Long-term investing

IC Markets Close Account guide

Closing a brokerage account involves more than sending a request. Long-term investors need to handle open positions, withdraw funds correctly, keep records for tax purposes and confirm the broker's specific closure procedure. This guide sets out the general steps and the checks to verify directly with IC Markets before you begin, since exact procedures, timelines and any applicable charges are defined by the broker's own current terms.

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Prepare before you request closure

Before contacting the broker, get your account into a state that can actually be closed. That usually means closing or transferring any open positions, cancelling pending orders and settling any negative balances or outstanding charges. Download your full trade history and statements first, because access to records can become harder after an account is closed, and you may need these documents for tax reporting years later. Confirm with IC Markets what its documented closure procedure requires, rather than assuming a standard process applies.

Close or transfer open positions and cancel pending orders before requesting closure.
Download all statements, trade confirmations and tax-relevant records while you still have platform access.
Check the client agreement for any conditions, notice requirements or charges related to account closure.
Settle any outstanding balances so the closure request is not delayed.

Withdrawing your remaining balance

Withdraw your full balance using the process the broker specifies. Many brokers return funds to the original payment method first for anti-money-laundering reasons, so verify with IC Markets which methods are available to you, whether any withdrawal fees apply and how long processing typically takes. If your account currency differs from your bank account currency, ask how conversion is handled and at what rate basis. Get the answers in writing and keep them with your records. You can estimate the cost impact of withdrawal and conversion charges with the Brokerage fee calculator at /tools/brokerage-fee-calculator.

Verify eligible withdrawal methods and whether funds must return to the original deposit source.
Confirm any withdrawal fees and currency conversion handling in writing before submitting the request.
Ask for the expected processing timeline and follow up if funds do not arrive within it.

Confirming closure and moving on

After your balance reaches zero, submit the formal closure request through the channel the broker specifies and ask for written confirmation that the account is closed. Written confirmation matters because it protects you if any later charges or disputes arise. Keep the confirmation and your final statements in long-term storage. If you are closing the account to move to a different provider, apply a structured checklist to the next choice rather than repeating an unexamined decision; the Find my broker tool at /find-my-broker and the guides in the Long-term investing hub at /invest-long-term can help you frame that comparison.

Request and retain written confirmation that the account is fully closed.
Store final statements and trade records for as long as your tax rules require.
If switching brokers, verify the new provider's terms with the same rigor before funding it.

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FAQ

Does IC Markets charge a fee to close an account?

This page does not state IC Markets' current terms. Closure conditions and any related charges are set out in the broker's own client agreement and fee documents, which can change. Check those documents directly and confirm with support in writing before you submit a closure request.

Can I close my account with open positions?

Generally, brokers require open positions to be closed and balances settled before an account can be closed. Confirm the exact requirements with IC Markets, since procedures are defined by the broker's own current terms.

What records should I keep after closing a brokerage account?

Keep full trade history, account statements, deposit and withdrawal confirmations, and the written closure confirmation. Tax authorities in many jurisdictions can require records covering several past years, so retain them for at least as long as your local rules specify.