How Do I Close My Account with Interactive Brokers?

Interactive Brokers is a popular online brokerage platform offering a wide range of investment options and trading tools for individual and institutional investors. There may come a time you decide to close your account, whether due to a change in your investment strategy or dissatisfaction with the platform. Closing your Interactive Brokers account may seem daunting, but with the proper guidance, it can be a straightforward process.

How to Close Your Interactive Brokers Account

If you feel the need to close your account, these steps will help:

1. Review Your Account and Settle Any Outstanding Balances

Before closing your Interactive Brokers account, review it and ensure that all outstanding balances are settled. This includes any margin loans, fees, or other charges associated with your account. If you have any open positions, close them before proceeding with the account closure process. Review any recurring payments or subscriptions linked to your account, as these must be cancelled or transferred to another payment method.

2. Liquidate or Transfer Your Assets

Once you've settled any outstanding balances, liquidate or transfer your assets. If you wish to sell your investments and withdraw the proceeds, you can place sell orders for your positions through the Interactive Brokers trading platform. Remember that this may have tax implications, so it's a good idea to consult with a tax professional before proceeding.

Alternatively, you can initiate an Automated Customer Account Transfer (ACAT) if you would like to transfer your assets to another brokerage. Contact the receiving brokerage and give them your Interactive Brokers account information. They'll initiate the transfer on your behalf. Note that fees may be associated with this process, so inquire about any potential costs before starting the transfer.

3. Request Account Closure

Once your assets have been liquidated or transferred, you can request the closure of your Interactive Brokers account. You must submit a secure message through the Interactive Brokers Client Portal to do this. Follow these steps to submit your account closure request:

• Log in to your Interactive Brokers Client Portal.

• Navigate to the "Support" section and click on "Message Center."

• Click on "Compose" to create a new message.

• Select "Account Services" as the message category and "Close Account" as the topic.

• In the message body, briefly explain your account closure request and confirm that you've settled any outstanding balances and liquidated or transferred your assets.

• Click "Send" to submit your request.

4. Await Confirmation and Finalize the Process

After submitting your account closure request, you should receive a confirmation message from Interactive Brokers within a few business days. This message provides you with any additional instructions or information needed to finalize the account closure process. Follow these instructions carefully and promptly, as failure to do so may result in delays or complications.

Even after receiving confirmation of your account closure, it's a good idea to monitor your account for a short period. This ensures that all transactions have been processed and you've not incurred any additional fees or charges. If you notice discrepancies or have concerns, don't hesitate to contact Interactive Broker's customer support for assistance.