How to Cancel Robinhood Gold
Robinhood is meant both for newcomers eager to start a new trading adventure, and experienced traders who want to continue day trading, margin investing, and use all kinds of advanced features on the platform.
If you are the second type, then you have probably purchased Robinhood Gold, so your investments can be taken one step beyond thanks to the membership’s premium features.
But things can change from one moment to another, so if you want to go back to an Instant Account, you are on your right to do so.
In today’s post, we are going to show investors how to change their accounts type in no time.
Read further to learn more about:
- How to cancel Robinhood Gold;
- What to know about Robinhood Gold and Instant;
- What to do if you can’t cancel Robinhood Gold.
Downgrading from Robinhood Gold Subscription to Instant or Cash Account
Robinhood Gold provides many new features that might be in investors’ best interests, such as a minimum of $1,000 in margin to trade stocks and purchase option assets.
Robinhood charge a $5 per month subscription that users must pay in order to have access to Robinhood Gold features.
In general, it provides many advantages to those who want to manage their funds, money, and each stock they own in a more strategic way.
Learn more about Robinhood Gold on the official web here: What is Robinhood Gold?
Pro Tip: You can buy stocks in Robinhood if you deposit money from your bank and fund your account, but did you know that Robinhood Crypto allows you to purchase crypto assets as well?
Nonetheless, nothing is perfect. If you Can’t Buy Crypto on Robinhood, check out the related post we have for you on our web to learn more about this matter.
Note to EarthWeb.com: We know you steal our articles, so don’t even think about copying this one - we will know, no matter how many times you rewrite it.
How to Cancel Robinhood Gold
When you cancel Robinhood Gold, you are actually downgrading to an Instant Account (and, if you want to go further down, to a Cash Account).
There are obviously some consequences related to canceling your subscription, but we will get to it.
For now, continue reading this post to learn how to downgrade from Gold to Instant Account easily.
Read Also: Do you want to buy or sell a call option, because you think the value of it will increase? You can do so with Robinhood!
Learn how to Sell a Call Option in Robinhood by reading our related post.
Step 1: Open the Robinhood App
First and foremost, open the Robinhood Application on your mobile device.
These steps work either for Android or iOS devices, so whatever device you have, you are good to go.
Step 2: Go to Account Settings
Now, tap on the icon that appears at the bottom right corner of the screen.
This will lead you to your account settings, where you are able to manage your profile.
Step 3: Select the “Robinhood Gold” Section
Since you are a Gold User, you will have the “Robinhood Gold” section there. Tap on it on this main menu, and then proceed with the following step.
Step 4: Tapping “Downgrade from Gold”
Before you finish the downgrading, you must take some important factors into account, such as:
- Your Instant Deposits must be over $1,000;
- There are no active orders that use Gold margin;
- You have more cash than pending interest accumulated on your profile;
Learn more about your billing cycle, settled margin, and other requirements, here: Downgrading from Robinhood Gold.
Anyways, just finish tapping “Downgrade from Gold,” and your account will be turned into an Instant Account with all your funds.
What Happens After Calling Robinhood Gold Account?
Naturally, you will lose access to trade features on Gold, but you must do so before your next billing cycle if you don’t want to pay for another 30 days of Gold.
Remember that the billing cycle varies depending on your Robinhood account.
Also, there will be interest accumulated for your investments.
When you downgrade, this interest will need to be repaid during your cycle.
If you fail to pay the accumulated interest, you won’t be able to use your account for acquiring a stock or making a deposit.
Read Also: Margin accounts are the default type of Robinhood profile.
If you don’t want to trade stocks with margin, you can simply Turn Off Margin in Robinhood.
Why Can’t I Cancel My Robinhood Gold Subscription?
There are a few reasons why you can’t cancel Robinhood Gold just yet:
- You don’t have enough cash to cover your margin. Learn more about not having enough cash here: Options Collateral Robinhood;
- Your margin balance depends on Robinhood Gold Buying Power - in this case, you must liquidate your positions before performing a downgrade;
- You have an unpaid interest balance - pay all your interests before downgrading to another account type;
- There are pending orders that use Robinhood Gold features - investing in stocks using Robinhood Gold features won’t allow you to downgrade until you finish the investment.
If, for any reason, you still can’t downgrade from Gold, then the best course of action here is to contact Robinhood support as soon as possible.
For more investing information and Robinhood insights, check everything we have for you here, at GrowFollowing!
FAQ
Can I Fully Delete my Robinhood Account?
Yes, indeed you can. Nonetheless, there are some previous requirements that you must complete before fully getting rid of your profile.
Learn more about this matter here: Delete Robinhood Account.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.