Opening a Robinhood account takes about 10 minutes and requires an email, Social Security number, and a linked bank account

Robinhood is a brokerage platform where you can buy and sell stocks, exchange-traded funds (ETFs), options, and cryptocurrencies. To start, you download the app or visit robinhood.com, create a login with your email address, and move through identity verification. The process is straightforward, but there are a few decisions to make along the way — particularly about account type and funding method — that affect how you can trade and what fees you'll pay.

The entire setup typically takes 10 to 15 minutes from download to your first deposit, though account approval can take a few hours to a few business days depending on how quickly Robinhood's system verifies your identity and reviews your application.

Key Takeaways

  • You'll need your email, full legal name, date of birth, Social Security number, and a bank account to link for deposits.
  • Robinhood offers both individual taxable accounts and IRAs; choose based on whether you want to save for retirement or trade more freely.
  • Identity verification happens in real time through the app using your driver's license or state ID, and Robinhood cross-checks your information against public records.
  • Your account is usually ready to trade within hours, but you can only trade settled cash — money that has cleared from your bank, which typically takes three to five business days.
  • Robinhood does not charge commissions on stock or ETF trades, but does charge fees for certain services like wire transfers and margin interest if you borrow to trade.

What you need before you start

Gather these items before opening the app: a valid government-issued photo ID (driver's license or state ID), your Social Security number, your date of birth, and the routing and account number for a bank account in your name. Robinhood will not let you proceed without these, and they must match what's on file with your bank and the Social Security Administration.

You'll also need to decide whether you want a standard individual account (a taxable brokerage account) or an IRA (Individual Retirement Account). Most new investors start with a taxable account because there are no contribution limits and you can withdraw money anytime. An IRA is for retirement savings and has annual contribution limits and withdrawal restrictions, but offers tax advantages. You can open both types, but you'll do it in separate steps.

The account creation and identity verification process

Download the Robinhood app or go to robinhood.com and tap "Sign Up." Enter your email address and create a password. Robinhood will send a verification code to your email — enter it to confirm you own that address.

Next, you'll enter your full legal name, date of birth, and Social Security number. Robinhood uses this information to verify your identity against public records and to comply with federal regulations. This step is required and cannot be skipped.

Then you'll take a photo of your driver's license or state ID using your phone's camera. Hold the ID flat, make sure all four corners are visible, and take photos of both the front and back. Robinhood's system reads the ID automatically and compares it to the information you entered. If there's a mismatch, the app will tell you and ask you to retake the photo or correct your information.

Once your ID is verified, Robinhood performs a background check using your name, date of birth, and Social Security number. This typically completes within a few hours but can take up to a few business days. You'll receive an email when your account is approved.

Choosing between a taxable account and an IRA

A taxable brokerage account is the standard option. You can deposit and withdraw money anytime, buy and sell as often as you want, and there are no annual contribution limits. However, you'll owe capital gains taxes on profits when you sell, and you'll receive tax forms (1099s) each year that you'll need to report to the IRS. This account is best if you want flexibility or plan to trade actively.

A Roth IRA or Traditional IRA is designed for retirement. You can contribute up to $7,000 per year (as of 2024; this limit changes annually). With a Roth IRA, your contributions are made with after-tax money, but withdrawals in retirement are tax-free. With a Traditional IRA, contributions may be tax-deductible, but withdrawals in retirement are taxed as income. Both types penalize you if you withdraw before age 59½, with limited exceptions. Choose an IRA if you're saving specifically for retirement and want tax advantages.

You don't have to choose right now — you can open a taxable account first and add an IRA later. Many investors do both.

Linking your bank account and making your first deposit

After your account is approved, Robinhood will ask you to link a bank account for deposits and withdrawals. Enter your bank's name, your account type (checking or savings), and your account and routing numbers. You can find these on a check, your bank's website, or by calling your bank.

Robinhood will make two small test deposits (usually under $1 each) to your bank account within one to two business days. Once they arrive, you'll return to the app and confirm the amounts to verify that the account is really yours. This is a security step required by federal law.

After verification, you can deposit money. Robinhood transfers funds from your bank account to your Robinhood account, which typically takes three to five business days. Until the money settles, you cannot use it to buy stocks or other securities. Once it settles, it appears as "cash" in your account and is ready to trade.

What happens after your account is open

Once your account is approved and funded, you can search for stocks, ETFs, options, or cryptocurrencies and place orders. Robinhood does not charge commissions on stock or ETF trades, meaning you don't pay a fee per transaction. However, there are other costs: if you use margin (borrowing money to trade), you'll pay interest; if you request a wire transfer out of your account, there's a fee; and if you trade options, Robinhood charges a per-contract fee.

Your account comes with Robinhood Gold, a paid subscription tier, available as a free trial for 30 days. Gold includes features like margin trading and extended-hours trading. After the trial ends, you can cancel or pay a monthly fee to keep it. Most new investors don't need Gold and can trade successfully without it.

Robinhood will send you tax documents (Form 1099-B and 1099-INT) by January 31 each year if you had any trades or earned interest. Keep these for your tax return.

Common issues during account setup

If your ID photo is rejected, make sure the image is clear, all four corners of the ID are visible, and the information matches exactly what you entered (including middle name or initial if it appears on your ID). Retake the photo in good lighting and try again.

If your identity verification is delayed, Robinhood may need additional information. Check your email for a message from Robinhood support asking for documents like a utility bill or bank statement. Respond with the requested documents as soon as you can.

If your bank account link fails, double-check your routing and account numbers — a single digit wrong will cause the link to fail. If you're still stuck, contact your bank to confirm the numbers are correct, then try linking again in the Robinhood app.

Frequently Asked Questions

How long does it take to get approved after I submit my information?

Identity verification usually completes within a few hours, but can take up to a few business days. You'll receive an email when your account is approved. Once approved, you can deposit money immediately, but you cannot trade with it until it settles from your bank, which takes three to five business days.

Can I open an account if I don't have a Social Security number?

No. Robinhood requires a Social Security number to comply with federal financial regulations. If you have an Individual Taxpayer Identification Number (ITIN) instead, you may be able to open an account, but you'll need to contact Robinhood support to discuss your specific situation.

Do I have to use a checking account, or can I link a savings account?

You can link either a checking or savings account. Robinhood accepts both. Make sure the account is in your name and that you have the correct routing and account numbers before you start the link process.

What if I want to close my account later?

You can close your Robinhood account anytime through the app settings. Withdraw any remaining cash to your linked bank account first. If you have open positions (stocks or other securities you own), you'll need to sell them before closing. Once the account is closed, Robinhood will stop sending you statements and tax documents.

Is there a minimum deposit required to open an account?

No. Robinhood does not require a minimum deposit to open an account. However, you'll need to deposit money before you can buy anything. Most investors start with whatever amount they're comfortable with, whether that's $10 or $10,000.