Robinhood is a financial services provider company that claims to be the first-ever commission-free trading company of stocks and exchanges. It introduced a mobile app in March 2015 and since then the graph of popularity has only surged. The application is quite streamlined for both newcomers and experienced users that make your purchases more convenient.
To target its core customer base, Robinhood launched different platforms within the app to use and navigate trading of stock and funds in the market with the name of Robinhood gold, Robinhood brokerage, and Recurring investments, etc.
In case you are not satisfied with the services and want to know about how to cancel Robinhood gold account, then you are surely at the right place as in this guide we will be discussing the procedures on canceling Robinhood gold account.
What is Robinhood gold?
Robinhood gold is a power-packed suite that is equipped with data, strategies, and tools which can easily transform the Robinhood brokerage account. Robinhood gold offers the following attributes:
- Morningstar generated powerful research regarding the trade market
- Marginal access for investment
- Bigger and better deposits offered instantly
- NASDAQ approved level II market data
Robinhood gold account is available to all the members for free for a trial period of 30 days but after that, you need to make a monthly payment to enjoy the premium features offered by Robinhood gold.
What is the cost of Robinhood gold?
Robinhood gold is available for the members at a rate of $5 per month in which you get to have access to all the features of Robinhood gold including the initial $1000 of your margin.
If a person uses more than $1000 from the margin, then he is liable to pay 2.5% interest on the amount above $1000 annually.
The interest rate is calculated daily and is charged monthly on your account at the end of each billing month.
In case of a change in the fee of Robinhood gold account or a difference in marginal interest rate is observed, the company notifies the member in advance so that a person can cancel their Robinhood gold subscription anytime they want before the new changes are charged on him.
How to cancel a Robinhood gold account?
Robinhood does not consider closing an account until it has a $0.00 balance in it. To cancel a Robinhood account, you need to send a written application to the authorities. Also, you need to sell all the securities you have in your account and then transfer all the available cash to any of the external bank accounts of yours. This can easily be done by using the mobile app of Robinhood.
As Robinhood works on zero commission charges, simultaneously you would not have to pay any liquidation cost for the process.
Once your account hits the desired zero balance, you can easily send an email to [email protected] where you can request closure of your Robinhood gold account. Usually, it takes about a week for the company to complete the closure of the account request.
Another way to cancel your Robinhood gold account is to use the mobile app and file an account closure form. Go to the help tab in the menu and select “Contact Support”. Now you have to select ‘My Account. Finally, opt for “Close my account”. In the provided box you can type a message to close your Robinhood gold account.
There are certain brokers like TD Ameritrade which will connect you online in a chat to submit the account closure request. Robinhood does not offer this kind of service.
Once your account closure request is approved, the trade confirmations, documentation, and statements of the account will be available at the Robinhood database as well as the mobile app from where you can easily access further details on the account.
You cannot reopen your account or under any circumstances can reactivate it. Once you have closed your Robinhood gold account and want to join the trading platform again, you will have to apply for an entirely new account.
Robinhood doesn’t charge anything for the closure of the account or the liquidation of the assets. It does not provide the services of individual retirement accounts which means that no IRA fees are charged at the time of abandoning the trading site.
An account transfer fee of $75 is charged when the assets and securities are moved to any other firm for the liquidation process. According to the market, their fee is slightly higher compared to the other broker firms such as TD Ameritrade, Merrill Edge traders, and Fidelity. For instance, TD Ameritrade and Fidelity charge nothing for the securities exchange whereas the Merrill Edge traders charge $49.95 on securities transfer or exchange.
Overview of Robinhood
Robinhood has transformed the stock trading industry after introducing zero commission which attracted the newbies. There are some restrictions applied but majorly all of the traded stocks and shares across America are traded for free on the Robinhood platform. Robinhood does charge mandatory fees when the securities and assets are sold or exchanged to other platforms or physical bank accounts.
Robinhood provides a great advantage to the margin users as compared to other trading platforms. For all those investors which regularly invest on margin and are active traders, Robinhood provides huge incentives. It also provides borrowing options to invest which is considered to be the most cost-beneficial option available in the market.
If a person wants to get a Robinhood gold account, he must be margin trading beforehand.
The phone app of Robinhood is easily accessible and very easy to understand and use particularly for the newbies in the world of stock trading and investment. The app offers news, charts, and other trading data directly encrypted into the app which works perfectly on the tablet or phone screen.
The app is free to download on both Apple and Android stores and you can sign up for an account and immediately start trading.
Robinhood offers free transfers of cash to and from your physical bank account using ACH. It is one of the easiest and greatest ways of withdrawing financial gains in terms of getting new capital investments.
The Robinhood gold account gets bonuses on the instant bank transfers when trading takes place immediately according to the account’s size. It is one of the greatest benefits provided to its users as this way you can make immediate and instant decisions according to the market instead of waiting for long hours to get the bank transfer done.
Robinhood also offers instant settlement on trade transfers for its gold accounts which have margin trading infused. This allows the traders to trade and act without any prior restrictions and the market becomes easily accessible. If you are still unable to process the closure of the account then you can contact their support anytime.
Robinhood offers free sharing of randomly selected stock in case a referral link is used to sign up on the mobile app. It also offers pre-determined deposit options to the newbies which encourage the new traders to invest in the market as well as making trading’s for them to start the business transactions right away.
It is a great platform to utilize your energy into investing in the trade stock exchange while maintaining peace of mind. Robinhood gold account is another great option given to the margin users which makes the trading of stocks more simplified.