If you’re upset with Robinhood, here’s how to take out all your cash

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If you’ve been following the current GameStop stock saga, you might have been heartened by the “little guy” almost pushing a hedge fund out of the market, thanks to the netizens of r/wallstreetbets.

Well, that fightback stopped earlier yesterday, when most of the retail stock trading platforms, including Robinhood, stopped people from buying more GameStop stock, along with a few other stocks that were also in what’s known as a “short squeeze.” On top of that, they’re even restricting crypto trading on Dogecoin because it soared 300 percent.

Maybe you don’t want to keep your stocks or other assets in a trading platform that used to quote “Let the people trade,” but now is actually limiting them from buying specific stocks with real cash. Read on and we’ll tell you how to divest your holdings, so you can transfer cash out to your bank account.

Here’s how to break up with Robinhood

If you’ve got any stocks, you’ll have to sell them first. Just remember, Robinhood has a trade date plus two trading days settlement period after any sale, so you’ll essentially have to wait for three days before your funds can be withdrawn

Navigate to the page for the stock you want to sell

Tap on Trade, then on Sell

Choose to sell in Shares, then select the number of shares you own (or just tap Sell All), then tap Review

Swipe up to submit your sale

Once you’ve sold all your stock positions and waited through the settlement period, now it’s time to withdraw your cash

Tap on the Account icon at the bottom right of the app, or on the Wallet icon

Tap on Transfers, then on Transfer to Your Bank

Choose the bank account you want it sent to, then enter the amount

Tap on Submit

Now your cash is on the way to your bank, so you can reinvest it in stocks again when you find a brokerage you like. Remember you’ll be on the hook for capital gains taxes depending on how long you held those stocks for, so keep some aside for when it’s time to do your tax return for the year. Robinhood will give you a tax document when it’s time.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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Joe Rice-Jones

Maker, meme-r, and unabashed geek with nearly half a decade of blogging experience at KnowTechie, SlashGear and XDA Developers. If it runs on electricity (or even if it doesn't), Joe probably has one around his office somewhere, with particular focus in gadgetry and handheld gaming. Shoot him an email at joe@knowtechie.com.