets you keep your shares without totally nuking your account.

Deactivate (But Don‘t Delete) Your Account

Lastly, consider deactivating your account without permanently closing it. This leaves the door open to easily reactivate Robinhood later if you change your mind.

Simply tap "Deactivate Account" under the account menu. Robinhood saves your data but restricts access until you log back in to reactivate.

What Should You Do After Deleting Robinhood?

Congratulations – your account is officially closed! But before you celebrate, be sure to wrap up a few final housekeeping items:

  • Download any remaining account statements or tax forms. Once the account is terminated, those records are gone for good.

  • Remove linked bank accounts. This ensures Robinhood no longer has access to your financial data.

  • Open a new brokerage account. Whether it‘s Webull, Fidelity, TD Ameritrade, or another platform, set up a new trading account so you can get back in the market.

  • Transfer cryptocurrency balances. If you held any crypto coins or NFTs with Robinhood, make sure to update ownership with the new brokerage.

Handling these final tasks ensures a smooth transition to your slick new trading platform!

5 Must-Know Facts Before Deleting Robinhood

Here are a few key facts to keep in mind before you terminate your account for good:

  • Robinhood has no account closure fees – Unlike most brokers that charge $75+ to close an account, Robinhood‘s process is totally free.

  • Your account history will be erased – Closed accounts lose access to all historical trade data, statements, tax forms, and account value graphs.

  • You can‘t reopen a terminated account – Once deleted, Robinhood erases your data for good. You‘d have to create a brand new account and start from scratch.

  • Close any fractional share positions – Robinhood doesn‘t allow transferring partial shares. So those fractional holdings need to be liquidated before closing your account.

  • Pending ACH withdrawals will be cancelled – If you have any pending bank transfers, they‘ll get voided when your account is deleted. Withdraw to your bank before termination.

FAQs: Your Robinhood Account Closure Questions Answered

Let‘s wrap things up by answering some frequently asked questions about cutting ties with Robinhood for good:

How long does it take Robinhood to delete my account after I request closure?

The account termination process is nearly instant. Once you hit "Deactivate Account" and confirm, Robinhood immediately closes your account and wipes your data.

Can I recover my Robinhood account if I change my mind later?

Nope, terminated accounts cannot be reopened. You‘d have to start over completely by opening a new Robinhood account with your info.

What happens to my stocks if I delete Robinhood without transferring them?

Any stocks, ETFs, or crypto still held in the account will be liquidated and converted to cash when you close it. Make sure to transfer or sell holdings first!

Is there any way to delete Robinhood but keep my investment history?

Not directly through Robinhood. But you can open a new brokerage account and utilize their account transfer service to maintain your investment records.

Can I have two Robinhood accounts linked to the same SSN and information?

Unfortunately no – their terms only allow one Robinhood account per person. Having two accounts under the same identity goes against their policies.

And there you have it! You‘re now a Robinhood account closure expert. Feel free to reach out if any other questions pop up during your brokerage breakup. The future is bright my friend – happy trading!


Written by Alexis Kestler

A female web designer and programmer - Now is a 36-year IT professional with over 15 years of experience living in NorCal. I enjoy keeping my feet wet in the world of technology through reading, working, and researching topics that pique my interest.