Robinhood is an investment platform catering to younger investors who are entering and learning about trading stocks, bonds, and cryptocurrencies. With features like fractional shares and no commissions, many customers are drawn to the platform, but let’s look through reviews on PissedConsumer and other review websites and see if there’s another side to the story.
Number of Robinhood Reviews – 4.8K
Robinhood Rating* – 1.7⭐⭐
Claimed Losses – $10.7M
Issues Resolved – 15
Successful Calls – 2%/24.6K
During the large stock market fluctuations in the second quarter of 2020, the Robinhood app experienced some issues. In this video review left on our platform, a customer informs that her account has been compromised, and someone was selling, buying, and transferring money from it.
Many customers experienced issues with Robinhood while trying to trade stocks during a volatile period, which has led to questions about the Robinhood.com platform. This article will help you seek answers to top Robinhood FAQs:
How to Contact Robinhood Customer Service?
Many of the reviews on our site and others explain that contacting Robinhood customer service can be a challenge. Robinhood customer service information is not immediately visible on the website, but it is present with a bit of digging.
Contact Robinhood by Email
The preferred means of communication for Robinhood appears to be through email. In the Contact Us section of the website, customers are encouraged to email firstname.lastname@example.org with issues with scams or with questions. Questions about privacy can be directed to email@example.com. Questions about anything on the app also lead to email forms.
Contact Robinhood by Phone
Despite a clearly labeled Contact Us section, there is not an easy way to find a Robinhood customer phone number. All Contact Us options lead to email addresses on the website or email forms on the app. There is not a Robinhood customer service number listed anywhere in the Contact Us section, the FAQ section or even the disclosures section of the company’s current website. PissedConsumer did have luck finding the Robinhood customer phone number through other means. That number is (650) 294-4858.
Contact Robinhood through Social Media
While a Robinhood customer service number is hard to come by, the company does maintain several social media accounts. Robinhood social media accounts include a LinkedIn page that allows commenting on posts.
Robinhood social media presence also includes a Facebook page (@Robinhoodapp). The page does not have the option to send messages, but does allow for commenting on posts. Customers have left feedback on recent posts, and Robinhood customer support has responded promptly with a request for customers to email directly for more assistance.
Twitter is another choice for Robinhood social media accounts. Customers can contact Robinhood through @AskRobinhood, @RobinhoodApp, or through one of the founders, @vladtenev. Looking through recent posts and messages on those accounts, it is not clear if the accounts reply with responses to customers, however. Twitter acknowledges “limited support via Twitter” on the official Robinhood Help account.
Robinhood has an Instagram page (@robinhoodapp) as well that does not allow messages. It does allow commenting on posts, but there does not appear to be any response from the company to questions posted through Instagram.
On its website, Robinhood claims to be expanding its support options for customers. In 2020, the company “tripled the size” of its support team and is “exploring additional ways to expand these capabilities.”
How to Delete a Robinhood Account?
Many Robinhood complaints claim to be closing accounts after experiencing frustrations, but how does that work? How do you close and delete Robinhood account? According to the FAQs section, the Robinhood cancellation policy primarily affects trades, not account opening and closing. The policy for Robinhood account cancelation is to only cancel orders before they have been executed in the market.
While this limit may have been the subject of several Robinhood reviews, trying to get money back out of the account and reach customer service to close account is a popular topic as well, in some cases causing almost violent reactions in reviews.
Knowing how to cancel a trade is not the same as knowing how to delete Robinhood account, of course. To close and delete Robinhood account, you will need to work directly with customer service.
According to Robinhood FAQs, to close your account, you will need to contact customer service via their email-based contact center. This is how to delete a Robinhood account. Be sure to sell all your positions and remove your Robinhood bank balance back to your traditional bank. You may also remove all your assets from Robinhood.com and the company will close a Robinhood account for you.
You now also have the option to delete a Robinhood account through the app itself. Recent updates on the Robinhood website have instructions for how to delete a Robinhood account through the app.
To deactivate a Robinhood account, you go through Settings in the app, and then click on Account Information. From there you select Deactivate Account and follow the steps listed. Your account will need to be at $0.00 to confirm your deactivation. Customers who run into trouble or have questions are encouraged to contact the company through the support section and email options.
How Does Robinhood Work?
Robinhood is a financial platform designed to allow investors to invest at their own pace. It hopes to make the financial markets available to everyone by limiting fees and providing educational materials to support investors as they buy and sell stocks, options, cryptocurrency and gold shares.
Robinhood founders created a system that would allow investors to buy and sell stocks and cryptocurrency without paying fees for every transaction. Young investors enjoyed the app because it was a relatively simple way to enter the stock market and begin investing. Many investors enjoy buying and selling in short spans of time through the app, and the purchases and sales are easy to execute. Robinhood trading hours are also slightly extended, which is appealing for investors looking to get a jump on the market.
To buy and sell through this platform, users simply link the app to their bank account to fund their Robinhood account. Once they have funds, they can buy and sell stocks and cryptocurrencies by simply clicking a button or two on the screen. The Robinhood app is set up to have some game-like features as well, such as scratching off virtual lottery tickets or confetti that rains down after some transactions. These features make Robinhood and investing feel more like fun and less like stuffy transactions.
There are several options for trading within Robinhood.
- Stocks – Investors can buy as little as $1 worth of a particular company’s stock or a bundled stock option called ETFs.
- Options – Investors also have the opportunity to try and predict or time the market using put and call options. The company provides a large learning section about how to trade options on Robinhood.
- Gold– Robinhood users have the option to invest in gold as well as stocks and cryptocurrencies.
- Cryptocurrency – Users are able to buy, hold, and sell cryptocurrency like Bitcoin, Dogecoin, and Ethereum.
According to the Robinhood FAQ, the company also offers extended trading hours. Robinhood trading hours include premarket hours from 9am until 9:30am EST. The Robinhood trading hours extension also includes after hour trading from 4pm until 6pm.
Communities to support the app and its investors have been designed as well. Robinhood Reddit users have a tight-knit community. In fact, the Robinhood Reddit community realized the power they have when they work together during a recent situation with GameStop stocks.
Posts about GameStop sparked a frenzy of retail investing when it was revealed that large investing firms were working to undercut the stock through short sales. The Robinhood Reddit traders followed the action on Reddit’s r/WallStreetBets forum and invested heavily in the stock. This drove the price up tremendously and was celebrated by retail investors as a win against the larger hedge fund companies.
According to the latest news, the flurry of investments created a problem for Robinhood, however, when it was required to pay a tremendous amount to its clearinghouse to balance the volatile trading through its app. As part of a negotiation to reduce the $3.6 billion payment to its clearinghouse, Robinhood opted to limit trading on a select number of volatile stocks, including GameStop.
This created significant problems for some investors who were trying to sell the stock and enjoy their profits but couldn’t because the app had effectively frozen GameStop transactions. As one user explained in his PissedConsumer Robinhood review (#2405244), customers wound up losing money when they could not trade shares they were holding and the price began to drop. Additionally, when frustrated customers tried to leave Robinhood and open new accounts elsewhere, this user claims “Robinhood knew lot of people tried to leave and we needed the statement, they blocked the statement and said it is currently not available to view!” Ultimately, frustrated Robinhood customers wound up filing lawsuits.
How to Withdraw Money from Robinhood?
Of course, once you get your money into the app, you’ll want to know how to get it – and your Robinhood dividents – out again. Robinhood cash management is explained in the site’s help center. According to the Robinhood FAQ section on moving funds, the site explains that you have more options on how to move and use funds with the cash management system.
After setting up a brokerage account with www.robinhood.com, you will be sent a Robinhood debit card that can be used to pay bills or make purchases. If you would rather not be part of the cash management program, the company offers other options for the withdrawal of funds.
There are several Robinhood complaints across our site and others about the timing on either end of withdrawals and deposits. These Robinhood complaints express frustration in delays in withdrawals. Customers were frustrated by the difficulty contacting Robinhood customer service about withdrawals as well.
According to the Robinhood FAQ page about withdrawing cash from the app, you may not withdraw funds for at least two days after a trading day due to settlement. Buying and selling Robinhood stock requires time to settle transactions before withdrawing funds. It should also be noted that you may not withdraw any funds related to your Robinhood free stock for at least thirty days.
While several reviews seem to wonder does Robinhood charge to withdraw funds, there is no charge for this service. There is, however, a charge if you move your stocks – not your proceeds – out of Robinhood. In the Robinhood review (#2072197,) one PissedConsumer poster explained that he discovered a $75 fee to move stocks from Robinhood to another platform. He suggests that other customers “have been warned.” He says, “Don’t do it.”
Do You Have to Pay Taxes from Robinhood Stocks?
Income is taxed in the United States, so if you made money selling Robinhood stock, you will need to pay taxes. Robinhood taxes follow the same tax laws as any other type of financial investment and profit.
Robinhood tax forms are available on the app or the company’s website. To access Robinhood tax documents, or IRS Form 1099, customers can open their account on the app and then choose Statements & History. From there they can click on Tax Documents top open the Robinhood tax forms.
If a customer received Robinhood tax forms, the same documents were provided to the IRS. This creates a legal obligation to file taxes and report any income from the Robinhood tax documents. Any net income, or dividends, will be the income made from selling your Robinhood stock for more than you paid for it, will be taxed at your current tax rate. You can see your Robinhood dividends at the bottom of the Form 1099 provided by the site.
To correctly report your Robinhood dividends to the IRS, you will simply include the amounts on the 1099 form on your tax return. If you prepare your own income taxes, when the software of your choice asks about receiving a 1099, fill in the information provided on the Robinhood tax documents. The profit you made in your Robinhood dividends will be added to your other income from the year and adjustments will be made for taxes owed.
Since Robinhood taxes are not taken out of your profits when you sell stock, you will be responsible for the full tax burden at the time of tax filing. If you typically get a tax refund every year, the refund may be reduced by the Robinhood taxes you are responsible for.
Buying and selling stocks can be lucrative and fun, especially if you are earning while learning how the system works. But investments always pose risks, and part of the learning process should always include ways to minimize your risks and be sure that you are protecting your funds. Any investment platform will have its own rules and associated costs. Before investing, be sure you understand how the system works and what risks you may be taking on.
If you’ve had experience with Robinhood investing, and you’d like to share it with others, feel free to leave a review on PissedConsumer.com.
We hope you find the above information useful. To address your question to the company, you may use the Robinhood Q&A page on our platform.
By Rebecca Garland
Business and Education Expert
Rebecca Garland, M.S. is a business and education writer. She holds secondary teaching certifications in six areas, has a degree in Business, and earned a Master’s degree in Library and Information Science. As an expert, Rebecca has been working with international clients since 2005.
*The company ratings on the PissedConsumer website are calculated using a mathematical algorithm that evaluates the information in the company’s profile. The algorithm parameters are: users’ rating, the number of resolved issues, the number of company responses and more. The PissedConsumer algorithm is also subject to change in the future.
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