How to cancel your Robinhood account
You can close your Robinhood account through the app or website in a few minutes, but you must sell or transfer all holdings first — Robinhood will not let you delete an account with open positions or unsettled cash. Once your account is empty, go to Account Settings, select "Account Statement," scroll to the bottom, and tap or click "Close Account." You will need to confirm the closure and may be asked why you are leaving.
The process is straightforward if your account is already settled. If you have pending trades, unsettled funds from recent deposits, or open options positions, you will need to wait for those to clear before the close option appears. Most unsettled cash clears within one to three business days after a sale or deposit.
Key Takeaways
- You must sell all stocks, options, and crypto and withdraw or spend all cash before Robinhood will let you close the account.
- The close account button lives in Account Settings under "Account Statement" on both the app and website.
- Unsettled cash from recent trades or deposits will block closure until the settlement period ends, usually one to three business days.
- If you have a margin account with a negative balance, you must pay the debt before closing.
- Robinhood does not charge a fee to close the account, but you are responsible for any tax consequences from selling positions.
Selling or transferring holdings before you close
Robinhood requires a zero balance in all asset types before closure. This means you must sell every stock, option contract, and cryptocurrency you own. You can sell during market hours for stocks (9:30 a.m. to 4 p.m. Eastern on weekdays) or 24/7 for crypto. Options have specific expiration times, so check the time before selling to avoid an order rejection.
If you want to keep your investments, you can transfer them to another brokerage instead of selling. This is called an ACAT transfer (Automated Customer Account Transfer). The receiving brokerage handles most of the work, but the transfer typically takes five to seven business days, and some brokerages charge a transfer fee. You still cannot close your Robinhood account until the transfer completes and your account shows a zero balance.
Withdrawing cash is separate from selling holdings. After you sell everything, go to Account, then Transfers, and select "Withdraw." You can withdraw to the bank account you linked during signup. Withdrawals usually land within one to three business days, depending on your bank.
What happens if you have unsettled cash or pending trades
When you sell a stock on Robinhood, the cash does not settle immediately. Stock sales settle in T+2 — that is, two business days after the trade. If you sell on a Friday, the cash settles on Tuesday. Until settlement, Robinhood locks the close account option and shows the cash as "unsettled" in your account.
The same delay applies to deposits. If you transferred money into Robinhood and have not yet used it to buy anything, it may still be unsettled. Robinhood typically holds new deposits for one to three business days before you can withdraw them. During this time, you cannot close the account.
Options settle differently depending on whether they expire or you sell them. If you sell an option contract, it settles in one business day. If you let an option expire worthless, it settles the day after expiration. You cannot close your account until all options are gone and settled.
Margin accounts and negative balances
If you have a margin account (one that lets you borrow money to trade), you may owe Robinhood money if your positions lost value or you sold something without having the cash to cover it. Robinhood will not let you close the account until the debt is paid. You can see your margin balance in Account Settings under "Margin" — if it shows a negative number, that is what you owe.
To pay a margin debt, deposit cash into your account through the Transfers section. The deposit goes toward the debt first, and once the balance reaches zero, you can proceed with closure. Robinhood charges interest on margin debt, so the longer you wait, the more you owe.
Steps to close the account once it is empty
After all holdings are sold, all cash is withdrawn, and all trades are settled, the close account option will appear. On the Robinhood app, open Account (the person icon at the bottom right), tap Account Settings, scroll down, and select "Account Statement." At the very bottom of that page, you will see "Close Account." On the website, log in, click Account in the top left, select Account Settings, find Account Statement, and look for the close option at the bottom.
Tap or click "Close Account." Robinhood will ask you to confirm and may show a short survey asking why you are leaving. You do not have to answer the survey to proceed. After you confirm, Robinhood sends a confirmation email. Your account closes immediately, though it may take a few days for the closure to fully process on their end.
Once closed, you lose access to your account and cannot reopen it. If you want to trade again, you will need to create a new account and go through the signup process again.
What to do if the close account button does not appear
If you have sold everything and withdrawn all cash but the close button still does not show, check for these common blockers: unsettled trades (wait one to three business days), pending deposits or transfers (wait for them to clear), open options positions (sell or let them expire), or a negative margin balance (deposit cash to cover it).
Contact Robinhood support through the app or website if you have waited the full settlement period and the button still does not appear. Go to Account, select Help, and choose "Contact Us." Robinhood support can see what is holding up your closure and may be able to manually close the account if there is a technical issue. Response times vary, but support usually replies within one to two business days.
Tax and record-keeping after closure
Closing your Robinhood account does not erase your tax history. If you sold investments at a gain or loss, you are still responsible for reporting that on your tax return. Robinhood will send you a Form 1099 if you had taxable events during the year, even after you close the account. Keep records of all your trades and sales for at least three years in case the IRS asks questions.
Before you close, download your account statements and trade history from Robinhood. Go to Account, select Account Statement, and look for a download or export option. This gives you a backup of all your activity in case you need it later for taxes or record-keeping.
Frequently Asked Questions
Can I reopen my Robinhood account after I close it?
No, once you close your account, you cannot reopen it. If you want to trade again, you must create a new account from scratch. This means a new signup process, new account number, and a fresh start with Robinhood's systems.
Will closing my account affect my credit score?
No. Robinhood is a brokerage, not a credit provider. Closing your account does not show up on your credit report and has no impact on your credit score. Only borrowing and lending activity (like credit cards, loans, or margin debt) affects credit.
What if I have a pending deposit when I try to close?
Wait for the deposit to settle before closing. Pending deposits usually clear within one to three business days. Once settled, you can withdraw the money and then close the account. Robinhood will not let you close while a deposit is still in transit.
Do I have to pay a fee to close my account?
Robinhood does not charge a fee to close your account. However, you may owe fees if you have a negative margin balance or if your brokerage charged you for something during your time as a customer. Any outstanding balance must be paid before closure.
How long does it take for my account to fully close?
The closure is immediate once you confirm it, but it may take a few days for Robinhood's systems to fully process the closure on their end. You lose access to your account right away, but the final cleanup in their records can take up to a week.