How to Cancel an Order in RobinHood
Robinhood is a user-friendly trading app where you can trade options, stocks, cryptocurrency, and exchange-traded funds. The platform is streamlined and easy to understand for experts and newcomers alike. But even in such a simple application, you may make a purchase you initially thought was wise, but then you have a change of heart. This is where the order cancel feature comes in handy.
In this entry, we’ll show you how you can cancel orders on Robinhood.
How to Cancel an Order on Robinhood?
Once you place your order, you can cancel it up until its execution. Bear in mind that only pending orders can be canceled. Reversing executed payments is impossible.
You have two options to cancel your pending order. Firstly, you can access the order in your Investing tab:
- Tap your “Investing” tab right under your cards.
- Find and press your pending order.
- Head to the “Pending Orders” section on your “Detail” page.
- Select the order you wish to revoke.
- Press the “Cancel Order” option, and you’re good to go.
Alternatively, you can go to your Account tab and cancel an order from there:
- Select the Account symbol in the upper-right part of the screen.
- Choose the “History” option and press the order that will be canceled.
- Tap “Cancel Order,” and you’re all done.
Canceling pending fractional orders works the same as whole-share orders. However, you may not be able to cancel them in the following cases:
- During trading halts – trading in particular securities may run into a halt for several reasons. If your security or the whole market is facing a halt, you’ll be able to cancel a pending fractional order, but the request will only be granted when the halt has been lifted. The halts are beyond Robinhood’s control and aren’t influenced by the developers’ decisions.
- Between 9:20 and 9:30 AM Eastern Time – If you place your fractional-order outside trading hours, you’ll need to cancel it before the market opens. Revoking a fractional-order between 9:20 and 9:30 AM is impossible since it’s too close to the market’s opening.
- Placing fractional orders that are redirected to market makers – If your fractional-order gets rerouted to a market maker and a trading halt takes effect prior to the order’s execution, you wouldn’t be allowed to cancel the order. It would be executed the moment the halt has been lifted.
What to Do if You Can’t Cancel an Order
There have been various complaints that users are unable to cancel orders. If you’ve clicked the ‘Cancel Order’ button shown above and nothing happens there are a few things to try.
First, if you’re using the Robinhood mobile app head over to a web browser instead. The chief complaint from users is that the application sometimes does not cooperate.
Next, consider how busy Robinhood is at the moment. Sometimes, all it takes is a minute or two of waiting and the order will cancel itself.
Lastly, it could be a known issue. Check the Robinhood website for any outages.
Read through the following FAQs section to find out more about Robinhood.
How Much Is Robinhood Reversal Fee?
Robinhood has cut its margins, bank, and FedEx fees significantly, and their ACH reversal fees have dropped to just $9.
Does Robinhood Charge to Close Account?
Robinhood doesn’t charge you anything to close your brokerage account, but you’ll need to submit a request for the closure. Your account needs a $0.00 balance before you close it.
Now let’s see how you can close your Robinhood account:
1. Sell your securities and transfer your cash balance to an external account. The mobile app lets you do this quite easily. There are also no commissions, meaning that you don’t need to be concerned about unexpected costs.
2. Once there are no funds in your account, submit your closure request by writing an email to [email protected]. It may take up to seven days for the platform to complete your request.
Alternatively, you can use the closure request in the mobile app:
1. Open the app and head to the “Help” section.
2. Select the “Contact Support” option.
3. Tap the “My Account” button and choose “Close my account.” You can now enter a brief message to accompany your closure request.
Unfortunately, Robinhood doesn’t offer online chat for submitting your request, unlike some other brokers.
Once your request has been granted, your account statements, trade confirmations, and tax documents will remain available on the mobile platform. However, uninstalling and re-downloading the app won’t re-open your account. If you wish to reactivate it following a closure, you’ll need to submit an application.
How Much Is Robinhood Deposit?
Robinhood’s instant account doesn’t come with a minimum deposit. On the other hand, users who hold a Gold account have to deposit at least $2,000 in their account.
How a Canceled Order Works?
You shouldn’t have a hard time canceling your Robinhood order, provided you manage to do it before the execution.
1. Launch the app and press your pending order in the “Investing” section.
2. Find “Pending Orders” on your stock’s Detail page.
3. Choose the order that will be canceled.
4. Hit the “Cancel Order” option, and your order will be revoked.
What Is a Canceled Order?
Canceled orders refer to previously submitted orders to purchase or sell securities that get revoked before their execution. You can cancel your standing orders like stop or limit orders for several reasons, provided it hasn’t already been filed.
How Long Do You Have to Cancel a Robinhood Order?
After placing a Robinhood order, you have an option to revoke it prior to the execution. However, only pending orders can be canceled, and you’ll need to follow certain guidelines regarding the timeframe of the cancelation.
More specifically, you shouldn’t submit your request between 9:20 and 9:30 AM Eastern Time. Otherwise, your closure won’t be granted.
Additionally, if you try to cancel your regular-hours order for NASDAQ-listed stocks between 9:28 and 9:30 AM Eastern Time, the order will remain pending until the stock’s opening cross takes place. It usually occurs at 9:30 AM Eastern Time. This rule was formulated for NASDAQ stocks and is beyond Robinhood’s control. So, revoke your order before 9:28 AM Eastern Time to prevent an execution.
How Do I Get My Money Back Out of Robinhood?
Once you have a certain amount of money in your Robinhood account, you’ll want to withdraw it to an external account. You can withdraw a maximum of $50,000 from Robinhood every business day. To access your funds using the iOS version of the app, take the following steps:
1. Hit the “Account” symbol in the lower-right part of the screen.
2. Choose the “Transfers” option.
3. Select the “Transfer to Your Bank” button.
4. Select a bank account where the funds will be transferred.
5. Specify the amount of money you’ll withdraw from Robinhood.
6. Press the “Submit” button, and you’re good to go.
Here’s how Android users can transfer fund to their bank account:
1. Press the “Account” symbol at the bottom of the screen.
2. Choose “Transfers,” followed by “Transfer to Your Bank.”
3. Pick a bank account where your money will land and enter the amount you require.
4. Hit the “Submit” button, and you’ll receive your funds in your bank account.
Finally, this is what your need to do if you’re using Robinhood in the web version:
1. Click the “Account” button in the top-right part of your display.
2. Select the “Banking” option.
3. Use the section to your right to initiate a Robinhood transfer to your account.
Bear in mind that there are a few withdrawal rules that govern each transfer:
· Deposit pending – Completing your deposit can take up to five business days. During this time, you can’t spend or withdraw your funds. Once the deposit has been flagged as complete, you’ll be able to get your money.
· Settlement period – After each sale, your money needs some time to settle before it can be transferred to a bank account. A regular-way settlement is another term for a settlement period and refers to your trade date + two trading days. The funds will be a part of your purchasing power on day three and show up as money you can withdraw.
· Withdrawing to another bank account – For 60 days after your deposit, you may be obligated to verify more information if you’re not transferring your money to the same account as the one you used to originally deposit it from.
If the initial account has been closed or you can’t access it, you can consult Robinhood’s support team. However, you might need to share the following details:
o A short description of the reason you can’t transfer funds to the account you originally deposited them from.
o An image of your ID.
o Bank statements proving you hold the two bank accounts. The PDFs or images must be easy-to-read and clear.
o The amount and bank account you wish to transfer money to.
Make an Informed Decision
Canceling your orders in Robinhood isn’t difficult, as demonstrated by this guide. However, make sure to do it on time. Otherwise, you’ll end up submitting your request too late and lose your money. The easiest way to prevent this is to weigh the pros and cons of placing an order before completing your transaction.
Have you ever canceled a Robinhood order? If yes, what made you do so? Tell us in the comments section below.