Robinhood helps you invest your hard-earned money in diverse fields like stocks, crypto, and mutual funds. They provide brokers or agents that help you invest funds in a safe steadfast enterprise. Robinhood is fully certified by the government and IRS. The investment process is a blend of an open sense and analytics, so use it wisely.
Robinhood is based in California and was launched in March 2015. They are one of the largest platforms to provide financial services across the US. They are dealing with around 22.8 million user accounts and 2 million users’ cryptocurrency wallets as of April 2022.
One has to follow these steps to withdraw invested funds from Robinhood.
- Open the application on your mobile phone.
- Go to account settings, and click the option mentioned for the transfer option.
- Select the account and amount you want to transfer, then click OK.
- Your money will be credited back into your account from your Robinhood account.
Factors that delay your transaction back to your saving accounts
There are some measures that Robinhood has to keep in mind before transferring the funds from your account to your bank account. Although these are some basic ground regulations that one should know as a trader, let me give you a rough notion of these benchmarks.
- You can make up to five withdrawals and restrict them to $50,000 per business day.
- You have to wait five business days to transfer your money:- As Robinhood has an option of instant deposit, which means you can start trading just after you transfer money from your saving account to your Robinhood account. Even though you can do this, there’s a trap you won’t be able to transfer your money back to your saving account. For this transfer, you have to wait for five business days. This process is only applicable to new users.
- Trade settling time:- When you buy or sell your stocks in the US, it will take three days to complete the settlement process to settle the trade; otherwise, this will be considered incomplete. For instant settlement, one can choose to use the gold membership of Robinhood.
Are there any tax “penalties” for withdrawing money from a Robinhood account?
There is no tax levied for withdrawing your money from a Robinhood account. One can do this gratis of expense but may have to wait according to the circumstances offered by the platform. Taxation is accomplished only on trades shared via their platform. Apart from this, there is no tax in transferring funds from your Robinhood account to your bank account.
What percentage does Robinhood take per share?
The Trading Fee taken by Robinhood is $0.000130 per share of equity sold and $0.00218 per contract option. This fee is almost less than a penny or goes up to 6.49 in some matters where the single share price is too high.
Robinhood is the most reliable place that one can use for investing in the stock market or cryptocurrency. It is a safe platform to go with. The percentage per share is less compared to others, and withdrawing your money with ease is some of the positives of using Robinhood.
Check if it is safe to give Robinhood your SSN.