How to Delete an Interactive Brokers Account
Before trying to close your Interactive Brokers account, be sure to look over the following guide:
Cost of Transferring or Closing
Interactive Brokers does not charge any fees to close or transfer an account. There is no fee for ending an IRA. However, selling your investments or taking out money might have tax implications. Always talk to a certified accountant before you do either.
IBKR Closeout Overview
There are two ways to close your IBKR account. You can either move your account to another brokerage, which will close it at Interactive Brokers, or you can clear your account and then request a closure through the IBKR website or mobile app.
First Method: Close IBKR Account by Transfer
The first method is simpler because it involves fewer steps and you don’t have to sell anything. If you need money, consider the second method instead.
To close your IBKR account by transfer, request a full ACATS transfer with another brokerage. This brokerage will instruct IBKR, who will then transfer your cash and investments to the new brokerage. When your assets are transferred, your IBKR account will be closed.
Note that cash and investments are transferable. Cryptocurrencies, futures, precious metals, and forex must be sold or transferred to another IBKR account before you request the transfer. These assets cannot be left in a partial transfer, as it won't close the IBKR account.
Check if the new brokerage will accept all your investments, like certain mutual funds and foreign stocks. Options expiring in less than 5 business days should not be transferred.
Nowadays, most brokerages have simple online forms for ACATS requests. Filling out the form takes just a few minutes, and the transfer usually completes in less than two weeks.
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Second Method: Manual IBKR Account Closeout
If you want to cash out your IBKR account, transferring isn’t enough. Use this method instead.
Start by selling all your investments. If you want to keep any, move them to another IBKR account or a different brokerage. This will not close your original IBKR account.
Then, withdraw your cash balance directly if you don’t want a check mailed to you. You can close your IBKR account with cash remaining, but they will mail you a check for the final balance. For direct withdrawal, use the ACH or wire transfer options.
To do this, click on the 'Transfer & Pay' link at the top of the site and choose the withdrawal icon. Follow the on-screen prompts. You can also transfer a free cash balance to a Wise account.
If you have foreign currencies worth over $1,000, convert them to U.S. dollars. For smaller amounts, IBKR will convert them if you opt for a check.
On the mobile app, go to the More page, tap on 'Transfer & Pay,' and choose to withdraw funds. Follow the instructions to move your cash out.
Finally, request to close your account (assuming the balance is now $0). Do this via the website or app. On the website, click the account settings link in the upper-right corner, go to settings, and find the link to close your account.
On the app, find the link under the More tab. Scroll to 'Settings,' and then to 'Account Settings' to find the closure link.
Closing an Interactive Advisors Account
A robo account with Interactive Advisors can be closed using either method above. The same advice on costs and taxes applies.
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Updated on 1/1/2025.
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