This article offers comprehensive instructions on withdrawing your buying power from Robinhood, whether you’re operating iOS, Android, or web.
This article also clarifies why your buying power is lower than the savings account Robinhood, “is buying power on Robinhood my money,” and why you can’t take your purchasing power off Robinhood.
But, before we jump deeper into it. Let’s find out How To Withdraw Buying Power from Robinhood.
What is Buying Power in Robinhood?
The power you purchase through Robinhood can be described as the sum of money you can spend to purchase options, stocks, or cryptocurrencies.
Trading shares and options are done via your brokerage account with Robinhood Financial, while cryptocurrency buying and selling take place by a separate account through Robinhood Crypto. You’ll still be able to see all your purchasing power at a single location through the app and Robinhood Web.
How To Withdraw Buying Power from Robinhood?
Through Robinhood Mobile App
Steps to Withdraw Power from Robinhood via mobile app:
- Sign in to the account you have created with your Robinhood account.
- Select the “Account ” Account” icon in the bottom right-hand corner.
- Click on the ” Transfer” option, then select ” Transfer to Your Bank.”
- Select your bank account where you want to transfer the money.
- Fill your account with the sum you’d like to withdraw.
- Click to click the Submit button.
Through Robinhood Website
Steps to Withdraw Purchase Power from Robinhood On the Website:
- Sign in with your Robinhood Account on the internet.
- Tap the “Account “Account” option on the display’s top-right side.
- Click ” Transfers.”
- Begin the transfer using a screen on your account’s right-hand side.
You can withdraw five times within a day of business over $50,000 through Robinhood on your banking account.
Why Can’t I Withdraw My Buying Power on Robinhood?
The balance in your Robinhood account needs to be “settled” before transferring it. The duration of this period includes the date you trade it and two more days, plus two additional days.
After the third day, you can transfer the money into your account. Remember that more than five withdrawals aren’t allowed within a single day.