Halifax Logo

Closing an account at Halifax

Your expert
Nicole C.
Fact checked by
Adam N.
Updated
12h ago
Personally tested
Data-driven
Independent

How to close my account at Halifax in June 2024?

When the time comes that, for whatever reason, you want to close your brokerage account, you may have difficulty knowing where to start. What is the process? is there a cost? What are my options?

At Halifax, as at all brokers, you need to bring your balance to zero before you can close your account, by selling or transferring your assets. This may carry a cost: at Halifax, fees are low.

If you decide you no longer want to trade at Halifax, it's a good idea to close your account as soon as possible, because the broker charges an inactivity fee and/or a regular account fee.
Key points about closing an account at Halifax
Nicole
Nicole Conrad

I have personal experience with dozens of global brokers and have taken a closer look at the process and options for closing a brokerage account. Here are my key insights regarding how to delete an account at Halifax:

  • You need to bring your balance to zero, by selling or transferring your assets.
  • Halifax has low fees, which influence the cost of closing your account.
  • Transferring your portfolio to a new broker is also an option.
  • Use our Find My Broker tool to find the best new home for your investments.
Halifax fees and conditions to watch when closing your account
Inactivity fee No
Account fee Yes
Withdrawal fee $0
Customer service score (out of 5) 0.0 stars

Data updated on June 17, 2024

BrokerChooser score
4.1 4.1 /5
Visit broker

Bring your balance to zero to close your account

Halifax is a well-regulated, trustworthy broker, so you shouldn't run into any major obstacles while trying to close your account.

If you have made up your mind to cancel and delete your Halifax account, the most important thing you have to know is that only an empty broker account can be closed. To bring your balance to zero, you need to follow the steps below:

  1. Close any open positions you have by selling all your assets.
  2. Another option is to transfer your entire portfolio to another broker.
  3. Withdraw all your cash from the account.
  4. Unsubscribe from any paid services you may have used (e.g. for market data or research).
  5. Make sure you don’t owe anything to your broker.
  6. Initiate the account closing procedure at your broker.

Note that initiating the closing of your account may be as simple as finding and clicking the appropriate menu item on the platform, but in some cases you may need to contact customer service directly, e.g. via phone or email. The full closing process may take up to several weeks.

Fees impact the cost of closing an account

If you're done trading and don't want to keep and transfer your assets to a new broker, you must sell all your assets and then withdraw all your cash in order to close your account. Closing an account in itself does not usually carry a fee for standard brokerage accounts. However, be aware that closing open positions can have tax implications on any capital gains or losses.

Below are the fees for selling assets and withdrawing funds, as well as customer service quality at Halifax.

Halifax stock trading fees

Halifax has low trading fees. Here are the exact fees you will face when you sell your stocks and ETFs before closing your account:

Halifax stock/ETF trading fees
💰 Halifax US stock commission Commission-free, but 1.25% conversion fee for international trades
💰 Halifax UK stock commission £9.50 per trade
💰 Halifax German stock commission Commission-free, but 1.25% of exchange rate for international trades

Data updated on June 17, 2024

Halifax withdrawal fees and options

Withdrawing your remaining money is often the last step before closing your account. At most brokers today, this is free, but there are still some exceptions.

Luckily, Halifax doesn't charge a withdrawal fee.

Keep in mind that it may take a few days for your stock sales to settle and then for your money to arrive in your bank account or credit/debit card. We tested withdrawal at Halifax and it took >3 days.

You have the following options to withdraw your money from Halifax:

Halifax withdrawal options
Bank transfer withdrawal Yes
Credit/debit card withdrawal No
Electronic wallet withdrawal No

Data updated on June 17, 2024

Halifax customer support

In general, you may have to contact customer service more often than usual during the closing of your account. It is therefore a great benefit if your broker that has helpful, round-the-clock customer support via multiple channels such as phone, email or chat. Here's how Halifax can help you:

Halifax customer service availability
Customer service score as rated by BrokerChooser (out of 5) 0.0 stars
Live chat Yes
Phone Yes
Email Yes
24/7 availability No

Data updated on June 17, 2024

Keep your assets: transfer to another broker instead of selling

If you are closing your account because you're switching to another broker, you should consider transferring your stocks and other assets to your new broker. This can be a complicated and lengthy process that may involve a fee, but it spares you the trouble and costs of selling (and then re-purchasing) dozens or hundreds of different assets.

Make sure you calculate and compare the cost of selling vs. transferring assets so you can choose the best option.

In most cases you will need to notify your new broker that you wish to transfer your portfolio to them. They will prepare the necessary paperwork, and ideally also coordinate the process with your current broker. Note that it may not be possible to transfer every asset, and that transfers can take up to a few weeks to go through.

Use Find My Broker to find the best new home for your investments

Although you are saying goodbye to Halifax, hopefully you have not given up on investing overall. Use our dedicated Find My Broker tool to find a new broker to switch to, or check if your choice really is the best broker for your needs.

The BrokerChooser team has personally tested and reviewed more than 100 brokers globally. We opened accounts with real money at each, conducted actual trades on their platforms, checked their safety, fees and customer service, among other things.

All our experience and expertise is included in Find My Broker. Simply answer a few questions and get a personalized broker list.
Get a personalized broker recommendation
125,500 people already found a broker via this tool!

Your broker toplist will be selected based on your answers.

Where do you live?
More info

Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.

Got questions?
Engage with our growing community of traders and investors like you to find your answers.
Join now

Further reading

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

Nicole Conrad
Author of this article
Nicole is a former intern content contributor for BrokerChooser. She came with experience and certification in Accounting, and pursued graduate studies in Economic Policy. Nicole wrote broker reviews to provide transparency for customers: highlighting brokers’ exceptional services and holding them accountable for questionable practices.
×
I'd like to trade with...