At times, Saxo must request clients to close their accounts. This is usually due to compliance reasons and to meet our regulatory requirements.
If for any reason Saxo must terminate your account, you will be directly notified.
First of all, please, read carefully the notification that you have received, as it contains the steps to follow for the smooth handling of your specific case, and the possible options to keep your account.
Be aware that your access may be restricted and/or revoked on the termination date, so it is important to act as soon as possible.
In this article, we answer the following questions:
- What should I do if I am asked to close my account?
- I would like to keep my account at Saxo
- What happens if I do not close my account in time?
- What if I have requested my positions to be transferred out?
- How do I withdraw from a closed account?
What should I do if I am asked to close my account?
If no concrete instructions are provided in the notification, you will find the Close account option here:
- SaxoTraderGO: click Close my account
- SaxoInvestor: click Close my account
- SaxoTraderPRO: click > Request account services > Close my account
Read more: How do I close my account?
I would like to keep my account at Saxo
In certain cases, there might still be a chance to reverse the account termination, and if that's your case too, we will be happy to help you keep your account with us.
To get to the Contact us options:
- SaxoTraderGO: click Contact us
- SaxoInvestor*: click Contact us
- SaxoTraderPRO: click the support icon > Contact us
You do not have access to the account? Get your login details, or call us
What happens if I do not close my account in time?
If you do not close your account, we will start the termination process on the termination date mentioned in the notification:
- Your access to the account will be restricted and/or revoked.
- Open and tradeable positions will be closed by us at market prices (unless otherwise mentioned in the notification). Depending on the position/liquidity this may take a few days.
- Delisted and other non-tradable positions will remain on the account.
- Any cash from the sale of positions will be booked in the account, where it will remain until we receive further instructions.
What if I have requested my positions to be transferred out?
If we have received instructions to transfer your positions to a new broker, but have not been able to complete the transfer, we will not close the positions.
How do I withdraw from a closed account?
If you still have access to the platform, you can close the account and withdraw the balance from here.
If you no longer have access, you need to contact Client Service for instructions on how to withdraw. Depending on the circumstances we may need additional verification and documentation before we process the withdrawal.