How To Close A Forex Account Leave a comment

Regardless of your reasons, closing a FOREX account should generally be a simple process. It might take some research to obtain and fill out the proper paperwork and some time to halt account activity, but any investor has the right and ability to terminate an account. You should consider whether you can afford to take the high risk of losing your money. LimeFX is a lesser known Forex broker situated in Nicosia, which is the largest city in the island of Cyprus. It is not uncommon for new brokers to base their operations in exotic locations and Nicosia is indeed a unique place for setting up a Forex brokerage. Since LimeFX is regulated by the CySEC, the company has all the required authorizations to carry out FX operations in the European Economic Area.

The Patron Web FX Browser Platform can be used on both desktops as well as mobile devices, but if you need more features and flexibility on your smartphone or your tablet, the LimeFX Mobile Trader can be your best option. The LimeFX trading platforms do have a few teething issues, especially regarding latency and connectivity issues, and the lack of a VPS option complicates things further. However, the platforms shouldn’t throw up any issues for long-term traders who are consistent Futures contract with the markets regarding their entry and exit. LimeFX regulation by the CySEC also qualifies their clients to be a part of the ICF scheme that protects a trader’s capital against broker issues. If you are having issues closing your account, send an e-mail, letter or fax to the firm demanding immediate attention be paid to your action to close the account. If you still don’t receive a prompt reply, contact either your state financial regulatory agency or the U.S.

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LimeFX has an exhaustive list of financial instruments and currency pairs, including exotics, CFDs, equities, commodities, metals, and other popular ETFs. Some modern day brokers are going all out in their promotions and branding strategies by adopting multiple regulatory statuses to enhance trust among clients. It will be tremendously difficult for LimeFX to attract traders with just a standard CySEC regulation, and the broker should be proactive in its efforts to be able to reign in the required trading volume for sustained growth. Call or write the professional who manages your FOREX account and request an account termination form. Your representative will have all of the information needed to close your account.

MT4 is the preferred choice of desktop LimeFX trading platform, which is the most popular and widely used trading software in the world. MT4 is available for both desktop as well as mobile platform, but the broker offers two different options for both browser as well as mobile trading. The Patron Web FX Browser Platform is an interesting web trader that has a great user interface and amazing tools that will negate the need for a dedicated trading terminal.

How To Close A Forex Account

Even though the broker has a good amount of EU regulation and safety nets for protecting the interests of their clients, the website, and their overall services lacks the professionalism expected from an FX broker. LimeFX is not your average Forex broker, but it is one of the very small companies that strive to achieve a name for themselves. The company does not have any ludicrous features that might make it a hit among retail traders; therefore, it will take some effort for the company to become established in this industry.

• The lack of a bonus also helps traders to withdraw their profits without satisfying any conditions, which is one of the primary reasons behind trader-broker disputes.
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• Review your contract for any fees or requirements and make sure your account has enough funding to cover any outstanding obligations.
• Review federal and state tax requirements on capital gains and other investment income and include this information with your tax filings.
• Financial services don’t generally collect or submit taxes, which leaves the investor responsible for reporting it to the IRS.

Some accounts might require a few days notice before closing, which will be described in the contract with your financial service company. Review your contract for any fees or requirements and make sure your account has enough funding to cover any outstanding obligations. You might need to verify correct account information with your investment service to establish how to refund your balance, such as through direct deposit or by issuing a personal check. Sign up to our newsletter in order to receive our exclusive bonus offers and regular updates via email. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. As investors in the foreign market exchange know, FOREX accounts can be tricky to maintain and risky for any investor, especially beginning ones, according to the Wall Street Journal.

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Review federal and state tax requirements on capital gains and other investment income and include this information with your tax filings. Unfortunately, traders don’t get a bonus or any other rewards for opening a LimeFX account, which might feel like an oversight. In reality, LimeFX Review: Is This a Scam or Good Forex Broker the lack of a bonus allows the company to perform better by concentrating on refining their services. The lack of a bonus also helps traders to withdraw their profits without satisfying any conditions, which is one of the primary reasons behind trader-broker disputes.

If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. Each week, Zack’s e-newsletter will address topics such as retirement, savings, loans, mortgages, tax and investment strategies, and more.

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Commodity Futures Trading Commission, which oversees federal regulations of the foreign exchange market and addresses consumer complaints. LimeFX is a market maker broker; therefore, traders get access to a regular STP account. Being a market maker account, the LimeFX spreads start from 1.9 pips, and can go as high as 6 pips for the major currency pairs.

LimeFX spread is not something that you would call economical, and even though traders are not charged any commission, the costs are certainly higher than the average. Scan the firm’s website or trading application to find an account termination form, for online FOREX accounts. The application termination form might be available in the help, account information or customer service sections. Firms don’t like to lose accounts, so while some websites might guide customers to termination forms, others might require a phone call or e-mail to customer service to obtain the form, according to CNNMoney. Nevertheless, LimeFX does provide access to more than 700 financial instruments, which is a tremendous achievement for a small Forex broker.

Your representative might ask about why you are closing your account and urge you to keep your account open. If your account is in good standing and you owe no fees or have other obligations, your representative must close it for you. Currency in circulation Closing your account could create tax obligations, especially if you have been investing successfully. Financial services don’t generally collect or submit taxes, which leaves the investor responsible for reporting it to the IRS.