Robinhood is an easy-to-use trading app where you can trade options, stocks, cryptocurrencies, and exchange-traded funds. The platform is optimized and easy to understand for both experts and beginners. But even in such a simple app, you can make a purchase that you initially thought was smart, but then change your mind. This is where the order cancellation feature comes in handy.
In this post, we will show you how you can cancel orders in Robinhood.
How to cancel an order in Robinhood?
Once you place your order, you can cancel it until its execution. Please note that only pending orders can be canceled. Reversing executed payments is impossible.
You have two options to cancel your pending order. First of all, you can access the order in your Investment tab:
- Tap on the “Invest” tab just below your cards.
- Find and press your pending order.
- Go to the “Pending Orders” section on your “Details” page.
- Select the order you want to revoke.
- Press the option “Cancel order” and you’re done.
Alternatively, you can go to the Account tab and cancel an order from there:
- Select the Account symbol at the top right of the screen.
- Choose the option “History” and press the order that will be canceled.
- Touch “Cancel order” and you’re done.
Cancellation of pending fractional orders works the same as whole stock orders. However, you may not be able to cancel them in the following cases:
- During trading stops: trading of certain securities may stop for various reasons. If your safety or the entire market stops, you will be able to cancel a pending fractional order, but the request will only be granted when the stop has been lifted. The arrests are outside of Robinhood’s control and are not influenced by the decisions of the developers.
- Between 9:20 AM and 9:30 AM Eastern Time: If you place your fractional order outside of business hours, you will need to cancel it before the market opens. Revoke a fractional order between 9:20 and 9:30 am is impossible as it is too close to the market open.
- Placing Fractional Orders Redirected to Market Makers – If your fractional order is diverted to a market maker and trading is stopped prior to order execution, you will not 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 several complaints that users cannot cancel orders. If you’ve clicked the “Cancel Order” button above and nothing happens, there are a few things you can try.
First, if you are using the Robinhood mobile app, head over to a web browser. The main complaint from users is that the application is sometimes uncooperative.
Next, consider how busy Robinhood is right now. 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 by any court.
Read the following FAQ section to learn more about Robinhood.
How much is the Robinhood reversal fee?
Robinhood has significantly reduced its margins, bank and FedEx fees, and its ACH reversal fees have been lowered to just $ 9.
Does Robinhood charge to close the account?
Robinhood does not charge you anything to close your brokerage account, but you will need to submit a closing request. Your account needs a balance of $ 0.00 before closing.
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 allows you to do this quite easily. There are also no commissions, which means you don’t need to worry about unexpected costs.
2. Once there are no funds in your account, send your request for closure by writing an email to [email protected]. It can take up to seven days for the platform to complete your request.
Alternatively, you can use the close request in the mobile app:
1. Open the application and go to the “Help” section.
2. Select the option “Contact support”.
3. Tap the “My Account” button and choose “Close My Account.” You can now enter a short message to accompany your closing request.
Unfortunately, Robinhood does not offer online chat to submit your request, unlike other brokers.
Once your request has been granted, your account statements, business confirmations, and tax documents will remain available on the mobile platform. However, uninstalling and re-downloading the application will not reopen your account. If you want to reactivate it after a shutdown, you will need to submit a request.
How much is the Robinhood deposit?
The Robinhood Instant Account does not come with a minimum deposit. On the other hand, users who have a Gold account must deposit at least $ 2,000 in their account.
How does a canceled order work?
You should have no difficulty canceling your Robinhood order, as long as you manage to do so prior to execution.
1. Launch the application and press your pending order in the “Invest” section.
2. Look for “Pending Orders” on your share details page.
3. Choose the order to be canceled.
4. Press the option “Cancel order” and your order will be revoked.
What is a canceled order?
Canceled orders refer to previously submitted orders to buy or sell securities that are revoked prior to execution. You can cancel your standing orders like stop or limit orders for various reasons, as long as it hasn’t been submitted yet.
How long do you have to cancel a Robinhood order?
After placing a Robinhood order, you have the option to revoke it prior to execution. However, only pending orders can be canceled and you will need to follow certain guidelines regarding the time period of the cancellation.
More specifically, you should not submit your request between 9:20 AM and 9:30 AM ET. Otherwise, your closure will not be granted.
Additionally, if you attempt to cancel your order during regular business hours for NASDAQ listed stocks between 9:28 AM and 9:30 AM ET, the order will remain pending until the share open crossover occurs. It usually happens at 9:30 am ET. This rule was formulated for NASDAQ stocks and is outside of Robinhood’s control. Therefore, please revoke your order before 9:28 AM ET to avoid execution.
How do I get my money back from Robinhood?
Once you have a certain amount of money in your Robinhood account, you will 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 application, follow the steps below:
1. Press the “Account” symbol at the bottom right 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 will withdraw from Robinhood.
6. Press the “Submit” button and you’re done.
This is how Android users can transfer funds 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. Choose a bank account where you will deposit your money and enter the amount you need.
4. Press the “Send” button and you will receive the funds in your bank account.
Finally, this is what you should do if you are using Robinhood in the web version:
1. Click on the “Account” button at the top right of your screen.
2. Select the “Banking” option.
3. Use the section to your right to initiate a transfer from Robinhood to your account.
Please note that there are a few withdrawal rules that govern each transfer:
· Deposit pending: It can take up to five business days to complete your deposit. During this time, you cannot spend or withdraw your funds. Once the deposit has been marked as full, you can get your money back.
· Settlement Period – After each sale, your money takes some time to settle before it can be transferred to a bank account. A regular settlement is another term for a settlement period and refers to your trade date + two trading days. The funds will be part of your purchasing power on day three and will appear as money that you can withdraw.
· Withdrawal to another bank account – For 60 days after your deposit, you may be required to verify more information if you are not transferring your money to the same account from which you originally deposited it.
If the initial account has been closed or you cannot access it, you can consult the Robinhood support team. However, you may need to share the following details:
o A brief description of why you cannot transfer funds to the account from which you originally deposited them.
o An image of your ID.
o Bank statements showing that you have both bank accounts. PDF files or images should be easy to read and clear.
o The amount and the bank account to which you want to transfer money.
Make an informed decision
Canceling your orders at Robinhood is not difficult, as this guide shows. Of course, make sure you do it on time. Otherwise, you will end up submitting your application too late and lose your money. The easiest way to avoid this is to weigh the pros and cons of placing an order before completing the transaction.
Have you ever canceled an order from Robinhood? If yes, what made you do it? Let us know in the comment section below.