Robinhood is a popular investment app that offers commission-free trading for stocks, ETFs, and cryptocurrencies.
Once you've bought a stock on Robinhood, you may decide to sell it and cash out your profits. So, here's how to sell stock on Robinhood and cash out your funds.
To sell a stock on Robinhood, you first need to navigate to the stock's detail page. You can do this by searching for the stock in the search bar at the top right of the home screen or by scrolling through your portfolio until you find the stock you want to sell.
Once you've found the stock you want to sell, tap "Trade" at the bottom of the screen.
On the next screen, tap "Sell" to start the process of selling your shares.
In the upper right corner of the screen, you'll have the option to choose whether you want to sell your shares in dollars or shares. Choose the option that works best for you.
Before you submit your sell order, review the details to make sure everything is correct. You'll see the number of shares you're selling, the price you'll receive per share, and the total value of the sale.
If everything looks good, swipe up to submit your sell order. Your sell order will be executed at the next available market price.
Once you've sold your stock on Robinhood, you may want to transfer the funds to your bank account or debit card. Here's how to cash out on Robinhood:
To cash out on Robinhood, first select the account icon on the bottom right-hand corner of the screen.
Next, select "Transfers" from the menu.
Choose the Robinhood account you want to withdraw money from. If you have multiple accounts on Robinhood, make sure you select the correct one.
Select the linked account you want to withdraw the money to. This can be a bank account or a debit card. If your account qualifies, you'll see "Instant transfers eligible" next to the external account.
Enter the amount you want to transfer from your Robinhood account to your external account.
Before you confirm your transfer, review the details to make sure everything is correct. You may also see any associated fees listed here. If you're okay with the fees, confirm the transfer.
Finally, select "Transfer" to initiate the transfer of funds.
It's important to note that the settlement period for equities on Robinhood is the trade date plus 2 trading days (T+2), which means it takes two business days for your funds to settle after a sale.
After the third day, your proceeds will be available as withdrawable cash.
Selling a stock on Robinhood and cashing out your funds is a straightforward process.
By following these steps, you can easily sell a stock on Robinhood and transfer the funds to your external bank account or debit card.
Keep in mind that Robinhood has a T+2 settlement period, so you'll need to wait two days after a sale before your funds are available for withdrawal.
This article was generated using automation technology, and thoroughly edited and fact-checked by an editor on our editorial staff.
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