How to Withdraw Money from Robinhood- One of the biggest financial platforms available now is called Robinhood. Many options are available for the platform, including Android and iOS apps, in addition to its web-based accessibility.
Wall Street and Main Street continue to be perplexed by the rising popularity of Robinhood. Millions of traders, mostly young ones, favour the trading platform nowadays. We’re seeing more and more people becoming interested in trading stocks and cryptocurrencies thanks to Robinhood’s convenience and recent media ubiquity.
However, if you’re starting with the platform, you may be curious about how to withdraw money from Robinhood after joining and earning some money. Many consumers find today’s financial platforms complex, but we’re here to demystify and simplify them.
If you’re one of those people looking for a detailed step-by-step guide on how to withdraw money from Robinhood, then sit back and enjoy this five-minute read this guide on how to withdraw money from Robinhood using either your Android smartphone, iOS device, or computer.
What is Robinhood?
In 2013, Robinhood, a corporation with a U.S. registration, began operating. The brokerage suffered a $278 million net loss in 2019. The SEC reports that in 2020, Robinhood made $959 million in revenue. Options trading accounts accounted for 38% of that revenue. 17% of the company’s revenue came from cryptocurrency trading, and 25% came from equity accounts.
Over 18 million users have accounts on the U.S. trading platform as of 2022. CNBC said that amount represented a 151% increase over the previous year’s financed accounts.
The brokerage firm expected its NASDAQ launch to generate $100 million in revenue. Industry heavyweights JPMorgan, Citigroup, and Goldman Sachs contributed to the IPO deal’s underwriting. The IPO is still one of Wall Street’s major success stories from 2022. If you’re a desktop or smartphone user, the withdrawal process is slightly different but straightforward.
How to withdraw Money from Robinhood on Your Phone
This is a detailed step-by-step guide on withdrawing money from Robinhood using your smartphone. All you need to complete the procedure is a phone, the Robinhood app, and account access.
- Launch the Robinhood app, then tap the icon in the down-right corner of the screen to access your account.
- After finding it, select “Transfer to Your Bank” from the “Transfers” menu.
- Locate and select your bank account from the list.
- Enter the withdrawal amount you want to make.
- Verify that all of your information is accurate before selecting “Confirm.”
And that’s a quick and easy way to transfer funds from Robinhood into your bank account.
How to withdraw Money from Robinhood on Your Computer
If you’re accustomed to using computers, the transaction process will be just as simple as on mobile devices, but with a bit of difference. This is a detailed step-by-step guide on withdrawing money from Robinhood on your computer.
- Find the Robinhood website and sign in to your account.
- Find the “Account” option in the top-right corner of the website after logging in.
- Select “Banking” from the menu. Enter the withdrawal amount in the withdrawals area after finding it.
- Verify the transaction and wait for the funds to post to your account.
- Even though the menus are similar, it’s common to feel lost while switching between platforms.
Cancelling Your Robinhood Withdrawal
Imagine that after hastily making a withdrawal, you change your mind and opt to keep it in your Robinhood account for a bit longer. Here is what you do if that describes you.
- Select “Your Account”
- Select “History” from the “Menu” icon if you’re using an Android device.
- The options for pending transactions or withdrawals are displayed here. Just click it.
- Press the “Cancel Transfer” button to finish.
- You can only cancel withdrawals that haven’t finished processing. Therefore, you must act quickly before the limited time for cancellations expires.
How Long Does It Take to Withdraw Money from Robinhood?
The fact that money from a Robinhood account doesn’t immediately move to a bank account may disappoint some customers. However, bank transfers take a long time by nature; this isn’t Robinhood’s fault. This is due to the numerous stages your transfer goes through to minimize the likelihood of fraud. It acts as a security measure to safeguard your bank account. A withdrawal from Robinhood should typically take two to three days. This is roughly how long a typical bank transfer takes, but on rare occasions, times may be substantially faster.
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