Closing an account at IC Markets

When the time comes that, for whatever reason, you want to close your brokerage account, you may have difficulty knowing where to start. What is the process? is there a cost? What are my options?

At IC Markets, as at all brokers, you need to bring your balance to zero before you can close your account, by selling or transferring your assets. This may carry a cost: at IC Markets, fees are low.

Note that since IC Markets doesn't charge inactivity or account fees, there is no cost to keeping your account indefinitely. Who knows, you might need it again one day.

Key points about closing an account at IC Markets

Key points about closing an account at [broker name]

Adam Nasli

Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

Learn about our methodology

Adam Nasli

Trading • Safety • Market Analysis

I have personal experience with dozens of global brokers and have taken a closer look at the process and options for closing a brokerage account. Here are my key insights regarding how to delete an account at IC Markets:

• You need to bring your balance to zero, by selling or transferring your assets.
• IC Markets has low fees, which influence the cost of closing your account.
• Transferring your portfolio to a new broker is also an option.
• Use our Find My Broker tool to find the best new home for your investments.

Data updated on September 19, 2024

IC Markets is a well-regulated, trustworthy broker, so you shouldn't run into any major obstacles while trying to close your account.

If you have made up your mind to cancel and delete your IC Markets account, the most important thing you have to know is that only an empty broker account can be closed. To bring your balance to zero, you need to follow the steps below:

1. Close any open positions you have by selling all your assets.
2. Another option is to transfer your entire portfolio to another broker.
3. Withdraw all your cash from the account.
4. Unsubscribe from any paid services you may have used (e.g. for market data or research).
5. Make sure you don’t owe anything to your broker.
6. Initiate the account closing procedure at your broker.

Note that initiating the closing of your account may be as simple as finding and clicking the appropriate menu item on the platform, but in some cases you may need to contact customer service directly, e.g. via phone or email. The full closing process may take up to several weeks.

If you're done trading and don't want to keep and transfer your assets to a new broker, you must sell all your assets and then withdraw all your cash in order to close your account. Closing an account in itself does not usually carry a fee for standard brokerage accounts. However, be aware that closing open positions can have tax implications on any capital gains or losses.

Below are the fees for selling assets and withdrawing funds, as well as customer service quality at IC Markets.

IC Markets stock trading fees

Stock trading is not available at IC Markets.

IC Markets withdrawal fees and options

Withdrawing your remaining money is often the last step before closing your account. At most brokers today, this is free, but there are still some exceptions.

Luckily, IC Markets doesn't charge a withdrawal fee.

Keep in mind that it may take a few days for your stock sales to settle and then for your money to arrive in your bank account or credit/debit card. We tested withdrawal at IC Markets and it took 2 days.

You have the following options to withdraw your money from IC Markets:

Data updated on September 19, 2024

IC Markets customer support

In general, you may have to contact customer service more often than usual during the closing of your account. It is therefore a great benefit if your broker that has helpful, round-the-clock customer support via multiple channels such as phone, email or chat. Here's how IC Markets can help you:

Data updated on September 19, 2024

If you are closing your account because you're switching to another broker, you should consider transferring your stocks and other assets to your new broker. This can be a complicated and lengthy process that may involve a fee, but it spares you the trouble and costs of selling (and then re-purchasing) dozens or hundreds of different assets.

Make sure you calculate and compare the cost of selling vs. transferring assets so you can choose the best option.

In most cases you will need to notify your new broker that you wish to transfer your portfolio to them. They will prepare the necessary paperwork, and ideally also coordinate the process with your current broker. Note that it may not be possible to transfer every asset, and that transfers can take up to a few weeks to go through.

Although you are saying goodbye to IC Markets, hopefully you have not given up on investing overall. Use our dedicated Find My Broker tool to find a new broker to switch to, or check if your choice really is the best broker for your needs.

The BrokerChooser team has personally tested and reviewed more than 100 brokers globally. We opened accounts with real money at each, conducted actual trades on their platforms, checked their safety, fees and customer service, among other things.

All our experience and expertise is included in Find My Broker. Simply answer a few questions and get a personalized broker list.