If you’re upset with Robinhood, here’s how to take out all your cash
Sick of Robinhood? Here’s how to pull all of your funds.
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
Don’t like how Robinhood put the kibosh on a bunch of Reddit meme-addicts and restricted only some stocks to seemingly save a bunch of predatory hedge funds? Well, here’s the best way to be heard, with moving your money out of the platform.
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days settlement period after any sale, so you’ll essentially have to wait for three days before your funds can be withdrawn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.
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