Rebecca Garland
Business and Education Expert

The investment platform Robinhood is designed for young and novice investors who are interested in the world of stocks, bonds, and cryptocurrencies. Robinhood.com makes it easy to invest in multiple markets by offering investors fractional shares. Additionally, the platform requires no commissions, which makes it an attractive site for a day trade, investing in new areas, and doing a bit of speculation in the markets.

The would-be customers want to know if Robinhood is a safe site. We turned to consumer reviews to see what customers have to say about the site and the Robinhood customer service experience. 

Robinhood questions and answers

Number of Robinhood Reviews – 11.7K

Robinhood Rating* – 1.7⭐⭐

Claimed Losses – $20.9M

Issues Resolved – 53

Successful Calls – 4%/70.8K

According to its website, Robinhood.com is “investing for everyone,” but not everyone has similar experiences with the site. Here we have collected answers to the top Robinhood FAQs:

Is Robinhood Safe?

Robinhood has been a popular investment platform, and even some who have had issues in the past still support www.robinhood.com and hope to continue using it once their issue is resolved. In one case, an investor reached out to PissedConsumer and left a review about his Robinhood experience. 

According to his Robinhood review, he has “7k invested and 20k just sitting there” but the company is not allowing him to withdraw the funds. In his video review, however, the customer indicated that he is frustrated with the situation, but would like to continue trading with the company if he’s simply able to withdraw his own funds again.

This reviewer is not alone in frustration with Robinhood customer service. Another complaint among the Robinhood investing reviews deals with not only losing access to withdrawals but losing complete access to their account. 

Robinhood review access issue

In this Robinhood complaint (#3309580), an investor has been trying for thirty days to regain access to their account. A poster complained of being trapped in a “round-robin system” and does not seem to feel that Robinhood is safe.

Robinhood complaints like these make customers concerned. They speculate that Robinhood is safe, right? While some reviews might leave new investors a bit leery, others, like the success stories on the Robinhood support Reddit show that investments can be successful on the site and there are means to navigate the customer service department. 

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. The information and details of Robinhood customer service are 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.com appears to be through email. In the Contact Us section of the website, customers are encouraged to email report@robinhood.com with issues with scams or with questions. Questions about privacy can be directed to privacy@robinhood.com. Questions about anything on the app also lead to email forms to send a Robinhood support email.

Contact Robinhood by Phone

The investment platform has created new phone options for opening a Robinhood support ticket. In the Support section of www.robinhood.com, there is information about speaking with a representative over the phone. If you’re having trouble with your account, for example, trying to figure out how to upload a bank statement to Robinhood or access funds for withdrawal, you can request a phone call from them.

Robinhood phone support

To request a phone call from Robinhood, you are instructed to log into your account, select the Contact Us option and request a call. The company will contact you from there.

Robinhood.com also supports some social media accounts online. So you can try for Robinhood Twitter support or Facebook support. It should be noted that contact options are not available through social media accounts, but comments are often allowed on company posts. 

How to Delete a Robinhood Account?

Wondering how do I delete my Robinhood account? The answers through Robinhood.com seem to be straightforward. If you are looking to have your Robinhood account deactivated, your first step will be to sign in to your account. 

To have your Robinhood account deactivated, 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.

Robinhood deactivate account

If closing a Robinhood account doesn’t feel thorough enough, you can also unlink your bank account before deactivating your account. In Robinhood, remove bank account information in the app by logging into your account, selecting banking from the account menu, and choosing “remove” for the bank account in question.

Robinhood unlink bank account

If you run into trouble or have additional concerns, contact the company to open a Robinhood support ticket for help. 

How Does Robinhood Work?

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 cryptocurrencies like Bitcoin, Dogecoin, and Ethereum.

According to the Robinhood FAQ, the company also offers extended trading hours. Robinhood trading hours include premarket hours from 9 am until 9:30 am EST. The Robinhood trading hours extension also includes after-hour trading from 4 pm until 6 pm.

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 worked together during a situation with GameStop stocks, which was all over the news.

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.

The flurry of investments created a problem for Robinhood, however, when it was required to pay a tremendous amount to its clearinghouse. 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.

The fallout from the investment issues Robinhood.com faced in 2020 is options for a call-back from the Robinhood customer service phone number accessed through customer accounts. There has also been more time to show reluctant customers that Robinhood is safe for investments.

How to Get Money Out of Robinhood?

Of course, once you get your money into the app, you’ll want to know how to get it – and your Robinhood dividends – 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 the platform, 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.

To withdraw money from Robinhood, you simply select a transfer from your account once you are inside the app. This should initiate a transfer to the bank you have connected to your Robinhood account. 

Robinhood withdraw money

There are some limitations on withdrawals that have spurred several calls to the Robinhood customer service phone number. There is a settlement period and a waiting period on new deposits that frustrate customers at times and can lead to a new Robinhood support ticket when money doesn’t move fast enough. 

Robinhood withdrawal rules

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. It should also be noted that you may not withdraw any funds related to your Robinhood free stock for at least thirty days.

Refferal stock Robinhood

There are many complaints across our site about issues with Robinhood customer service and money withdrawals. Some frustrated customers have been willing to delete the Robinhood app.

For example, one frustrated customer expressed in a review (#3304382) how he felt about Robinhood, “It’s a scam.” According to the reviewer, the platform locked his card and “won’t release my money” despite trying to handle the issue proactively with a Robinhood support email. He feels having his Robinhood account deactivatedripped several people off.

Robinhood review locked card

What Are Robinhood Fees?

Unlike some brokerage houses and stock trading websites, Robinhood.com does not charge fees for buying stocks and charges a nominal regulatory fee when they sell on your behalf. The company is transparent about the fees they charge and other pricing.

Additionally, 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.

Since Robinhood taxes are not taken out of your profits when you sell a 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.

When you’re making a financial investment, it’s important to understand the risks involved and be sure you’re working with a safe platform. Like any other platform, www.robinhood.com will have its own rules and its own inner workings. Learn from the experiences of others before investing to be sure you understand what you’re getting into. 

Have you had your own experiences with Robinhood.com? Share your story with others by leaving a Robinhood review on PissedConsumer, and help others minimize their risks. 

*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.

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.

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