The steps to close your Robinhood account
To close your Robinhood account, you log in, go to your Account settings, find the option to close or deactivate your account, and follow the prompts to confirm. Robinhood will walk you through what happens to any money or stocks you hold. The whole process takes a few minutes, though moving money out of the account may take several business days.
Before you start, make sure you have sold any stocks or crypto you own and withdrawn any cash sitting in the account. Robinhood will not let you close an account that still holds investments or money — you have to empty it first. If you have a margin balance (money you borrowed to trade), you will need to pay that back before closing.
If you have trouble finding the close account option or it is not working, contact Robinhood support through the app or website. They can walk you through it or close the account for you.
Key Takeaways
- You must sell all stocks and crypto and withdraw all cash before Robinhood will let you close the account.
- If you borrowed money through margin, you have to pay back the full balance before closing.
- The account closure itself takes minutes, but money transfers to your bank account may take three to five business days.
- If the close account button does not appear or does not work, contact Robinhood support for help.
What happens to your money when you close
Any cash in your Robinhood account gets sent back to the bank account you linked when you signed up. Robinhood initiates the transfer when you close the account, but your bank controls how long it takes — usually three to five business days, sometimes longer depending on your bank.
If you have a Robinhood Cash Management account (a savings feature that earns interest), that money also transfers back to your linked bank account. Check your bank's website or app to see when the money arrives.
If you have pending transfers or deposits that have not cleared yet, those may be cancelled when you close the account. Make sure any money you are expecting has actually landed before you start the closure process.
Selling stocks and crypto before closing
You cannot close your account while you own any stocks, ETFs, or cryptocurrency. You have to sell everything first. Open the app or website, go to each position you hold, and sell it at the current market price. Market orders (selling at whatever price the market offers right now) usually go through within seconds during market hours.
If you own fractional shares (pieces of a stock), you can sell those too — Robinhood lets you sell the whole position even if it is not a whole number of shares. After you sell, the money goes into your cash balance, and then you can withdraw it to your bank account.
If the market is closed when you try to sell, your order will wait until the market opens the next trading day. Stocks trade Monday through Friday, 9:30 a.m. to 4 p.m. Eastern time. Crypto trades 24/7, so you can sell that anytime.
Paying back margin debt if you have it
If you used Robinhood's margin feature to borrow money for trading, you have to pay back everything you borrowed before closing the account. The amount you owe shows up in your account as a negative number or under a "margin balance" section.
To pay it back, transfer money from your linked bank account into Robinhood, or sell investments and let the cash sit in your account. Once the balance is zero, you can close the account.
If you are not sure whether you have margin debt, check your Account settings or contact Robinhood support. They can tell you the exact amount and help you understand how to pay it.
What to do if you cannot find the close account option
The close account option is usually in Account settings under a section called "Account" or "Settings." If you cannot find it, the most common reason is that your account still has money or investments in it. Go back and make sure you have sold everything and withdrawn all cash.
If your account is truly empty and the button still does not show up, or if clicking it does nothing, contact Robinhood support. You can reach them through the app (look for Help or Support in the menu), through the website, or by email. Tell them you want to close your account and that you have already sold all positions and withdrawn your cash. They can close it for you.
Robinhood support response times vary, but they usually get back to you within one to two business days.
After your account is closed
Once Robinhood confirms the closure, you will no longer be able to log in. Any data tied to that account — your trade history, tax documents, statements — stays with Robinhood for record-keeping. You can still read tax forms or statements before you close if you need them for your records.
If you closed the account because you wanted to move your stocks to a different brokerage, you would have had to sell them first (since Robinhood does not allow transfers of stocks between brokers in the way some other platforms do). You can then buy the same stocks in your new brokerage account.
If you think you might want to trade again later, you can always open a new Robinhood account. There is no penalty for closing and reopening.
Frequently Asked Questions
How long does it take to close my account?
The closure itself is when ready once you confirm it in the app or on the website. However, any money in your account takes three to five business days to reach your bank account, depending on your bank's processing speed.
Can I close my account if I have pending orders?
You should cancel any pending orders before closing. If you have orders waiting to buy or sell, cancel them first, then sell your positions, withdraw your cash, and close the account.
What if I closed my account and then realized I made a mistake?
You can open a new Robinhood account anytime. There is no waiting period or penalty. Your old account data stays with Robinhood, but your new account will be separate.
Do I need to report closing my account to the IRS?
No. Closing a brokerage account is not a reportable event. You only report the trades you made and any gains or losses when you file your taxes. Robinhood will send you tax documents if you had taxable activity during the year.
What happens to my tax documents after I close?
Robinhood keeps your tax forms and statements on file. You can read them from your account before closing, or contact Robinhood support after closing to request copies. They usually send them by email.