Online frauds and hacking activities are very common with online applications. All customers have experienced this issue with Robinhood or any other online application. It has also been the main concern of the users to know whether Robinhood steal your money or not. In this blog, we will provide your complete information on this. Apart from this, you will also know why the balance on your Robinhood account is showing on hold and how you can withdraw it.
Being a competent organization Robinhood never wants its users to feel unsafe on this platform. That is why they have taken all the necessary precautions while creating this application and, on the customer’s end. Security of information and money is the prime motive of Robinhood. This application allows customers to invest a small amount of money to the highest as much as they can invest.
If you are not able to withdraw the money available in your Robinhood account then our experts will help you with this. You have to call them and ask the procedure to withdraw the amount. Additionally, we customers should also know that Robinhood holds the added funds for 5 days. So, in most cases, executives will ask you to wait for five days. But if it has been more than 5 days then they will look into your issue and resolve it promptly.
What can you do if Robinhood steals your money?
If you think that Robinhood steal your money then it is definitely not true. Robinhood just holds the money of the customers for a temporary time period and doesn’t allow them to withdraw. If you are unable to withdraw your cash from the Robinhood account then you can contact the support team for guidance. They will tell you the exact reason why you are not able to withdraw money from your account. Along with this, they will tell you when you would be able to withdraw the amount.
In case the transition goes into the pending stage while making a withdrawal then you can cancel it immediately. Below we have provided the complete steps to cancel the pending withdrawal from the mobile application.
- First of all click on the “Account” icon showing on the bottom right corner of the home screen.
- Click on the “Menu” icon showing on the top right corner of the screen. You can denote the menu icon by the three dots put horizontally on the screen.
- After that, tap on the History option on the screen.
- Now locate the pending withdrawal from the list and then click on the “Cancel Transfer” option.
In case you are not getting an option to cancel the payment then it should be in the successful stage. Again we request you to contact the Robinhood customer support executives to know what to do if you are unable to cancel the payment.
Does Robinhood take your money?
Robinhood is a trustworthy application and it does not take the money of the users. However, there are some services by which Robinhood earns money. If users take gold membership, stock loans, and other rebates from the market makers and traders then they have to pay additional charges. Apart from these services, all other facilities provided by Robinhood are commission-free.
Does Robinhood hold your money?
Robinhood indeed holds the money of the customers for several services. When the investors get cash on behalf of a referral stock then they have to keep this cash for 30 days in their account. If you try to withdraw this cash before 30 days then you will get an error saying that the money is on hold. Such scenarios are very common on Robinhood and people face this very often. There is nothing to worry about because Robinhood never steals the money of the users.
Customers who are regular traders on Robinhood know about the timelines for the cash withdrawal. If you are a novice and using the Robinhood application for the first time then you need to contact the support team. Only they are the reliable person who can tell you about the exact timelines to withdraw the referral cash from your account.
Apart from this, customers who are purchasing marginal gold have to maintain a minimum of $2000 in their Robinhood account. It will help you to meet the minimum requirement of your account. If you have less than $200 in your account and you want to withdraw it then you have to turn off the margin in the settings.