Ever wondered why Robinhood won’t let me withdraw? You’re minutes away from learning everything.
Looking for answers related to the query, Robinhood won’t let me withdraw doesn’t really offer much as the world of the Internet lacks the required resources. But not anymore. Having spent hours researching and performing associated practices, I’ve prepared the following piece for you that will help resolve all the trouble.
Robinhood is simple, flexible and great, but the platform isn’t far from trouble making elements. On that note, have you ever faced any difficulties with the app? For example, do you felt like Robinhood won’t let me withdraw? If that’s a yes asking yourself why can’t I withdraw my money from Robinhood won’t help.
Why Robinhood Won’t Let Me Withdraw?
A failed attempt at withdrawal is never pleasing, and if it’s your favorite platform, Robinhood, then things start getting troubling. The best answer to why Robinhood won’t let me withdraw can be many. The usual case is when you try to withdraw funds before the settlement period is over. Also, if you tend to use the Robinhood services a number of times a day, crossing the daily limit will restrict the withdrawal process.
Apart from these, there are other factors to look at. I’ll uncover everything as the article progresses; stay tuned.
No matter if you’re facing the above quoted issue or anything else, like wondering why is my withdrawable cash $0 on Robinhood? Your funds are locked, and you need to fix it ASAP! I’ve got you covered. You’re currently browsing the right destination, as I do have the answers to all of your questions, In fact much more! So keep going to find out the answer to why Robinhood won’t let me withdraw.
Robinhood: A Brief Overview
Robinhood Markets, Inc, is a financial services company that provides services like commission-free investing of stocks, exchange-traded funds, and cryptocurrencies using the Robinhood app.
A fun fact about Robinhood is that it is a member of the SIPC, which means that they protect the securities in your account up to $500,000. Using the Robinhood app is very simple, and you also get a free stock for signing up. It is no wonder that Robinhood has a catchphrase that says, ‘Start your first stock on us.’ Everyone from the finance world is familiar with the platform, and it has over 13 million users today.
The Reasons: Why Robinhood Won’t Let Me Withdraw
As already mentioned, there could possibly be several explanations to the question, why can’t I withdraw from Robinhood.
1. You’re Still to Conclude the Settlement Period
The most common reason that causes this problem is if you are trying to remove funds before the settlement period is over. The settlement period is a period of time that your money needs to be in your account, and during this time, you are not supposed to withdraw it.
This period includes the time from when the trade was made and two additional days after that. Only after this stipulated time, you’ll be able to withdraw your funds.
This could be one of the explanations for the problem, why Robinhood won’t let me withdraw funds.
2. Already Crossed the Daily Withdrawal Limit (Frequency)
Another common reason is if you have crossed the limit of the number of withdrawals in a day. If you make too many attempts of withdrawal in 24 hours, there would be a restriction imposed, and you would face the issue that Robinhood won’t let me withdraw my funds.
Robinhood allows only up to 5 withdrawals per day, after which your account will get restricted against the withdrawal activity, and you would be denied of being able to withdraw further.
3. Reached Maximum Withdraw Limit (Amount)
Moving a step ahead, a common answer to Why Robinhood won’t let me withdraw could be that you are trying to withdraw more money than the maximum limit set by the platform. The maximum current limit for withdrawal is set to $50,000 per day across all types of withdrawals.
4. Prevailing Restrictions
Trying to withdraw funds to another bank account can also cause restrictions to get imposed on your account for making withdrawals. If you want to transfer funds to another bank account, you would have to verify all the details for the new bank account. This includes submitting your bank documents to the platform. Remember, it would take somewhere around 1 or 2 trading days for your bank account to get verified and approved.
5. Blocked Account
If none of the reasons mentioned above fit as the perfect cause for why Robinhood won’t let me withdraw, then the reason could be something else, like a restriction being imposed on your entire account. This is comparatively rare, and these only occur for user accounts that alter their linked bank account quite too often or show any sort of unusual behavior or trade pattern.
The Solutions: Why Robinhood Won’t Let Me Withdraw
Since the Robinhood app deals with trading and cryptocurrencies, it is only natural that there are several security measures to prevent malicious use. If you are unable to make withdrawals on your Robinhood account, you can try the following things.
If you’re facing the problem, Robinhood won’t let me withdraw, you would have to contact the support team to get an explanation for the reason why the restriction on your account exist. To get your account functioning normally again, getting in touch directly with Robinhood support or customer care is really efficient and helpful.
But before that, be sure to check that your restrictions are not because of the above reasons, i.e., they are not due to money being held during the settling period, or due to too many attempts in withdrawal, or even due to excessive recent withdrawals.
Here is a quick link to contact Robinhood support:
Pending Deposits in Robinhood
In Robinhood, a deposit of trade can take up to 5 business days to complete, and during this period, you would not be able to withdraw or spend these funds. Only once the process is complete can you perform further actions on them.
Why is My Withdrawable Cash $0 on Robinhood?
Have you noticed that the withdrawable cash is $0 on Robinhood? Don’t worry, because the funds haven’t gone anywhere.
The reason why is my withdrawable cash $0 on Robinhood could be either because of unsettled funds or because of a restricted account. An unsettled fund occurs when the trade has not had a lot of time to get ‘settled.’ A restricted account could be because of several reasons, which is found as Robinhood is monitoring every account for suspicious activity or unethical behavior.
Another possibility could be that you simply have not deposited any cash into your account.
Frequently Asked Questions
1. Is it safe to buy on Robinhood?
Yes, Robinhood has been a game-changer in the way people buy and invest. And Robinhood is absolutely safe. Since Robinhood is a part of the SIPC, your funds are always protected. Moreover, Robinhood is a securities brokerage, and in isolation, securities brokerages are controlled by the Securities and Exchange Commission (SEC).
2. Is Robinhood safe for cryptocurrencies?
Robinhood has given extra attention when it comes to the safety of its trade and stocks. This is the same, even in the case of cryptocurrencies. Cryptocurrencies that are purchased on Robinhood are stored in a mix of hot and cold storage. Hot storage refers to online storage, and cold storage refers to offline storage. A majority of coins are stored in the cold storage by Robinhood. This ensures extra protection to the coins.
3. Is there any withdrawal-free on Robinhood?
There are no additional charges applied, and there are no deposit or withdrawal fees on Robinhood. This is why the commission-free platform has been preferred by many lately.
4. What is the drawback of using Robinhood?
The only drawback we could find with Robinhood is that, unlike most online stock brokers, Robinhood does not allow trading of mutual funds, and they only support stocks and cryptocurrencies.
5. Is Robinhood only available in the U.S.?
Yes, Robinhood is currently only available to users in the U.S.
6. How to cancel a withdrawal?
To cancel a withdrawal, follow the following steps:
- Step 1: Go to the Account page by tapping the Account icon.
- Step 2: If you are an Android user, you would then be required to tap the Menu option on the top right corner.
- Step 3: Select the History option.
- Step 4: Select the pending withdrawal that you want to cancel.
- Step 5: Select the Cancel Transfer option.
Final thoughts on Robinhood Won’t Let Me Withdraw:
There could be several reasons and explanations to the questions like why Robinhood won’t let me withdraw, why can’t I withdraw money from Robinhood, why is my withdrawable cash $0 on Robinhood, why can’t I withdraw from Robinhood.
All the possible scenarios are mentioned above, so be sure to stay calm, read through, and find out the reason why Robinhood won’t let me withdraw. If you are a user of the Robinhood platform who follows the terms and conditions and trades in good faith, you have nothing to worry about because Robinhood is one of the most user-friendly platforms available for trading and stock brokerage.
Further reading:
That wraps up everything you need to know about why Robinhood won’t let me withdraw.
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