Cancel Degiro: The Right Way to Close Your Account

How to cancel your DEGIRO account as an irish investor

Why irish investors leave DEGIRO

DEGIRO is a Dutch online brokerage platform that attracts cost-conscious investors across Europe with its low fees and straightforward interface. You can trade stocks, exchange-traded funds (ETFs), bonds and other securities across multiple markets from a single account. However, many Irish investors close their DEGIRO accounts for specific reasons: you may need tax-advantaged accounts like an ISA or SIPP that DEGIRO does not offer, you might want better customer support, or you could be moving your investments to a platform that better suits your strategy. Whatever your reason for leaving, you have clear consumer rights that protect you during the closure process. Tocancel is here to walk you through those rights and the practical steps you need to take.

Common reasons irish investors decide to close their accounts

Irish tax reporting requirements often drive account closures. If you need documentation that aligns with Revenue Ireland's standards or prefer a platform that integrates with Irish tax-wrapped products, DEGIRO may no longer meet your needs. Other investors leave because they want access to Junior ISAs, Lifetime ISAs, or Self-Invested Personal Pensions (SIPPs) that DEGIRO does not support. Some investors simply prefer a different user experience, find better fees elsewhere, or no longer feel confident trading on a platform without dedicated Irish customer support. Platform changes-such as restrictions on certain investment products or shifts in how orders are processed-can also trigger your decision to move. The key point is this: your reason for leaving is yours alone, and you have the legal right to close your account without justifying yourself to DEGIRO.

Your investment portfolio matters when you plan to close

Before you begin the closure process, take a moment to assess what you hold. If you own individual stocks, ETFs, bonds or other investments in your DEGIRO account, you must deal with them before the account can close. You will need to either sell these positions (converting them to cash) or transfer them to another broker if you wish to keep them. This step is not optional and not a penalty-it is a regulatory requirement because open positions cannot be left in a closed account. Understanding what you own helps you plan the closure timeline and avoid delays.

Your consumer rights when closing a brokerage account in ireland

Irish consumer law gives you explicit protections when you decide to end a distance contract (any agreement conducted online or by telephone) with a company like DEGIRO.

What irish law guarantees you

Under the Consumer Rights Act 2015, you have the right to close your DEGIRO account at any time without penalty. DEGIRO cannot charge you a termination fee simply because you wish to leave. The broker must return all your money and securities without unreasonable delay and without imposing artificial barriers to exit. If DEGIRO refuses to process your closure, claims you owe unexplained fees, or withholds your funds, you can escalate your complaint to the Financial Conduct Authority (FCA), which oversees cross-border investment services used by Irish consumers. Your legal position is clear: the power to close your account rests with you, not with DEGIRO. Tocancel exists to remind you of this fundamental right and to help you enforce it confidently.

What DEGIRO can legitimately require before closure

While DEGIRO cannot block your closure without good reason, the broker can require you to settle certain conditions first. You must close out all open positions (sell your holdings or arrange a transfer). You must clear any negative cash balance-DEGIRO does not allow accounts with a debit balance to close. You must also ensure no pending trades or uncleared transactions remain open. These are not obstacles designed to trap you; they are regulatory and operational necessities. Once these conditions are met, DEGIRO must process your closure promptly.

Step-by-step guide to closing your DEGIRO account

The closure process takes a logical sequence of actions that you control.

Phase one: prepare your account

1. Log in to your DEGIRO account and review your portfolio.
   • Check your Holdings page to see exactly what securities you own.
   • Note any pending orders or trades that are still processing.
2. Download and save all important documents.
   • Export your transaction history (go to Reports or Statement section).
   • Save your annual statements and tax reports for your records.
   • Download any confirmation notices or trade confirmations you may need for Irish tax purposes.
3. Settle your cash balance.
   • Check that your account balance is not negative (you do not owe money to DEGIRO).
   • If you have a small negative balance, deposit funds to cover it.
   • If you have a positive cash balance, leave it as is-you will withdraw it after closure.

Phase two: close all open positions

1. Sell all holdings if you do not wish to transfer them.
   • Go to your Holdings page and select each position.
   • Click Sell and execute the sale at market price (or set a limit order if you prefer).
   • Wait for the trades to settle (typically 2 business days for stocks and ETFs).
2. Alternatively, arrange a portfolio transfer to another broker.
   • Request your new broker to initiate an automated transfer (called CREST or settlement transfer in the UK and Ireland).
   • Your new broker will guide you through this process; DEGIRO must cooperate with the transfer request.
   • Transfers typically take 5 to 10 business days to complete.
3. Confirm all positions are closed or transferred before moving forward.
   • Return to Holdings and verify the page shows no remaining securities.

Phase three: request account closure

1. Access the Settings or Account menu in DEGIRO.
   • Look for an option called Close Account, Account Closure or Deactivate Account.
2. Select the closure request and confirm that all positions are closed.
   • DEGIRO may ask you why you are closing (this is optional to answer).
   • Confirm that you understand your cash balance will be returned by bank transfer.
3. Submit the closure request and keep your confirmation email.
   • Screenshot or save the confirmation-you will need this as evidence if a dispute arises.

Phase four: withdraw your cash and verify closure

1. Wait for DEGIRO to process your closure request (normally 5 to 10 business days).
   • You will receive a confirmation email when your account is closed.
2. Initiate a withdrawal of any remaining cash balance.
   • Go to Withdraw Funds and select your bank account.
   • Choose the amount (or withdraw all if you wish to sever all ties).
   • Confirm the bank transfer details are correct.
3. Monitor your bank account for the incoming transfer.
   • EU bank transfers typically arrive within 3 to 5 business days.
   • If the transfer does not arrive within 10 days, contact DEGIRO support immediately.

DEGIRO account types and what you should know before closing

Your account type affects which products you can hold and may influence your decision to stay or go.

Fee structure: what you are (and are not) paying

DEGIRO charges small per-trade commissions (typically €0.50 to €2.00 per trade depending on your account type), handling fees on each transaction, and occasional connectivity fees for trading on non-home exchanges. Importantly, DEGIRO does not charge custody fees, inactivity fees, or deposit/withdrawal fees for bank transfers. This transparent fee model is one reason many Irish investors choose DEGIRO in the first place. However, if you have found a platform with lower fees or better features for your investment style, that cost difference may justify your move. Before closing, calculate whether the fees you pay at DEGIRO are genuinely higher than your alternative-sometimes they are not.

Timeline and refunds: what to expect after you close

Closing your DEGIRO account is not instantaneous, and understanding the timeline helps you plan your next steps.

How long closure actually takes

Once you submit your closure request with all positions closed and your cash balance settled, DEGIRO typically processes the closure within 5 to 10 business days. You will receive a confirmation email. At this point, your account is officially closed and you can no longer log in. Any remaining cash in your account will be returned to your registered bank account via electronic transfer, which normally arrives within 3 to 5 business days depending on your bank's processing speed. From request to final withdrawal, budget 10 to 15 business days total. If you are moving your investments to another broker, add 5 to 10 additional days for the transfer of securities to complete.

Refunds and money movement

DEGIRO does not refund trading losses or investment depreciation-you cannot recover money that your holdings lost in value. What DEGIRO must return is the cash balance remaining in your account. If you sold all your holdings and paid any negative balance, your cash withdrawal should equal the market value of what you sold. DEGIRO will transfer this cash via electronic bank transfer to the Irish bank account you registered when you opened your account. You cannot redirect this transfer to a different bank account without contacting DEGIRO support first. Transfers between EU banks are typically free and should arrive within 5 business days; if yours takes longer, contact your bank to confirm it was received on their end.

Common mistakes to avoid when closing your DEGIRO account

Closing an investment account can feel stressful, especially if you are managing multiple positions, and it is easy to overlook a step that then delays your closure.

The most costly slip-ups and how to sidestep them

The biggest mistake is forgetting to close one position before submitting your closure request. If you miss even a single holding, DEGIRO will reject or pause your closure. Double-check your Holdings page twice. Another common error is maintaining a negative cash balance-if you owe DEGIRO money, your account cannot close. Deposit the shortfall before requesting closure. Do not forget to download your statement and transaction history before closure; once your account is closed, retrieving old documents becomes much harder and may require a formal request to DEGIRO. Many investors also forget to update their tax records before closure-make sure you have downloaded your annual reports and any tax documentation you need for Revenue Ireland. Finally, do not assume your cash has been returned until you see it in your bank account. If the transfer does not arrive within 10 days, contact DEGIRO support with your closure confirmation email and your bank's transaction reference number.

Tax and reporting implications for irish investors

Closing your DEGIRO account triggers some tax and reporting considerations specific to Ireland.

What revenue ireland needs to know

If you made investment gains while your account was open, you may owe capital gains tax on those profits. Revenue Ireland does not require you to report account closure itself, but you must declare any gains on your annual tax return. DEGIRO will not file this information with Revenue on your behalf-that responsibility is yours. Before you close your account, download your complete transaction history and any annual reports DEGIRO provides; these documents form your evidence for calculating gains and losses. If you made losses, these can offset gains and reduce your tax liability. If you are unsure how to calculate your tax position, consult a tax advisor or visit Revenue Ireland's website for guidance on capital gains tax for investment accounts. Crucially, failure to declare gains does not make account closure easier-it simply creates a separate tax compliance risk. Handle both matters properly.

What happens after your DEGIRO account closes

Account closure does not happen in isolation, and you need a plan for what comes next.

Moving your money to a new platform

If you are closing DEGIRO because you want to move to another broker, Tocancel recommends opening your new account before you close DEGIRO. This way, you can transfer your holdings directly from DEGIRO to the new platform without having to sell everything and reinvest. If your new broker offers automated transfer services (most major platforms do), request the transfer and let the two platforms handle the movement of securities. This method preserves your holdings and may save you on trading costs. Only if you cannot transfer should you sell all positions, close DEGIRO, and then repurchase your holdings on the new platform.

If you are stepping back from investing

If you are closing DEGIRO because you want to stop active investing, take a moment to ensure your money is safe once it leaves the platform. If you are withdrawing cash to your bank account, make sure that bank account is in your name and that you have access to it. If you are moving to a different investment strategy-perhaps working with a financial advisor or moving to a workplace pension-confirm that new account is ready to receive your funds before you withdraw from DEGIRO. Never leave money in transit between accounts for longer than necessary.

What to do if DEGIRO refuses to close your account

In rare cases, a broker may resist or delay closure without valid reason.

Your escalation path if closure is blocked

If DEGIRO refuses to process your closure request, claims you owe fees that seem unjustified, or withholds your cash without explanation, your first step is to contact DEGIRO customer support in writing (email is best-it creates a record). Clearly state that you are requesting account closure and ask for a written explanation if DEGIRO declines. Keep copies of all correspondence. If DEGIRO does not resolve the issue within 10 business days, you can lodge a formal complaint with the Financial Conduct Authority (FCA), which oversees investment services in the UK and handles complaints from Irish consumers using UK-based or UK-licensed brokers. DEGIRO is regulated by the Dutch authority (AFM) but also falls under FCA oversight for conduct toward UK and Irish customers. The FCA's complaints process is free and can compel DEGIRO to justify its refusal. Tocancel recommends documenting every step: save your closure request confirmation, your correspondence with DEGIRO, bank statements showing you have no outstanding negative balance, and screenshots of your empty Holdings page. This evidence strengthens any complaint you file.

Closure checklist: your step-by-step verification

Use this checklist to confirm you have completed every necessary action before and after closure.

Key takeaways: your power as an irish consumer

Closing your DEGIRO account is a straightforward process when you follow a logical sequence and understand your rights. You have the legal right to close your account at any time without penalty, and DEGIRO must return your money and securities promptly. The Consumer Rights Act 2015 protects you from artificial barriers to exit, unreasonable delays, or hidden fees. Your responsibility is to prepare your account (close all positions, clear any negative balance) and to document the closure process so you have evidence if a dispute arises. Tocancel has helped thousands of consumers cancel and close financial accounts with confidence, and we want you to understand that this process is within your control. Download your documents, close your positions, submit your closure request, and follow up on your cash withdrawal. If DEGIRO does not cooperate, you have the FCA as your escalation point. The power is yours. Visit Tocancel today to explore step-by-step guides for closing other accounts and services, and remember: every consumer has the right to change their mind and move on.

Contact information for your records

If you need to contact DEGIRO or file a complaint, save these details. DEGIRO customer support is typically available through your account's Help or Contact section. For complaints, contact the Financial Conduct Authority (FCA) at fca.org.uk/complaint or phone 0800 111 6000 from Ireland. Revenue Ireland can be reached at revenue.ie or +353 1 738 4000 for questions about tax reporting on investments. Tocancel remains your trusted resource for understanding your consumer rights and taking confident action to close any account.