Opening a Robinhood account is a straightforward process, but there are several steps to complete before you can start investing. You will need to provide personal information, verify your identity, connect a funding source, and make your first deposit.
This guide explains how to open and fund a Robinhood account, claim an available sign-up reward, and link your bank account.
Download the Robinhood App
You can use Robinhood on a computer, but the platform is designed primarily around its mobile app. If you are opening an account from your phone, start by downloading the Robinhood app from your app store.
If you are using a referral link that offers a promotional reward, follow that link before creating your account. Depending on the promotion and its current terms, you may be eligible for a free fractional stock after completing the required steps.
After opening the referral page, enter your email address and follow the instructions to continue. On a phone, you may be redirected to download the Robinhood app.
Create Your Robinhood Account
Once you have the app installed, enter your email address and create a password. You will then need to provide your first and last name.
Make sure your name matches your government-issued identification. Using the exact information shown on your ID can help avoid delays during the identity verification process.
Robinhood will also ask for personal information, including your phone number, date of birth, address, citizenship, and Social Security number.
Why Does Robinhood Need Your Social Security Number?
Providing this information is a normal part of opening a U.S. brokerage account. Financial institutions are required to verify customers’ identities and collect certain information as part of their regulatory obligations.
This process is commonly referred to as Know Your Customer, or KYC. The information helps the brokerage verify your identity and comply with applicable financial regulations.
Complete the Verification Process
After entering your personal information, Robinhood will send a verification code to your phone. Enter the code to confirm your phone number.
You may also be asked questions about your employment status, financial background, and other information required to complete your brokerage application.
Robinhood may ask whether you want to enable options trading. Options involve additional risks and are not necessary if your goal is simply to buy and hold stocks or other investments. You can generally choose not to enable options and revisit the decision later.
You will also need to review Robinhood’s agreements and disclosures before submitting your application.
Once you complete the required steps, your account will be opened if Robinhood can verify your information. In some cases, additional verification may take a few days.
How to Fund a Robinhood Account
After your Robinhood account is open, the next step is to add money so you can make investments.
To start, open the Robinhood app and tap the profile icon in the bottom-right corner. Then tap the menu icon in the top-right corner and select “Transfers.”
From the transfer screen, select “Deposit.” You may see several ways to add money, including connecting a bank account, using a debit card, making a wire transfer, setting up direct deposit, or creating recurring deposits.
For most new users, connecting a bank account or debit card is the simplest way to fund a Robinhood account.
How to Link a Bank Account
To connect your bank account, select “Deposit” and then choose the option to add an account.
Robinhood may give you the choice between connecting a debit card and connecting a bank account. The available deposit limits and processing times can vary depending on the method and your account.
A debit card can provide a fast way to add money, while bank transfers may take longer to settle. Robinhood may also provide instant buying power in certain circumstances, allowing you to begin investing before the bank transfer has fully settled.
Connecting Your Bank Through Plaid
Robinhood may use Plaid to connect your bank account. Plaid is a financial technology service that allows apps to securely connect to bank accounts.
When connecting your bank, you will typically select your financial institution and then follow the prompts to verify your account. You may need to sign in through your bank and accept the applicable terms.
After the connection is completed, you will be returned to Robinhood, where your linked account should appear as an available funding source.
How to Make Your First Deposit
Once your bank account or debit card is connected, you can make your first deposit.
Return to the “Deposit” section and enter the amount you want to add. You can start with a small amount if you simply want to make sure everything works correctly.
For example, you could enter $10, select your linked account, and confirm the deposit. Robinhood will then show the status of the transaction and any applicable availability information.
Depending on the funding method, the deposit may take time to fully settle. However, Robinhood may provide instant buying power for eligible deposits, allowing you to place an investment before the transfer has completely settled.
Are There Fees to Fund a Robinhood Account?
The cost of funding your account depends on the transfer method and the type of transaction.
Standard deposits and withdrawals between a linked bank account and Robinhood are generally free. Debit card deposits may also be free, while certain instant withdrawal services can carry a fee.
Before confirming a transfer, review the amount and any fee displayed in the Robinhood app. Fees and transfer terms can change, so the information shown in your account should be treated as the most current source.
Check Your Account Before Investing
Once you fund a Robinhood account, check your available cash and buying power before placing your first trade. These amounts can differ depending on whether your deposit has fully settled and whether Robinhood has made the funds available for immediate investing.
If you received a promotional stock reward, you can also check your portfolio to see when the reward becomes available.
Opening and funding a Robinhood account only takes a few steps, but it is worth taking your time with the verification and funding process. Once your account is verified, your funding method is connected, and your deposit is available, you can begin using the account to invest.
