How do you perform a closing of your online broker account?

Trading has become a popular way to earn extra money and accumulate wealth. Plus, the easy accessibility of trading accounts has made people familiar with the concept of trading.

While trading offers numerous benefits, there can be numerous reasons why someone wants to opt out of it. If you are willing to close your brokerage account but don’t know how you have come to the right place.

Read on to understand how to close your trading account safely.

How to close your trading account?

Here is the way how to close your RoboForex online trading account — How to close the RoboForex online trading account

No matter, if you are a new trader or have been trading for a while, closing an online broker account is easy. All you need to do is follow the given steps:

Step 1: Before you close your trading account, you first need to visit the broker’s website for example, IC Markets to inform them about your decision
Step 2: Following this, you will receive a closure application, which you need to fill out with all the necessary details. Crosscheck the application before submitting it to avoid errors. You can get the closure form from one of the broker’s branches or from their website
Step 3: If your trading account has several holders, then you need to get each of them to sign on the closure application. You also need to give a valid reason explaining why you are closing your online broker account
Step 4: After filling out the form, submit it, asking the broker company to close your account
Step 5: Check your trading account to make sure you don’t behind any unsold shares. In case you have such shares, sell them to earn profit and then proceed with the closing process. Your closing application will be dismissed if you have not cleared your trading account

It’s also important to make sure your trading account does not have a negative cash balance. If it does, you should pay the balance. Otherwise, your request will be declined.

After your account closing request is processed, your online broker account will be closed in a few days.

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Reasons why people close an account

Online broker trading accounts make it easy and safe to enter the market. But people want to close their online broker account for many reasons.

The bad market performance or personal trading mistakes can cause losses. — The bad market performance or personal trading mistakes can cause losses

Below are a few of those reasons to close the online trading account:

If you have started a trading account to earn income but are now showing a decline, you might want to close it. The decline in your trading could be either due to bad market performance or your loss of interest in trading
Trading and managing a single account can be overwhelming. So, if you have more than one broker account, you might want to close them. Your multiple accounts can be trading different assets like options, equities, or futures. Many traders are known to close their broker accounts for this reason because managing more accounts is a real struggle. But professional traders with years of experience and better market knowledge can handle multiple accounts
Trading can be confusing and tricky for new traders. While you can follow the news events, knowing what company shares to buy and sell can be difficult. Without a deeper understanding of the trading market, you cannot develop a sense of making better trades. If this is the case, you can consider closing your trading account without issues
Lack of success is another reason that forces people to close their online broker accounts. It doesn’t mean traders are not using the right strategies or doing proper market analysis. It’s just that the market is not moving in their favor. In such a case, it is totally justified to close your account

Things to note while closing your account

Your balance should be positive before closing your trading account

Here’s what you need to remember while closing your online broker account:

If your Demat account is linked with your trading account, you need to sell all your shares before closing the account. Or you can easily transfer them to your Demat account. If not, rematerialize your unsold shares to keep them as physical certificates
The account you want to close should not have a negative balance. If it does, you should clear it out to reduce the chances of your trading account closing request’s rejection
You don’t have to pay any charges for closing your trading account
Once you have filled in all the necessary documents, you must wait for 3 to 7 days for your account closing request to be processed

Conclusion how to close your trading account

Trading accounts is an excellent way to earn huge amounts from trading various assets. But at certain times, traders want to close their trading account for one of the reasons mentioned above.

In such a case, one can follow the steps for closing an online broker account without any issues. Traders can again open an account with the same broker later to enter the trading market.