Robinhood Application Under Review? Tips To Speed It Up
Investment apps are now more popular than they have ever been.
There are a lot of online brokerages out there, and the Robinhood platform ranks itself as one of the best alternatives.
Nonetheless, Robinhood is more than just a classic investing app.
Naturally, customers can manage their investments and trade quickly thanks to the platform’s features, but Robinhood takes personal finance one step beyond.
As a consequence, account verification is a must.
Robinhood offers a safe environment for everyone, but both sporadic and active investors need to complete an application process regarding their account types.
Thus, it’s imperative for old and new investors to continue reading this blog post so they can learn more about:
- What does Robinhood’s “application under review” mean?;
- Understanding the application process in Robinhood’s investment app;
- How to fix the “Robinhood Application Under Review” message on your account.
Opening a Brokerage Account on the Robinhood App
Robinhood is a great platform to manage your funds, whether if you started trading a week ago or years ago.
Customers have access to Robinhood Stocks, Robinhood Crypto, financial assets management in the stock market, commission-free stock trading (fees and recharges might apply outside Robinhood), fractional shares without paying the whole share price, mutual funds, options trading, and more.
Now, this post shouldn’t be taken as investment advice - we just provide educational resources to all of our readers.
However, if you don’t want to get, for instance, your Robinhood Account Restricted from Purchasing, there are some fundamental rules that you must follow.
Pro Tip: Robinhood offers their own debit card, which can be used for cash management purposes.
Getting it’s free, but there are other fees related to withdrawing account minimums from an ATM. Learn how to Activate Robinhood Card here.
Robinhood Regulatory Requirements
Robinhood complies with the Securities and Exchange Commission (SEC), Customer Identification Rule of the USA patriot act, government laws, tax identification information for the IRS, and FINRA rules.
Besides, it works closely with the Government Agency by following Robinhood Securities in order to maintain records of each customer.
That’s why Robinhood prompts you to send in documents so they can verify your identity.
Naturally, there are different levels of verification.
Some give you limited support when you purchase portions on stocks, and others provide you with level II data for stock and cryptocurrency trades.
That being said, starting an application request is something that all users must do when they open an account.
Robinhood Application Under Review: Reasons and Fixes
If you are experiencing issues with the Robinhood Application Review, then it’s fundamental to understand what’s happening.
As it has been stated, the platform needs to verify your profile.
The Robinhood Review Time is usually pretty fast, but if it’s not advancing, then read the following information.
Read Also: Before you withdraw money to your bank account, the platform needs to settle the cash first.
Learn more about Unsettled Funds in Robinhood in case you are facing this inconvenience.
Why is My Account Under Robinhood Review?
This is entirely normal. Your Robinhood application will be under review no matter what.
Robinhood states that, at the moment you open your account, they need to check every single document that you have sent.
Thus, your Robinhood Application will be under review and it likely won’t be approved shortly.
How Long Does Robinhood Take To Approve?
So, let’s talk about the review time. There are two scenarios here:
- If you sent all the documents correctly, the review process would take between 1 and 2 business days;
- If the platform needs to ask you for more documents, the Robinhood application review process can take up to 7 business days before getting a final verdict.
Is there a magic solution to shorten this time? No, there isn’t. You need to be patient.
The only thing you can do is to provide your information as detailed as possible.
Otherwise, the process will delay itself.
If the platform needs to take more than 5 days in order to verify your documents, then it means that you submitted something wrongly.
Contact Robinhood Support for Account Approval Issues
In case that time has passed, and you still haven’t received a proper answer from the platform, then you must ask the support team for an explanation.
Nonetheless, they always keep their users posted regarding the status of their applications.
If yours was rejected, then you will receive an email telling you the reasons behind the decision.
For more awesome Robinhood guides, GrowFollowing will be here for you!
Robinhood Application Under Review FAQ
Must Robinhood Users Provide Their SSN?
Yes. You need to give your SSN to Robinhood during the verification process.
Otherwise, you won’t be able to create an account on the platform - as simple as that.
Is Robinhood a Good Platform for Day Traders?
Those who prefer active trading can indeed perform day trades on Robinhood. Nonetheless, there are some requirements that must be fulfilled each trading day.
Learn more about this topic by reading our Robinhood Pattern Day Trading article.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.