With the stock market continuing its volatile streak, potential traders are wondering how long it takes to get approval on Robinhood. Once you get approved on the app, you can then begin buying and selling stocks — this includes GameStop (GME) and AMC, two of the biggest targets of the Reddit forum r/WallStreetBets. So what is the approval time in 2021 and how long does it take to get approved on Robinhood?
How long does it take for Robinhood approval?
Approval on Robinhood takes around 24 hours, with the app verifying users via email within one trading day. The verified user will need to link their bank account to begin trading, with micro-deposits being issued by Robinhood in order to do so. These take up to 48 hours to arrive in the user’s bank.
After the deposits have arrived, you will need to verify your bank by doing the following:
- Go to the Account icon
- Go to Transfers
- Select Linked Accounts
- Select Verify
- Confirm both deposits amounts
- Select Enter
After you’ve been approved by Robinhood, you can then begin trading. However, when the market opens, you may still be unable to buy GME or AMC stock after the app prevented users from trading following their huge fluctuations. This has led to prospective traders using other apps in order to do so. Robinhood has since reallowed the stock to be purchased, albeit in limited quantities.
The controversy surrounding Robinhood and other trading apps’ decision to restrict the purchasing of stock has the potential to create long-standing ramifications for the trading app and the market altogether. A class-action lawsuit has already been filed against Robinhood, with it also being alleged that the app has been auto-selling users’ stock in the likes of GME and AMC.