Steps to Close Your Robinhood Account
To close your Robinhood account, you must first withdraw all cash and sell all positions. Robinhood will not close an account that holds money or securities. Once your account is empty, go to the Account menu, select Settings, then Account Statement. Scroll to the bottom and look for "Close Account" or "Deactivate Account." Click that option and follow the prompts to confirm.
The exact wording and location of the close account button can shift with app updates, so if you cannot find it in Settings, contact Robinhood support through the Help section in the app. They can walk you through the current process or close the account on your behalf if you are having trouble.
Key Takeaways
- You must sell all stocks, options, and crypto and withdraw all cash before Robinhood will close your account.
- The close account option is in Settings under Account Statement, though the exact menu path may vary by app version.
- If you have unsettled trades or pending transfers, the account cannot close until those transactions complete.
- Robinhood will send a confirmation email once the account is closed; keep this for your records.
What Happens to Your Data After Closing
Robinhood keeps records of your account for tax and regulatory purposes, even after you close it. You can still download your tax documents (Form 1099 statements) from the app or website for up to seven years after the account closes. This is important because you will need those forms to file taxes on any gains or losses from trades you made while the account was open.
Your personal information is retained according to Robinhood's privacy policy and federal record-keeping rules. If you want details about what data they hold and how long, you can submit a data request through their support portal, though this is separate from the account closure process.
Selling Positions and Withdrawing Cash
Selling stocks and crypto is straightforward: open each position, tap Sell, enter the quantity, and confirm. For options, the process is the same—open the contract and select Close. Market orders execute immediately during market hours; limit orders may take longer or not fill at all if the price does not reach your target.
After everything is sold, withdraw your cash to your linked bank account. Go to Account, then Transfers, and select Withdraw. Choose your bank account and the amount. Withdrawals typically take one to three business days. Do not close the account until the money has actually left Robinhood and arrived in your bank—the account must show a zero balance.
Unsettled Trades and Why They Block Closure
Stock trades settle in two business days; crypto trades settle immediately. If you sell a stock on a Friday, it will not settle until Tuesday, and you cannot close your account until that settlement is complete. Options and some other securities have different settlement windows. Robinhood will show you the settlement date when you sell, so check before you try to close the account.
If you have a pending transfer—money moving in or out—the account will also be locked until that transfer finishes. This is why it is important to plan ahead: sell everything, wait for trades to settle, withdraw your cash, wait for the withdrawal to land in your bank, and only then attempt to close.
If You Have a Margin Account or Outstanding Margin Debt
If you borrowed money from Robinhood (margin), you must pay back the full balance before closing. Robinhood will not close an account with an outstanding margin balance. Log into your account, check your buying power and account value, and if you see negative numbers or a margin balance, deposit cash to cover it first.
If you are unsure whether you have margin debt, go to Account and look at the Account Details section. It will show your cash balance and any borrowed amount. If the numbers are confusing, contact Robinhood support—they can tell you the exact amount owed and help you settle it.
Contacting Robinhood Support to Close Your Account
If you cannot find the close account button or your account will not close despite being empty, open the Help section in the app and select Contact Us. You can message Robinhood support directly through the app. Explain that your account is empty and you want to close it, and provide your account email. Response times vary, but Robinhood typically replies within one to two business days.
You can also call Robinhood's phone support if you prefer to speak with someone. The phone number is available in the Help section. Have your account email and any relevant information ready before you call.
Frequently Asked Questions
Can I close my account if I have pending deposits or transfers?
No. Robinhood will not close an account with any pending transaction. Wait for all deposits and withdrawals to complete, then try again. This usually takes one to three business days.
What if I forgot my password and cannot log in to close the account?
Use the Forgot Password option on the login screen to reset it. If you no longer have access to the email address associated with the account, contact Robinhood support through their website or call their phone line. They can verify your identity and help you regain access or close the account directly.
Will closing my account affect my credit score?
No. Closing a brokerage account does not affect your credit score. Credit scores are based on credit accounts like loans and credit cards, not investment accounts. Robinhood does not report to credit bureaus.
Can I reopen my account after closing it?
Yes, you can open a new Robinhood account at any time. However, you will need to go through the sign-up and verification process again. Your old account data will still be available for tax purposes, but it will be a separate account.
Do I need to close my account to stop using Robinhood?
No. You can simply stop logging in and using the app. However, closing the account formally removes it from Robinhood's active system and may reduce the chance of fraud or unwanted activity on an unused account.