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? asked in Business & FinanceInvesting · 7 years ago

Due to high brokerage, i have opened another trading account which is cheaper. I am now trading using the 2nd trading account.?

I am not using the first trading account. No holdings in that account. Is it possible to close this account?

2 Answers

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  • A nobody
    Lv 7
    7 years ago

    Accounts CAN NOT BE canceled, Just notify the firm that you do not want to use the account, the firm will after a period of time and no actfvity will "purge" the account from their system.

    By law a firm must keeop an account open for at least 7 years, but if you notify them that you are not and will not be using the account the will code the account as "Closed" and after 18 months of no actifity the account will be pourged from the systm

    Source(s): from the street
  • Rinkydink
    Lv 7
    7 years ago

    Assuming there are no monthly charges you can ask them to cancel the account or just do not use it.

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