How to delete your EasyEquities account

About deleting your EasyEquities account

EasyEquities is a popular investment platform that simplifies access to the stock market, allowing users to buy fractional shares in companies listed on the JSE, US markets, and various ETFs. By enabling micro-investing, it handles sensitive financial data, including FICA documentation, tax certificates, and linked bank account information. Users may choose to delete their accounts for several reasons, such as consolidating portfolios, moving to a new jurisdiction, or simply reducing their digital financial footprint to minimize the risk of identity theft or data breaches.

• Exposure of sensitive personal and financial data to potential hackers.
• Desire to avoid the accumulation of monthly inactivity fees or maintenance costs.
• Personal decision to move away from active equity trading or fractional share investing.
• Concerns regarding the cross-border sharing of data between regional EasyEquities entities.

What happens to your data

When you request account closure, EasyEquities is legally required by the Financial Intelligence Centre Act (FICA) to retain specific transaction records for a mandated period, usually five to seven years depending on local financial regulations. While your profile and current portfolio data may be deactivated, your historical audit trail remains stored in their secure, encrypted archives to ensure compliance with anti-money laundering (AML) laws.

• FICA-verified identity documents (IDs and passports).
• Full transaction history including all buys, sells, and dividend payouts.
• Linked bank account numbers and historical deposit/withdrawal logs.
• Tax documentation and annual statements submitted to SARS or relevant tax authorities.

Privacy considerations

Using EasyEquities involves significant data harvesting, as the platform tracks your investment preferences, risk tolerance, and trading frequency to refine its financial products. Because EasyEquities operates in the financial technology sector, your data is often processed by third-party clearing agents and exchange providers. Protecting your privacy requires vigilance regarding how your portfolio activity is tracked and utilized for marketing or product development.

• Opt out of personalized marketing communications through the EasyEquities notification settings.
• Use a dedicated email address for your financial accounts to reduce tracking overlap.
• Periodically review the 'Linked Accounts' section to ensure no unnecessary third-party financial apps have access to your portfolio data.
• Ensure you download and archive your own tax certificates before initiating the closure process, as access to the portal will be revoked.

Frequently Asked Questions

Can I delete my EasyEquities account if I have a negative balance?

No, you must resolve any outstanding negative balances or unpaid fees before your request will be processed.

How long does it take for EasyEquities to delete my account?

After your account reaches a zero balance and you submit your request, the verification and closure process can take several business days depending on their support backlog.

Will my historical tax certificates still be available after I delete my account?

No, once the account is deleted, your access to the portal will be lost. Always download your historical tax certificates prior to requesting closure.

Is it possible to reactivate an EasyEquities account later?

Usually, a deleted account is permanent. You would likely need to create a new profile with a different email address and repeat the FICA verification process if you wish to invest again.

Does deleting my account automatically notify the South African Revenue Service (SARS)?

EasyEquities submits data to tax authorities as required by law, but they do not automatically notify them of your decision to close your account; however, the record of your closed status remains in the platform's audit logs.

Can I keep my fractional shares if I move my account to another broker?

EasyEquities does not support direct share transfers to other brokers in many scenarios, so you generally must liquidate your holdings to cash before closing your account.