All of the forex traders have opened a forex trading account and there is no doubt about the fact that if they have made the right decision and followed the procedures carefully, they have achieved a huge amount of profit. However, they may want to close a forex account for any possible reasons. As opening a forex account requires knowledge, closing it also yearns for awareness.
Further Reading:
Although you can close your forex account anytime you want, you must be assured that you are not under any debts and have paid the commission that the broker requires. You must also consider the amount of money that you want to transfer to another account or withdraw it from the account. All in all, if you care about your money and your success in trading, go through this article which, by providing useful information, is trying to help you in closing your forex account.
Table of Contents
Make Decision
The first thing that you must consider and be sure about it is your reason for closing your forex account. Why have you decided to close your account and are you going to not regret it later? These questions must be answered carefully; therefore, before doing any action you need to think carefully and then make the decision to close a forex account.
In this sense, you should review all the pros and cons of a forex broker and forex account to decide better. So, here are some of the advantages and disadvantages of forex brokers, whose revision helps you to decide better and understand the answer to the question that you like to close your account or not.
Advantages of Forex trading account
Forex trading, which has a long history in the realm of trading, carries a lot of advantages that are so noticeable in achieving success in foreign exchange trading. The three most important pros of forex trading are:
- Flexibility in trading – forex trading lets the traders and business people do their trading in a flexible process. Usually, there is no limitation or restriction for doing the currencies trading. That’s why people who also have another job, can look at forex exchange trading as a profitable part-time job.
- Individual Control – in the realm of forex trading you are the boss of your job and there isn’t any superior one to control you and your function. You are the one who makes the final decision and controls the whole marketing. The forex broker only gives you suggestions that you can accept or refuse.
- Works 24 hours – forex trading is a 24-hour marketing and forex brokers are always active at any time of the day. Forex websites present their services at any time that you need them.
Disadvantages of Forex trading account
Like any other thing in the world, forex trading and forex trading accounts have their dark sides. The cons that sometimes make traders close their accounts or transfer their forex account. The three major disadvantages of forex trading are:
- Price determination process – price determination is one of the repetitive problems for different forex traders. Many factors affect the price of currencies that may make your desires far from your efforts. The only thing that a forex account can do for you, is to predict the price changes but they are not quite reliable predictions.
- Education – working with a forex website requires adequate knowledge about how the market works and how you can work better with these websites. If an individual doesn’t have this knowledge, he or she may decide to close the account.
- Risk factor – the world of business is always full of risks; so as the forex brokers. Thus, some of the traders are afraid of these risks and this type of con may lead them to close the account.
Get an Account Termination
After making your mind for closing your forex account, it is time to get an account determination from your forex broker. There are some of the forex brokers that make it easy for you to find the form which is required for closing your account. These websites, usually, attach the form in an easily accessible section that allows you to download it and go for completing the form.
On the other hand, there are some websites with more strict policies and they don’t let the users have access to this type of form. In this sense, you have to call a customer service representative and ask to send the form via email or fax. Remember that, without the account determination from your forex broker, you can not close a forex account.
Complete the Form
After receiving the form, it is time to complete the form. In addition to giving your contact information, you must explain why you want your money back and why you have decided to close a forex account. You must also consider the fact that your money is going to be returned by the exact way that you transfer it from your bank account at the very beginning; for instance, if you transfer your fund through a credit card, you are going to give it back by credit card.
So, completing the form is going to make closing your account more organized without any problems. In this sense, take it seriously and authorize your exit from the broker account by completing a simple but critical form. The information for completing the form are:
- Your full name and date of birth
- Your registered postal address
- Your phone number
- The market you last traded
- The last four digits of your registered card(s)
The Final Step to Close a Forex Account
Once you complete the form, submit it to your broker in the requested method. Normally, the broker’s email address or fax is given at the bottom of the form which allows you to simply scan the form and send it through email. This is the fastest way for sending the closing form of a forex account. This is the final step to close a forex account and after that, you just need to be patient and wait for the broker to return your funds and close your account.
The Final Taught
Nowadays, many traders are interested in forex trading or foreign exchange trading; that’s why they choose a forex broker and register on the forex websites. No matter why some traders might decide to close their account for any possible reasons. To close a forex account, there are some steps that you must follow. After following the steps, they must be patient and wait for the result of their closing request.
