The Robinhood app makes it easy to trade stocks, options, and cryptocurrencies all in one place. With Robinhood, there are no commissions or fees when you buy or sell stocks, making it one of the most affordable brokers out there. You can also trade options and cryptocurrency on the app.
Although Robinhood is a great app we cannot deny that some technical glitches may arise and one such is when you notice the withdrawable cash is $0 on Robinhood. If you are also encountering the same issue, keep on reading to know about it!
What does my withdrawable cash $0 on Robinhood mean?
In general, it simply means there is no fund available in your account. But if you are claiming that the amount is there in your account and still the issue is persisting then the cause is different.
There are a few reasons why your withdrawable cash might be $0 on Robinhood. This includes:
- The funds in your Robinhood accounts need to get settled:
The reason for the delay in getting money from Robinhood is that the funds in your account need to be settled. When you buy or sell a security, the order is not immediately executed. Instead, it goes through a process called settlement. Settlement is the actual exchange of the security for cash, and it usually takes two business days.
During the settlement period, the security is considered “pending” and is not available to be traded. This is why you may see a delay in getting your money from Robinhood. Once the settlement period is over, the security is “cleared” and the cash is available to be withdrawn.
- You are trying to sell a referral stock on Robinhood:
There is a referral program on Robinhood that works amazingly for users. With the help of referrals, they can obtain revenue on their account. But do understand to make the referral and withdrawal you need to wait for 30 days and after 30 days, you can withdraw the amount easily!
- Your Robinhood account has been restricted:
The restriction is very serious on Robinhood’s account and one cannot speak it lightly at all. There are so many reasons behind restricting your Robinhood profile including being a control person, money laundering, suspicious activity, and others.
Primarily it is a must to understand the major reason behind it and take steps accordingly. In case you are not ready to get the reason behind your account restriction you will not be able to withdraw the amount from your Robinhood account at all!
- Withdrawal limits by your bank are interfering:
Certain limits have been set up by your bank considering the transactions that you can make in a day. Likewise, when you withdraw cash from a Robinhood account you need to be sure that there are some restrictions imposed that include:
- In a single day, a person can withdraw up to 5 times only.
- $50000 can be withdrawn weekly on a maximum.
- If a user is trying to make more than 5 withdrawals, there are more chances for an account to get blocked.
Contact the Robinhood support team!
It is important to take the right steps to fix the common issues that you might be facing. If the above-mentioned method not helping you out contact the Robinhood support team and know about the proper solution that you can adapt to fix it!
FAQ:
Is it possible to get restricted on a Robinhood account even being a gold member?
Robinhood does not entertain suspicious activities on the platform at all. In case you are violating the rules and regulations of the portal you can become a restricted member no matter even if you are a gold member. It is important to follow all the rules and regulations carefully so that no such problem will arise.
Why is Robinhood not working?
Technical glitches are very common and sometimes it happened you will not be able to use Robinhood. There are too many causes behind it including poor internet connectivity and some upgradation over the application. Be patient and try after some time to check out whether the issue has been resolved or not.