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Frequently asked questions
Cancel Degiro: The Right Way to Close Your Account
How to cancel your DEGIRO account: the irish investor's complete guide
What DEGIRO is and why irish investors cancel
DEGIRO is a low-cost online investment platform headquartered in the Netherlands, offering access to stocks, exchange-traded funds (ETFs), bonds and derivatives across European and global markets. The platform attracts Irish investors seeking transparent fee structures and minimal account charges. However, many Irish savers eventually close their DEGIRO accounts when they require tax-efficient accounts unavailable on the platform, seek superior customer support, or redirect their investment strategy elsewhere. Yafee recognises that understanding your reasons for cancellation helps you prepare the closure process and ensures you recover all your funds without delay.
DEGIRO account types and fee structure
DEGIRO operates four distinct account profiles, each with different product access and leverage permissions. Your account category determines which investment instruments you can trade, whether margin borrowing is permitted, and how your securities are held. Understanding your current account structure ensures you settle all positions before closure begins.
| Account type | Key features | Fee structure | Best for |
|---|---|---|---|
| Custody | No securities lending; core markets only | No custody fees; no inactivity charges | Conservative investors |
| Basic | Standard access; no margin; most popular | Per-trade commissions from €0.50 | Buy-and-hold retail investors |
| Active | Margin and leveraged products available | Professional-grade pricing | Active traders |
| Trader | Advanced tools; higher leverage limits | Premium structure | Professional traders |
DEGIRO publishes per-transaction commissions, exchange connectivity charges for non-domestic markets, and currency conversion fees. The platform charges no inactivity fees and no account closure charges-a significant advantage when you decide to leave. Bank transfers for deposits and withdrawals are free, which means your funds return to your Irish bank account without additional deductions.
Why irish investors close their DEGIRO accounts
Irish savers cancel DEGIRO for specific, measurable reasons. Many require Individual Savings Accounts (ISAs) or Self-Invested Personal Pensions (SIPPs), which DEGIRO does not offer and which provide substantial UK and Irish tax relief. Others seek platforms with dedicated support for Irish tax reporting and Revenue compliance. Product restrictions-such as DEGIRO's exclusion of certain high-risk derivatives-push active traders toward alternative brokers. Some investors simply prefer a platform with extended customer service hours or live telephone support. Yafee has guided thousands of Irish consumers through this decision-making process, and the most successful closures begin with clarity about your next broker and full preparation of your current account.
Your legal rights as an irish consumer closing a brokerage account
Irish consumer law provides you with robust protections when closing an online investment account.
Consumer rights act 2015 and distance contracts
DEGIRO operates as a distance provider under the Consumer Rights Act 2015, which means you benefit from statutory withdrawal and cancellation rights. The Act requires that DEGIRO supply you with clear information before you open your account, permit you to close your account without penalty at any time, and return your funds and securities in full within a reasonable timeframe. DEGIRO cannot impose artificial barriers to exit, charge you a termination fee for standard account closure, or withhold your cash without justification.
In accordance with Irish consumer law, you retain the right to request immediate account closure regardless of your account balance or investment performance. DEGIRO must acknowledge your closure request in writing and confirm the timeline for settlement and fund transfer.
Your legal position
You have the right to close your DEGIRO account at any time without penalty. DEGIRO cannot charge you a termination or closure fee for closing a Basic, Custody or standard Active account. The broker must return all cash and securities belonging to you without unreasonable delay-typically within 5 to 10 business days after your account is fully settled. If DEGIRO refuses closure, delays your withdrawal beyond 10 working days, or claims you owe undisclosed fees, you can escalate your complaint to the Financial Conduct Authority (FCA) via its formal complaints procedure. Yafee recommends that you document every communication with DEGIRO from the moment you request closure, as this evidence strengthens any subsequent complaint to the FCA.
How to cancel your DEGIRO account: step-by-step process
Closing your DEGIRO account requires a methodical sequence of actions to ensure all positions are settled and your funds are transferred cleanly.
Step 1: review your account holdings and balances
Before requesting closure, log into your DEGIRO account and generate a complete portfolio statement. This document shows every open position (stocks, ETFs, bonds, derivatives), your current cash balance, and any pending transactions. You must understand your exact holdings because DEGIRO will not close your account if you hold any open positions or maintain a negative cash balance. Download this report and retain it for your records-Yafee advises keeping statements for at least 3 years should you need to reference tax reporting or dispute resolution.
Step 2: sell all investment positions
You must liquidate every open position in your DEGIRO account before the platform will accept a closure request. This includes:
- All stocks and ETF holdings-execute sell orders at market price or place limit orders as appropriate
- All bond positions-sell via the DEGIRO trading interface
- All derivative contracts-close all open options, futures or leveraged products
- All fractional shares or dividend reinvestment positions-convert to cash
Allow 2 to 3 working days for all sell orders to settle. Once settled, the proceeds convert to your account's base currency (euros if you are an Irish investor). DEGIRO will display a zero or positive cash balance once all positions are liquidated.
Step 3: resolve any negative cash balance
If your account displays a negative cash balance (a debit), you must deposit funds immediately to bring the balance to zero or positive. Negative balances typically arise from dividends paid but not yet received, or from fees charged after the last sell order. Transfer the required amount from your Irish bank account to your DEGIRO deposit account using the banking details displayed in your DEGIRO account settings. Allow 2 to 3 business days for the transfer to clear. Once your balance is positive or zero, DEGIRO will permit closure.
Step 4: download and retain all tax documents
Before you request closure, download every tax-related document held within your DEGIRO account:
- Annual tax statements showing gains, losses and dividend income
- Transaction histories for each calendar year
- Custody statements and corporate action reports
- Any documentation relating to tax withholding or reclaim procedures
Irish Revenue may audit your investment income within 4 years, so retain these documents indefinitely. Yafee emphasises that DEGIRO may restrict access to historical documents after account closure, so save everything to an external hard drive or cloud storage now.
Step 5: submit your account closure request
Navigate to the settings menu within your DEGIRO account and locate the "Close account" or "Account closure" option. DEGIRO typically displays this function only when your account meets closure criteria (zero open positions, non-negative cash balance). Complete the closure form, confirming that you understand the consequences of closure and that you wish to proceed. DEGIRO will ask you to confirm your reason for leaving-you may select "switching to another broker", "no longer investing" or other reasons-but your reason does not affect your right to close.
Submit the form. DEGIRO will display a confirmation message and send you an email acknowledgement within 24 hours. Retain this email as evidence of your closure request.
Step 6: wait for account settlement and fund transfer
Following your closure request, DEGIRO processes your account over 5 to 10 working days. The platform will:
- Finalise all pending trades and settle any outstanding transactions
- Calculate and apply any final fees or charges
- Confirm your final cash balance
- Initiate a bank transfer of all remaining funds to the Irish bank account you nominated
DEGIRO will send you a final statement showing your closing balance and the date the transfer was initiated. Check this statement carefully to ensure no unexpected charges have been applied. The bank transfer typically arrives in your Irish account within 2 to 3 additional working days.
Step 7: verify receipt of funds and confirm closure
Once funds arrive in your Irish bank account, verify the amount matches DEGIRO's final statement. If the amount is incorrect or if funds do not arrive within 10 working days of your closure request, contact DEGIRO's support team immediately with your closure confirmation email and your bank statement as evidence. Yafee recommends screenshotting the payment notification from your bank as an additional safeguard.
Timeline and refund policy
The closure process typically requires 10 to 15 working days from your initial request to fund receipt.
Typical closure timeline
Your cancellation follows this sequence: request submission (day 1), internal account review (days 2-3), settlement of pending trades (days 4-7), initiation of bank transfer (day 8), and fund receipt in your Irish account (days 9-15). During public holidays or weekends, this timeline extends accordingly. If you close your account on a Friday, the settlement process does not resume until the following Monday.
Refund policy and fund return
DEGIRO does not charge a refund or withdrawal fee. All cash remaining in your account after position liquidation and fee settlement transfers to your nominated Irish bank account in full. DEGIRO applies no deductions for account closure. Currency conversion fees apply only if your account balance is held in a currency other than euros-for example, if you held pound sterling positions, DEGIRO converts the proceeds to euros before transfer, applying its standard exchange rate (typically 0.5% above the mid-market rate).
If you hold securities you cannot sell (for example, suspended stocks or delisted companies), contact DEGIRO support to discuss alternative settlement options before requesting closure. Yafee advises resolving these exceptions early to avoid account closure delays.
What happens after you close your DEGIRO account
Account closure is permanent and affects your future access to the platform.
Account status after closure
Once DEGIRO processes your closure, your account transitions to an inactive state and you lose access to the trading platform, portfolio view and account settings. DEGIRO retains your historical data (transaction records, tax statements) for at least 7 years to comply with financial regulations, and you can request copies in writing if needed. However, you cannot reactivate a closed account-reopening requires completing the full account opening process, identity verification and regulatory questionnaires as if you were a new customer.
Tax reporting after closure
You remain responsible for reporting all investment income, gains and losses to Irish Revenue, even after DEGIRO closure. Your capital gains in the tax year of closure remain taxable. Dividend income received up to the closure date must be declared on your tax return. If you are a higher earner or professional trader, consult a tax advisor to confirm the correct classification of your investment income. Yafee recognises that tax considerations often factor into the decision to close, and ensuring compliance protects you from Revenue enquiries.
Common mistakes when closing your DEGIRO account
Many Irish investors encounter unnecessary delays or unexpected charges because they overlook specific procedural steps. The good news is that all these mistakes are preventable with preparation.
Mistake 1: requesting closure while positions remain open
DEGIRO will reject your closure request if any open positions exist in your account. You must sell every holding, including fractional shares and pending dividend reinvestments, before closure begins. Many investors attempt to close their accounts while awaiting settlement of recent sell orders-this delays the entire process by 3 to 5 days. Allow full settlement before submitting your closure request.
Mistake 2: leaving a negative cash balance unresolved
A negative balance typically arises from small dividends, fees or corporate actions processed after your last sell order. DEGIRO will not close your account until this balance is positive. Rather than wait for a future deposit or dividend, transfer funds immediately from your Irish bank account to clear the deficit. This single action often accelerates closure by 3 to 5 working days.
Mistake 3: failing to download tax documents before closure
DEGIRO restricts access to some historical data after account closure. Download all tax statements, transaction histories and corporate action reports before you request closure. If Irish Revenue later audits your investment income, you will need these documents to substantiate your reported gains and losses. Yafee has observed that investors who retain comprehensive documentation resolve tax disputes significantly faster.
Mistake 4: not confirming your bank account details
If your registered bank account is incorrect or outdated, DEGIRO's fund transfer may fail or be delayed. Verify your nominated bank details in the account settings at least 2 weeks before you request closure. Ensure the account name, IBAN and bank code are correct. If you have changed banks since opening your DEGIRO account, update this information immediately.
Mistake 5: ignoring outstanding fees or charges
DEGIRO may apply final fees (currency conversion fees, inactivity charges in some regions, or connectivity charges) after your sell orders settle. Your closing cash balance reflects these charges, so verify your final statement before the funds transfer. If you believe a charge is incorrect, query it with DEGIRO support before closure completes-correcting errors after fund transfer requires a separate dispute process.
Checklist for cancelling your DEGIRO account
Use this step-by-step checklist to ensure you complete every required action before and after closure.
| Action | Deadline | Status |
|---|---|---|
| Download complete account statement and portfolio details | Week 1 | Not started |
| Sell all open positions and allow 3 days for settlement | Week 1-2 | Not started |
| Deposit funds if cash balance is negative | Week 2 | Not started |
| Download all tax statements and transaction histories | Week 2 | Not started |
| Submit account closure request via platform | Week 2 | Not started |
| Retain closure confirmation email | Week 3 | Not started |
| Verify funds receipt in Irish bank account | Week 3-4 | Not started |
When you should keep your DEGIRO account open
Closing your account is not always the best option. Consider keeping your DEGIRO account active if you plan to resume investing within the next 12 months, hold individual positions you want to monitor, or expect dividend distributions that haven't yet settled.
Scenarios where keeping your account may be sensible
If you are taking a temporary break from active investing but retain conviction in your current holdings, keep your account open. Reopening requires full identity verification and regulatory questionnaires again, which takes 3 to 5 working days. If you have recently purchased positions and are waiting for settlement or dividend distributions, delay closure until these corporate actions complete-typically within 5 to 10 business days of purchase. If you wish to maintain access to your historical tax data for Revenue reporting, note that accessing data after closure requires written requests and may incur delays.
Conversely, close your account if you are switching to a competitor broker permanently, do not plan to invest for at least 2 years, or require investment vehicles (ISAs, SIPPs) that DEGIRO does not support. Yafee advises that closure is irreversible, so confirm your decision with finality before submitting your request.
Escalation: what to do if DEGIRO refuses to close your account
In rare cases, DEGIRO may decline your closure request or impose unreasonable delays.
Your right to escalate to the financial conduct authority
If DEGIRO refuses to close your account without legal justification, delays closure beyond 15 working days, or charges an unauthorised termination fee, you can lodge a formal complaint with the Financial Conduct Authority (FCA). The FCA oversees DEGIRO's regulatory compliance in the United Kingdom and Ireland. Submit your complaint in writing, attaching your closure request email, DEGIRO's refusal notice (if any), and your bank statements showing funds were not transferred. The FCA investigates complaints within 8 weeks and can compel DEGIRO to act. Yafee recommends that you contact DEGIRO's formal complaints department first, giving them 5 business days to respond, before escalating to the FCA. This two-step approach often resolves disputes faster because DEGIRO recognises the seriousness of your complaint.
Alternative dispute resolution
DEGIRO is a member of Kifid (Stichting Klachteninstituut Financiële Diensten), the Dutch financial ombudsman scheme. If you are dissatisfied with the FCA's handling of your case, you may refer your complaint to Kifid as well. Both authorities provide free dispute resolution services to consumers.
Conclusion: close your DEGIRO account with confidence
Closing your DEGIRO account is a straightforward process when you follow the correct sequence: liquidate all positions, resolve any negative balance, download your tax documents, submit your closure request via the platform, and verify fund receipt in your Irish bank account. Irish consumer law guarantees your right to close at any time without penalty, and DEGIRO must return all your funds within 10 working days. If you encounter delays or refusals, the Financial Conduct Authority provides free escalation.
Yafee has helped thousands of Irish consumers cancel investment accounts, compare alternative brokers and understand their consumer rights. If you need guidance on moving your portfolio to a new platform or comparing investment providers, Yafee offers independent resources and step-by-step guides tailored to Irish savers. Whether you are closing DEGIRO to pursue tax-efficient accounts, seek superior support, or redirect your investment strategy, Yafee is here to support your transition with clarity and confidence.
Start your closure checklist today-the sooner you complete the liquidation steps, the sooner your funds return to your Irish account.
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