Founded in 2013, Robinhood has become a huge draw within the Finance industry. Its fee-free and user-friendly platform is undoubtedly a great choice for many investors. Using the Robinhood app, you can easily trade in the stock market, even as a newbie investor. Learn How To Cancel Robinhood Gold membership?
Robinhood offers several account subscriptions, with the Robinhood Gold being its premium membership. With the Robinhood Gold subscription, you can make marginal trades and access all types of advanced features of Robinhood. However, suppose you have a Gold membership on Robinhood. In that case, you may feel you can do just as well with a regular membership, and which may lead you to wonder, ‘How To Cancel Robinhood Gold?’. This article will teach you how to cancel your Robinhood Gold membership easily.
Easy Steps To Cancel Robinhood Gold
Robinhood’s easy-to-use mantra stretches to membership cancellation too. You don’t have to visit any physical office or send a mail to cancel or downgrade your membership. You can simply use the Robinhood app, and you’re all set. Below are easy steps to follow on how to cancel Robinhood Gold.
- Open the Robinhood mobile application and tap the Account icon in the bottom-right corner of the home screen.
- On the Account page, scroll down and select “Settings.” Tap on “Robinhood Gold” under Account.
- Next, simply Tap “Downgrade from Gold” to cancel your Gold membership.
How to cancel Robinhood Gold? It’s as easy as that. Note: If you have any margin on your account or any pending deposits, you will not be able to downgrade from Gold membership on Robinhood.
How To Disable Margin investing in Robinhood
If investing with borrowed money seems too risky for you, then margin investing isn’t for you. If you already use margin on Robinhood and you want to disable margin investing, follow the steps below to disable margin in Robinhood.
- Open the Robinhood app and login into your account.
- Tap the Account icon at the bottom-right corner.
- Select “Settings” and Tap “Robinhood Gold” under the Account tab.
Tap “Margin investing” at the top of the screen and select “Disable Margin investing.”
What are The Pros And Cons Of Robinhood Account
The list is given below.
>>Pros
- No account opening fees.
- Easy to use.
- No fee for cryptocurrency trading.
- You can buy some shares of a company’s stock.
- You can create an account in minutes.
>>Cons
- In-depth educational resources are limited to Gold membership only, which includes a $5 monthly fee.
- There are no retirement or tax-advantaged accounts as Robinhood only offers taxable brokerage accounts.
- There are no mutual funds or bonds.
FAQs on Robinhood Account
Now you have the answer to your query-How to cancel Robinhood Gold? Read on to see a few commonly asked questions about Robinhood that you may find useful In case you have other questions.
There is no account maintenance, account opening, or trading fee. However, Robinhood charges $5 per month for its Gold membership.
As an account holder, your assets are protected as Robinhood is a registered broker and a member of the SIPC. Robinhood uses standard security measures like encrypting sensitive information and two-factor authentication on the app. There’s also user protection against unauthorized trading, with a cover of up to $500,000 per account.
After a sale, there’s a time frame for settlement and two trading days before you can make a withdrawal. You can make a maximum of five withdrawals each business day and a maximum withdrawal amount of $50,000 per day.
Robinhood makes it easy for newbie investors as there are no commission fees, trading fees, and account opening fees. The platform is also very easy to learn to use.
Robinhood has a free 30-day trial period. However, you will be charged $5 at the beginning of each billing cycle unless you cancel your subscription before the next billing date.
A trading halt is equivalent to a timeout for trading. Investors can not buy or sell affected stocks during a halt period. Halts are issued by stock exchanges like the Nasdaq and New York Stock Exchange.
Also learn How Do I Cancel My Robinhood Deposit?
