Can I Use Robinhood In New York (2024)

FAQs

Is Robinhood legal in NY? ›

Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services and is a subsidiary of Robinhood Markets, Inc. (Robinhood). Our list of licenses has more information.

Robinhood Crypto transfers are currently available in every US state except for New York. Transfers are also available in the US Virgin Islands, Puerto Rico, and the District of Columbia.

To apply for a Robinhood account, you'll need to have a device that meets our Technology requirements, and meet all of the following individual requirements: Be 18 years or older. Have a valid Social Security Number (not a Taxpayer Identification Number)

Robinhood Financial LLC (RHF) is currently authorized to do business in all 50 states, Washington D.C., the U.S. Virgin Islands, and the Commonwealth of Puerto Rico. RHF does not currently offer foreign investment accounts. To apply for an RHF account, you must: 1.

The investigation by the California Department of Justice concluded that Robinhood sold commodities contracts in violation of the CCL by allowing customers, who hoped their investment would become more valuable shortly, to buy cryptocurrencies without actually delivering these assets to customers.

Your Robinhood investing account might be restricted for a number of reasons, including the following: Company control person. Bank transfer reversals. Incorrect or outdated account information.

Your securities and cash are protected by SIPC

Robinhood Financial LLC and Robinhood Securities, LLC are both members of SIPC, which protects securities for customers of its members up to $500,000 (including $250,000 for claims for cash) for each investing account, including IRAs.

If you want to keep your spending account, you must provide us with proof of your current residential address in a licensed state, such as a recent utility bill, bank statement, or other document with your name and residential address (dated within 60 days).

You can access your Robinhood account from almost anywhere. However, certain laws and regulations (specifically those administered by the U.S. Office of Foreign Assets Control (OFAC)) prohibit account access for some countries. Robinhood has also made a risk-based decision to restrict access for some other countries.

Robinhood (HOOD) is a popular financial services company with 10.3 million monthly active users (MAU) as of November 2023. 1 It's considered a safe option for investors' securities and cash for various reasons: Robinhood is a member of the Securities Investor Protection Corp. (SIPC).

Is Robinhood available in all states? ›

Have a legal U.S. residential address within the 50 states or Puerto Rico (exceptions may apply for active U.S. military personnel stationed abroad). Robinhood Crypto is currently available in every U.S. state and the District of Columbia.

The Bottom Line: Yes, Robinhood is safe and legit, but it has had a number of issues… Robinhood became the center of controversy on January 28, 2021 after preventing users from buying stock in several companies, including Gamestop, AMC and Nokia.

Robinhood requests personal information, including financial and tax identification information, in order to comply with US government laws and FINRA rules. We'll request personal information from both new customers and long-standing customers.

Membership is available to SEC registered broker-dealers who have obtained a self-regulatory organization (SRO) and have an established connection to a clearing firm.

Robinhood offers a cash management feature that is similar to owning a checking or savings account. The account pays a 0.30% annual interest rate, and there are no monthly maintenance fees or minimum balance requirements.