Interactive Brokers is a low-cost online brokerage platform that allows the trading of stocks, stock futures and options, mutual funds and Exchange Traded Funds (ETFs), currencies, and bonds. They manage total assets of value up to $12.2 Billion. Their platform has 2.2 million active accounts and is a widely known and recognised Canadian broker.
The process to close an Interactive Brokers Brokerage account is:
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Clear or Transfer holdings: The individual should transfer all the holdings and should exit all the active positions in order to proceed with account closure. The stocks in the brokerage account should be either transferred to another broker account or it can be squared off so that there are no shares left in the name of the account.
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Cancel Active Orders: All the active orders put by the user for specific prices should be deleted and cancelled. As the account proceeds for closure, if any order is executed, and the shares are bought or sold, it will elongate the process of account closure.
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Customer Support: The individual should contact the customer support of the brokerage from their website and should fill out the online application for brokerage account closure. This can be done by logging in to your Interactive Brokers terminal and selecting account closure from the “My Account” section.
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Account closure form: Interactive Brokers closure request requires the individual to complete an account closure form. This form requires the details such as your account number, personal information, and reasons for closure. The individual should submit the form with the correct credentials.
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Documentation and verifying Closure: The individual should keep a record of all the documents required during the closure process, including closure request forms, confirmation emails, and any other relevant documents. This will serve as proof of account closure and may be useful for future reference.
These steps provide a general guide, and it is important to consult or contact customer support for the process. In conclusion, closing an Interactive Brokers brokerage account requires reviewing the terms and conditions, clearing or transferring all holdings and funds, submitting a closure request form, settling any outstanding dues in the ledger, withdrawing funds from the account and documenting the process. Following these steps will help ensure a successful closure of your Interactive Brokers brokerage account.
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