Delete a Robinhood Account: Close Positions & Get Your Money

Last Updated: June 29, 2022

Are you ready to close your Robinhood account? Whether you're no longer excited about trading stocks and cryptocurrencies or just want to transfer your positions to another brokerage, closing your Robinhood account is incredibly easy. Before you close your account, you'll just need to sell or transfer your stocks and cryptocurrencies and withdraw any remaining funds to your bank account. This wikiHow article will walk you through the simple process of closing your Robinhood account.

Section 1 of 3:

Things You Should Know

1
You'll need to close all open positions. If you hold any stocks or cryptocurrencies, you'll need to sell them before closing your account. If you don't want to sell your positions but no longer want to use Robinhood, you can transfer your positions to another brokerage, or your crypto to another blockchain.^{[1]
X
Research source}
2
Your balance must be $0.00. If you have any funds in your account after closing your positions, you'll need to withdraw them to your bank account before closing.

Advertisement
3
You can still access your account information after closing your account. Should you need to download your tax statements and trade confirmations, you'll be able to do so at any time.
4
Closing your account is free. If you choose to transfer your stocks to another brokerage, there's a fee. But otherwise, you will not be charged to close your Robinhood account.
5
If you have a Robinhood debit card, your card will no longer work. Closing your Robinhood account also closes your Cash Management account, which will deactivate your debit card.^{[2]
X
Research source}

Section 2 of 3:

Closing Your Account

1
Open the Robinhood app. You can launch the app on your Android, iPhone, or iPad to easily close your account. During the closing process, you'll be prompted to take care of any loose ends (such as closing your positions) along the way.
2
Close any open stock positions. If you have any remaining stock shares, you'll need to sell those first. Go to the stock's page, choose Trade, tap Sell, and choose your selling preferences.
- If you want to transfer your stocks to another brokerage instead, you can do so. Once your new brokerage initiates and completes the transfer, Robinhood will instantly close your account.
3
Sell or transfer your cryptocurrency. You'll also need to sell or transfer any crypto you own. To sell crypto, just go to the cryptocurrency's details page, tap Trade, tap Sell, select an order type, and confirm your order.
- If you've enabled the cryptocurrency wallet in Robinhood, you can opt to transfer your crypto to another blockchain instead.^{[3]
  X
  Research source} To enable the cryptocurrency wallet, tap the Account icon (the person), tap the menu, choose Crypto, then follow the on-screen instructions to activate your wallet. This can take up to 5 days.
- To transfer crypto to another location after activating the wallet, go to the currency's details page, tap Send, enter the amount and wallet address, and go to Review > Submit. Make sure you enter the wallet address carefully, as an incorrectly-typed wallet address will result in lost funds.
- Any on-chain transfer fees will be deducted from your balance during the transfer.
4
Withdraw your cash balance. After selling stocks and currencies, you'll need to transfer your cash balance over to your bank account. It's super easy:
- Tap the account icon at the bottom-right.
- Tap the three-line menu.
- Tap Transfers.
- Select your Robinhood account in the "From" field.
- Select your bank account in the "To" field.
- Enter the entirety of your balance.
- Tap Review.
5
Tap the Account icon. It's the outline of a person at the bottom-right corner.
6
Tap the Menu icon ☰. It's the three horizontal lines at the top-left or top-right corner, depending on your platform.
7
Tap Settings. You'll see this on the menu.
8
Tap Deactivate your account. If you don't see this red button, tap Account Information first.
9
Complete your final tasks. If you still have open positions or there's a balance on your account, you'll see that information under "Deactivate your brokerage account." It can take a few days for sales and transfers to complete—if the "Deactivate account" button is grayed out, there's still more to do.
10
Tap Deactivate account and follow the on-screen instructions. Once you've fulfilled all obligations, your Robinhood account will be closed.
- It can take anywhere from 3 days to a week to close your account.

Section 3 of 3:

Transferring to Another Brokerage

1
Tap the Menu icon ☰ in Robinhood. It's the three horizontal lines at the top-left or top-right corner, depending on your platform. If you need to transfer your stocks, ETFs, or options, to another brokerage before canceling, it's easy to do.
- There is a fee for brokerage transfers.
- If you have fractional shares, they'll be sold before the transfer. The cash balance from the sale(s) will be transferred as cash to the new brokerage.
- If you're using margin trading on Robinhood, reach out to your new brokerage before transferring. Your brokerage may accept leveraged accounts.
2
Tap Investing. It's at the top of the screen.
3
Write down your account number. It's the number at the top of the screen below "Account no." You'll need to give this number to your new brokerage.
4
Request a transfer from your new brokerage. The new brokerage will need to start the transfer from their end. Provide the brokerage with the following information:
- Your Robinhood account number.
- Robinhood's DTC number, which is 6769.
- Request an ACATS (Automated Customer Account Transfer Service) transfer of your entire portfolio. This is the only type of transfer that will work with Robinhood.
5
Wait for the transfer to complete. Once the transfer is complete, all your settled shares, options, and cash from fractional share sales will move to the new brokerage. If you do not have a remaining cash balance, Robinhood will automatically close your account once the transfer completes.^{[4]
X
Research source}
- If you have a balance, you'll need to withdraw your funds and then close your account.