Robinhood is an app that was founded in 2013. It is a discount US broker-dealer app. This app contains such features that cause the users to grow from 1 million to 10 million in just four years. The main reasons are:
- $0 stock
- Cryptocurrency trades to clients
Basically, this app works for those investors who want a smartphone-based trading platform without any bells and whistles. A person can easily make an account on Robinhood and can use it for trading purposes.
The best feature of this app is that it charges zero commission for US stock, options, and cryptocurrency trading. For making money they use the practice ‘payment for order flow’. But in march 2020, it went down.
Users couldn’t see their accounts and statements. So a black march for Robinhood starts. Users start deleting their accounts as a result the app gains a lot of loss. If someone wants to know how to delete Robinhood’s account then this article will prove to be very helpful for him.
Deleting Robinhood account:
Now we will learn how to delete Robinhood’s account. Deleting a Robinhood account is really very easy but users have to fulfill some requirements for deleting a Robinhood account. These are describe given below:
- The first requirement is that our account balance must be $0. We have to transfer the account to a new firm or sell everything to make the account balance zero. After this, we have to put the funds in our bank account. A person decides to sell, the commission doesn’t change as mentioned above.
- Now we have to fire our email and close the account and submit a request to Robinhood. If a person wants To delete an account then the initial step is to submit a written request. Now our account is deleted and from now on we are not able to invest or trade using this account but this account will remain in the system.
A person must have to follow the above steps to learn how to delete a Robinhood account. By reading the above steps we will come to know that deleting a Robin account is really a simple method and a person does have to work a lot.
Reason for deleting Robinhood account
As we have mentioned, Robinhood was completely shut down in March 2020 and users couldn’t have control over their accounts. A lot of users start deleting accounts. Below are some other reasons that people want to delete their Robinhood account.
- This app doesn’t contain an advanced platform for trading and this flaw made that day trading stocks to be impossible. Users have the facility to only trade stocks, ETFs, and options.
- The software was released by Robinhood in 2018 that reversed the direction of options trades mistakenly. There are a lot of risks in trading through this app due to a lot of software glitches over the years.
These reasons are the cause of the shutdown of this app. In this article, we have mentioned some ways a person can follow to know how to delete a Robinhood account. We hope this article will help you. Please follow our websites for more informative articles.