How to Cancel a Robinhood Gold Membership
Customers often subscriptions because the world of stock trading can be too overwhelming. If you need to take a break and focus on other things, you shouldn't keep paying for the service. Even if a premium service only charges a few dollars a month, those small amounts can really add up.
You might think that you can stop a Robinhood Gold plan in a few moments, but it's actually not that simple. Robinhood has several requirements you have to meet before you can cancel your subscription. If you need help getting rid of Robinhood Gold fast, DoNotPay can walk you through the process.
How to Downgrade From Robinhood Gold
For some Robinhood Gold members, canceling an account could only take a minute or two with these steps:
- Log in to your account either online or using the app.
- Under your account settings, choose Robinhood Gold.
- Select Downgrade From Gold.
However, there are several factors that can prevent you from n. These include:
- Your instant deposits are too high. You can't have any pending instant deposits over $1,000. You'll either have to wait until your bank clears the deposits, or sell more than $1,000 of positions.
- You have a large margin balance. You can see your current margin balance on the Investing page of your Robinhood account. If it's too high, you'll have to liquidate some positions or deposit funds into your account.
- Pending orders that require margins. As long as they haven't been executed yet, pending orders can be canceled. However, fractional orders might not be able to be canceled in the middle of a trading halt.
- A cash balance that is greater than your accrued interest. You need to settle any unpaid interest before you cancel Robinhood Gold. This amount is usually deducted from your account on your upcoming billing date, which is scheduled every 30 days.
- Insufficient funds to cover options collateral amounts. Collateral amounts will vary depending on each contract. You can find yours by looking at your buyer power breakdown or your option position. If you need to deposit additional money, you still can't cancel Robinhood Gold until the deposit clears.
If this is all too confusing for you, you can leave it up to DoNotPay to handle the cancellation from beginning to end.
What Are the Best Alternatives to Robinhood Gold?
If you are simply canceling your Robinhood Gold subscription because you are unhappy with the service, you’re probably on the lookout for a better option. Here are some trading platforms that you might want to consider:
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Robinhood Gold Free Trials Are Better With Virtual Credit Cards
A Robinhood Gold free trial is good for 30 days. After the trial ends, you'll have to pay $5 each month to continue using the service.
However, you can't sign up for a free trial if you don't have a debit or credit card. This is obviously an issue for people who don't feel comfortable handing over their payment details. You're not even sure if you'll enjoy Robinhood Gold, so why do you need to pay beforehand?
Like many companies, Robinhood will place an authorization charge on your credit card to activate the free trial. You won't actually be charged any money unless you let the trial renew into a regular Gold subscription.
Of course, Robinhood won't remind you when your Gold subscription is about to renew. Most people have busy schedules, so it's easy to forget the exact moment a free trial expires.
Additionally, canceling your Robinhood Gold trial immediately revokes your access to premium features. This means you have to carefully plan when to stop your free trial. If you wait until the last second, a slow website could ruin your plans.
With DoNotPay's virtual credit card, those worries are a thing of the past. Our users can use the Virtual Credit Cards product to generate a one-time credit card number. Even though it doesn't hold any money, it can still accept an authorization charge.
Once this charge is completed, the virtual credit card is no longer valid. You won't have to worry about canceling your free trial or any company having access to your private information!
Virtual credit cards can be used in many other situations, such as:
- Making a hotel or restaurant reservation
- Reserving a seat at special events
- Hiding your real name and email address
- Testing the legitimacy of free trials or other reservations from unfamiliar websites
Having Problems With Robinhood? DoNotPay Is Your Best Resource to Sue Anyone
Robinhood already makes canceling your subscription a very complicated process. It can be even worse if the company keeps charging your account, even after you've met all the requirements.
Companies should never get away with the mistreatment of their customers. However, bringing your case to small claims court can feel very intimidating and take weeks of preparation. With DoNotPay's Sue Anyone product, you'll get an effective letter in mere minutes that will prove your case before the judge.
DoNotPay Cancels Robinhood Gold Plans in One Click
The average American wastes over $200 on subscription fees each month simply because they can't deal with the exhausting cancellation requirements. DoNotPay believes that you should keep your hard-earned money, so we've created the perfect answer.
Here's how anyone can cancel Robinhood Gold in 3 steps:
- Log-in to DoNotPay and search for the Manage Subscriptions product.
- Provide the name of the subscription service you want to cancel.
- Provide your account details such as email address and username.
From there, DoNotPay works quickly to cancel the service on your behalf! All you have to do is be on the lookout for your confirmation letter. If the company gives us any problems, we're ready to take the next steps and get justice for you.
DoNotPay Helps You to Manage and Cancel All of Your Subscriptions With a Click of a Button
Some companies most likely hope that you forget about your subscription so they can continue cashing in on the monthly fees without their services being used. DoNotPay can assist you in canceling unwanted memberships so you can avoid incurring unnecessary charges.
We can help you cancel your subscription with the following brands:
- Ready Refresh
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No matter what service or product you are subscribed to, DoNotPay can cancel for you.
What Else Can DoNotPay Do for You?
More and more people are turning to DoNotPay, not only in canceling subscriptions but with other tasks as well. Here are some issues that we can assist you with:
- Negotiate expensive hotel bills
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- Sue in small claims court
Download the DoNotPay app today to experience having an efficient legal assistant at a cost that will not hurt your pocket.