Can You Have Multiple Robinhood Accounts?
Robinhood is a popular online brokerage that offers commission-free trading of stocks, ETFs, options, and cryptocurrencies.
Many people use Robinhood to invest in the stock market, and they may want to open more than one account.
How Many Robinhood Accounts Can You Have?
According to Robinhood’s support, you can only have one individual taxable account per customer. This means that you cannot open more than one account under the same Social Security Number (SSN).
However, you can also have one traditional IRA and one Roth IRA account with Robinhood, which are tax-advantaged retirement accounts.
So, in total, you can have a maximum of three Robinhood accounts: one individual, one traditional IRA, and one Roth IRA.
Why Can’t You Have Multiple Taxable Robinhood Accounts?
You might be wondering why Robinhood does not allow users to have more than one individual taxable account per SSN. The main reason is that Robinhood has to prevent fraud and abuse in the stock market. Having multiple accounts per SSN could enable users to engage in illegal or unethical practices, such as:
Market manipulation: This is when someone tries to influence the price or volume of a stock or security by using deceptive or misleading tactics, such as spreading false rumors, creating artificial demand or supply, or coordinating trades with others.
Insider trading: This is when someone uses confidential or non-public information to buy or sell stocks or securities before the information becomes public, gaining an unfair advantage over other investors.
Wash sales: This is when someone sells a stock or security at a loss and then buys it back within 30 days, either in the same account or in a different account with the same SSN. This is done to create a false tax deduction and reduce the capital gains tax liability.
Tax evasion: This is when someone tries to avoid paying taxes on their income or profits by using illegal or dishonest methods, such as hiding assets, underreporting income, or using offshore accounts.
These practices are prohibited by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the Internal Revenue Service (IRS).
They can result in severe penalties, fines, lawsuits, audits, or even criminal charges. Therefore, Robinhood has to limit the number of accounts per SSN to comply with the law and protect its customers.
Can You Have a Robinhood Joint Account?
Unfortunately, Robinhood does not offer joint accounts at this time. This means that you cannot share your Robinhood account with anyone else, even if you trust them or have a legal relationship with them. You are the sole owner and responsible party for your Robinhood account.
A joint account is a type of brokerage account that allows two or more people to share ownership and control of the account. Joint accounts are often used by married couples, family members, or business partners who want to pool their resources and invest together.
Robinhood is relatively limited in terms of the types of accounts and features it offers compared to other online brokerages.
If you are looking for more options and flexibility in your investing journey, you might want to consider other brokerages that offer more features and services. One of the most popular alternatives to Robinhood is tastytrade.
Setting up a Robinhood Account Beneficiary
A beneficiary is a person or entity that you designate to inherit your assets in the event of your death. To help ensure a smoother transition of your assets, you can add beneficiaries to your Robinhood accounts. To set up beneficiaries for your brokerage and IRA accounts, follow these steps in the app:
Select Account (the person icon at the bottom right corner).
Select the menu icon (three horizontal bars) at the top left corner or the settings icon (the gear) at the top right corner.
Select Beneficiaries.
Follow the instructions to add or update your beneficiaries.
You can add up to two primary beneficiaries and two contingent beneficiaries per account. A primary beneficiary is the first person or entity that will receive your assets if you die. A contingent beneficiary is the second person or entity that will receive your assets if the primary beneficiary dies before you or cannot be located. You can also specify the percentage of your assets that each beneficiary will receive.
You can change or remove your beneficiaries at any time by following the same steps. However, you cannot add or update beneficiaries for your cryptocurrency account. If you have any questions or issues with setting up your beneficiaries, you can contact Robinhood support for assistance.
How to Contact Robinhood Support
If you still have questions or concerns about your Robinhood accounts or anything related to investing with Robinhood, you can contact Robinhood support within the app by following these steps:
Select Account (the person icon at the bottom right corner).
Select the menu icon (three horizontal bars) at the top left corner or the settings icon (the gear) at the top right corner.
Select Robinhood Support.
How to Learn More About the Stock Market
If you want to learn more about the stock market and how to invest successfully, you can join the HaiKhuu Trading community.
HaiKhuu Trading is a platform that offers hands-on help from experienced traders, daily morning reports, and live trading calls to accelerate your financial learning curve.
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