Robinhood Customer Agreement

This is the legal customer agreement between you and Robinhood Financial and Robinhood Securities that governs your brokerage account, including stock, options, and margin trading. The most important thing to know is that if you use a margin account, Robinhood can sell your securities without notifying you first if your account falls below required levels, and all your assets serve as collateral for any money you owe. You should carefully review whether you want to enable margin trading, since it creates significant financial risk including potential losses exceeding your initial investment.

This document is the Robinhood Financial LLC and Robinhood Securities LLC Customer Agreement governing brokerage account relationships, investment services, margin lending, options trading, and related financial services provided through Robinhood's platform under applicable SEC, FINRA, and state securities regulations. The agreement imposes significant obligations on customers including maintaining sufficient margin, granting Robinhood a security interest in all account assets as collateral, consenting to payment for order flow practices, and accepting that Robinhood may restrict or liquidate positions without prior notice. Notably, the agreement contains a mandatory pre-dispute arbitration clause administered by FINRA, a class action waiver, a provision allowing Robinhood to act as principal in transactions creating potential conflicts of interest, and broad authority to rehypothecate customer securities held in margin accounts. The agreement engages FINRA Rule 12200 (arbitration), SEC Regulation Best Interest (Reg BI), FINRA Rule 4210 (margin requirements), Securities Exchange Act of 1934, and applicable SIPC coverage frameworks; compliance teams should note that the combination of payment for order flow disclosure, best execution obligations under Reg BI, and the principal trading provision creates compounded conflicts-of-interest disclosure obligations requiring ongoing monitoring.