Trade Republic has launched a new app and caused dissatisfaction among many of its users. Some even want to turn their backs on the neobroker. We’ll show you how to delete your Trade Republic account.
Trade Republic has been one of the most popular trading apps to date. However, there has been a hail of heavy criticism recently. A new app design caused confusion for many users. The neobroker has also automatically activated the sharing of user data in its new app.
Some Trade Republic customers have therefore lost trust in the platform. If you are also thinking about canceling your account and deleting your account, we will show you what you should consider.
Delete Trade Republic account – here’s how
First of all, the good news: If you want to delete your Trade Republic account, you don’t have to give any reasons. However, it’s important to know that you won’t be able to reactivate it once it’s closed. In addition, the neobroker does not allow you to open a new depot in this case.
To delete your account, several steps are necessary. First, open the Trade Republic app. Above “Wealth” or “CashThen go to your profile. There you scroll down to “Serviceand tap on “More services“. Then you choose “close account” out of.
The app now redirects to a PDF form. Download it and fill it out. You have to sign it by hand. You then send the document to customer service.
Transfer or sell securities
In the PDF document you must indicate whether you want to transfer your securities to another securities account. To do this, you need a securities account transfer form from the new custodian bank, which you send to Trade Republic by email. The neobroker then takes care of the processing.
If you decide against this option, it is advisable to sell your securities before deleting your account. If you want to sell your entire portfolio, you must place an individual sell order for each security. Once the sale is complete, you can transfer the funds from your clearing account to a reference account at another bank.