How to Speed Up Your Robinhood Application Under Review
In the last decade, the world has witnessed the rise of various investment and trading apps around the world.
It is safe to say that most of these applications have various review processes, which means that your application can either be reviewed within 24 hours or you may have to wait for an entire week.
In this article, we will talk about one such trading firm called Robinhood. Robinhood is considered a great choice when it comes to managing funds.
This tool has registered more than 10 million accounts from around the world; the accounts include both new and old traders.
This tool has become extremely popular mostly thanks to its easy-to-understand and user interface that makes trading easier. Most investors opt for Robinhood because of its easy-going approach.
With the help of Robinhood, you will have access to various financial assets management, stock trading, Robinhood crypto and stocks, etc. without having to deal with or pay enormous options trading, mutual funds, and share prices.
Before we continue with this article, you need to know that this blog is written from an educational perspective. Hence, you should not consider it as investment advice.
In this article, we will discuss everything there is about Robinhood and what you need to do if it takes too long to get done with your Robinhood application under review.
What Is Robinhood?
Before we get into the gist of this Robinhood application under review article, we first need to know about Robinhood.
Often known as the pioneer of commission-free investing, the Robinhood app provides more than the usual number of ways to help you earn more money.
It is a leader in the brokerage and investing space and keeps on innovating to provide the best customer experience.
The commission-free US stock trading platform has been designed specifically to lower the barriers to markets, thanks to the low basic trading fees.
What Are Some Amazing Features Of Robinhood?
Here are some great features of Robinhood:
Insurance
Almost all investors, new and old, look for assurance when it comes to trading.
If you make use of the Cash Management option to participate in the IND (IntraFi Network Deposit) that will either move the cash into deposits of banks or invest it automatically.
With the help of the Cash Management option, you will be able to deposit the cash into your bank account so that you will be able to benefit from the FDIC insurance, via which you can get a maximum return of $1.25 million.
Additionally, Robinhood is also a member of the SIPC, which means that you will be provided with insurance up to $500,000; additionally, you also get a claim at the cash amount of $250,000.
However, you need to know that the SIPC protection will be provided with the cash being swept into a program bank, not deposited in it.
However, you also need to know that Robinhood is not a bank; Cash Management is only a feature here that has collaborated with various program banks.
If you want, you can also get your hands on a Sutton Bank debit card.
Seamless Interface
As mentioned previously, the Robinhood app is very intuitive and seamless. The interface is very easy to understand and use, especially if you are a new user.
You will be provided with direct access to the latest stocks. Additionally, you will also see a green button that reads ‘trade’ if you want to click on the sticks.
This is something that you will not find in other similar applications.
If you want to get into trading, you simply need to get done with the verification process. The app is so friendly that it can also be used by people who are not tech-savvy.
If you are new to trading, you will not be allowed to participate in trading.
However, you will be provided with some lessons and coaching on the subject so that you can switch from the Inexperienced label to Not Much Experienced label; this is done to help you secure your investments.
Large Community
While most trading and brokerage apps have millions of users from around the world, Robinhood takes it to another level.
As of 2020, the company has 13 million from all parts of the world. However, the company only had 10 million users in 2019.
This means that the company has garnered 3 million users within a single year.
This is quite impressive because if you look into Schwab (rival company), it has had only 12.7 million followers in the same timeframe.
Wide Range Of Trading Tools
You will find some great trading tools at Robinhood. For instance, you will find a dedicated analyst-rating section where financial experts will rate how they feel about individual holdings.
The experts that say hold, buy, or sell will be denoted in percentage.
You will also be provided with other tools like charts. While the charts may look basic, you will find a lot of customization options here.
Robinhood also has a separate news feed where you will find information related to different products and companies by producers like Seeking Alpha, Motley Fool, and Yahoo Finance.
Robinhood also features a few educational tools. For instance, there is a separate learning center where you will find blogs about different topics.
These blogs are easily readable and understandable and are perfect for people who are new to trading.
Security
It is safe to say that Robinhood takes its security very seriously. The app makes use of the 2FA (two-factor authentication process) to allow users to log into their profiles safely.
Since Robinhood is also a member of the SIPC, as mentioned above, you are insured for $500,000, which also includes $250,000 in cash.
Your Robinhood password will never be stored in plain text; it will always be hashed in the BCrypt hashing algorithm, which is the industry standard.
As for other sensitive information and data, like your social security number, they will be encrypted before they are stored in the servers.
Robinhood Application Under Review: Reasons And Fixes
If you are facing the Robinhood application under review problem, it is important to know what is happening.
Robinhood verifies its users; hence, it can take anywhere between 5 and 7 days to review your materials and profile to activate your account.
This normally happens to people that submit the required information needed to create an account.
If this process is not advancing, it is possible that there may be some problems, which we will talk about more in this Robinhood application under review article.
Why Does My Robinhood Account Need To Go Under Review?
All new profiles at Robinhood are subject to the verification process; there are no exceptions.
According to the platform, Robinhood will check all the required documents immediately once you open an account.
Therefore, it is safe to say that your Robinhood application under review and will only be approved if you meet all the required criteria.
What Are Some Documents Required By Robinhood?
Robinhood needs to comply with all the laws and FINRA regulations set by the US government.
Therefore, you will have to provide certain personal information/data and tax and financial information.
Additionally, the app also needs to comply with the SEC Customer Identification regulation, USA Patriot Act 2001.
According to this rule, Robinhood will have to follow all the steps and procedures that need to be done to verify the identity of the user who wants to open an application on Robinhood.
The platform also needs confirmation whether the said person is not linked with any terrorist organizations that are provided to broke-dealers by any government agency.
You need to understand that Robinhood will need these said documents that have been set as the requirement on their website.
Even if you fall short on any of the required information, you will still receive the Robinhood membership as long as you submit the required documents.
How Long Does It Take For the Robinhood Application to Get Reviewed And Approved?
Now that we have provided you with an idea of all the documents you need, let us look into the review time.
In most cases, the review process does not take more than a day or two if you provide all the required documents.
In case Robinhood asks for more documents, the review process can last for up to a week before you get the final verdict.
Sadly, there is no magical solution that can help you shorten this time. The only answer you have here is to be patient.
It is helpful if you can provide as many documents as you can for the first time only. If you keep waiting, the process will keep delayed.
On the other hand, if Robinhood takes more than 5 days to verify your documents, it means that you may have submitted the wrong documents.
What Are the Steps to Verify Bank Account?
Once your account has been verified, the next step would be to link your bank account if you want to start trading.
When it comes to verification time, it can take roughly another 48 hours. During these 48 hours, Robinhood will make micro-deposits to your account.
Once the deposits have arrived, you can follow the steps mentioned below to get done with the bank verification process:
- Head over to the Account option.
- Next, tap on the Transfers button.
- Scroll and tap on Linked Accounts.
- Here, tap on the Verify option.
- You will have to confirm both deposit amounts.
- Finally, tap on the Enter button.
After your bank has been approved by Robinhood, you can start your trading. However, you may still not be able to trade AMC or GME stocks since the app prevents users from engaging in these stocks due to the huge fluctuations.
Who to Contact For Issues Related to Account Approval
At times, there have been reports that some users have still not received any answer from Robinhood. If this happens to you, you can easily get in touch with the customer support team to learn more.
However, you may not be required to do so as the app keeps you updated about the application status.
However, if your application has been rejected, you will receive an email, along with the reason why your application has been denied.
Final Thoughts
As you can see, Robinhood is an amazing platform where you will be able to engage in trading and commission-free US stock.
The company works hard to ensure the safety and security of its customers, which is why it provides insurance to its users.
Hence, it is understandable why the Robinhood application under review can take some time.
FAQs
Here are some common FAQs related to Robinhood:
Do I Have To Provide SSN To Use Robinhood?
Yes, you will have to provide your SSN during the verification process. Or else, you will not be able to create an account on Robinhood.
Is Robinhood A Great Choice For Day Traders?
Robinhood provides a wide range of day trading options to its customers. However, you will have to meet the requirement for each trading day.
