Why Is My Robinhood Account Restricted (April) Reasons! >> This article tells you about a mobile brokerage app and its restriction policies. Please check the information now.
Investing in stocks and bonds is now easier than ever. Gone are the days when you had to schedule an appointment with your stockbroker, who charged a heavy fee if you wanted to buy shares.
Now, with the technological advancements, you can start investing from the comfort of your home without moving an inch. It’s become possible due to services like Robinhood. Lately, users are asking Why Is My Robinhood Account Restricted?
Please keep reading to know more about this app, its services and its account restriction policies which somewhat gain traction. This query is gaining some popularity in the United States, where this service is based.
What is Robinhood?
Robinhood is a financial services company that makes the users to invest in stocks and funds, and it does not charge any commission. It offers its services through its website and mobile application, available for all major platforms and operating systems.
Robinhood launched the mobile app back in 2015. It’s also gained popularity because it allows users to invest in cryptocurrencies.
Why Is My Robinhood Account Restricted?
There are several reasons why your Robinhood account may get restricted. We went over its account restriction policy in the United States thoroughly and will mention our findings below. Please look at it to get the relevant information:
- Any declared control person for a company will have their account restricted. A control person in a company is a high-ranking official in the company and enjoys a lot of power. The app cites compliance as the reason behind this restriction.
- This restriction will be uplifted once you declare that you are no longer any company’s control person.
- Why Is My Robinhood Account Restricted ? Your account will be restricted if it contains incorrect information or if any fraudulent activity is detected.
- It also restricts accounts having outdated information.
- When a restriction is imposed on your account, you won’t be able to buy any stocks or cryptocurrency.
- The restriction may be temporary, for 90 days or more severe.
- Contact customer support to know more about the restrictions or if you want to uplift them.
How have Users reacted to Getting Their Accounts restricted?
There is a mixed reaction from users who got their accounts restricted. Why Is My Robinhood Account Restricted? We have mentioned it above.
Some users say that Robinhood isn’t a reliable brokerage service, and serious investors should look for something else. Other users said that closing your account if it has been restricted is the best choice. Some users are not happy with the trading hours of the company.
Getting your account restricted on Robinhood can lead to various complications. It is suggested contacting customer service to inquire about the restriction and resolve it. We have provided all the relevant information above.
Do you use the Robinhood app? Has your account ever been restricted? Why Is My Robinhood Account Restricted? We have given this information above. Let us know what you think about this app and its restriction policies in the comments box below.