How to Close a FOREX Account

You can close your FOREX brokerage account any time you wish. However, you must first ensure that you do not have any open positions or bids, and that you have paid off any margin debt and fees. You can close open positions, but your broker may allow you to transfer them to another broker instead. You'll also want to withdraw or transfer your cash balance.


Step 1

Examine your trading platform to determine if you have any open trades outstanding. If you are a long-term trader, you might have some FOREX trades still open. Decide how you want to dispose of open trades -- closing them out or transferring them to another broker.

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Step 2

Get an account termination form from your FOREX broker. Depending on the broker, you may be able to access the form directly from a website. Many brokers make such forms available from the references section of their websites. You can download the form and print at your convenience. Other brokers make it more difficult to find the form you need. You might need to call a customer service representative and request a form via e-mail or fax.


Step 3

Complete the form. In addition to providing your contact information, you will have to specify how you want any remaining money returned. For example, if you fund your account with a credit card, the broker will process a refund on your credit card for the amount you have in your account. You will usually have to sign the form at the bottom to authorize the closure.



Step 4

Submit the form to your broker in the requested method. Typically, the broker's fax number or e-mail is listed on the bottom of the form. Usually you can simply scan the form and e-mail it from your computer — the fastest way to return the form. At that point, you simply have to wait to get your money back and your account will be closed.



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