How To Delete an eToro Account
Want to close your eToro account? How can you do it? What does it cost? Follow this step-by-step guide to delete your eToro account.
 |
Is trading getting stressful or overwhelming? Maybe it's time to delete your eToro account.
But what's the process? How do you withdraw your funds? And what does it cost?
If eToro isn't right for you, you can cancel it in a few minutes. But you need to know how. Here's everything you need to know about deleting your eToro account.
What is eToro?
eToro is a popular brokerage platform specializing in cryptocurrency. They also offer U.S. stocks and ETFs.
Established in 2007, eToro was originally called RetailFX and was an online forex broker. Then in 2010, they became the first social trading platform and launched their popular CopyTrader feature.
eToro is most well-known for letting you follow and copy the trades of professionals. You can also read social posts and make friends within its community of more than 30 million investors.
It's also one of the best paper trading accounts, letting you trade with $100,000 in virtual currency.
All these facts make eToro great for new traders and investors.
But it's only one of many great trading platforms for beginners. If eToro isn't right for you, you may be ready to delete your account.
If so, you first want to withdraw your funds.
How to Withdraw Money From eToro
Before deleting your account, close your positions and withdraw your funds from eToro.
You can withdraw your funds by:
- Logging into your eToro account.
- Selecting "Withdraw Funds" in the left-hand menu. The minimum withdrawal amount is $30. There are no withdrawal fees for U.S. customers[2][3] but for non-US residents, the withdrawal fee is $5.[4]
- Enter the amount you'd like to withdraw (USD).
- Fill out the electronic withdrawal form.
- Select "Submit."
But your withdrawal could be canceled if you don't follow these procedures:
- You must withdraw at least $30 USD.
- You must close your positions before withdrawing your funds. If your positions are still open, you can't withdraw them.
- You must verify your account by providing personal documents like a government-issued ID, phone number verification, and address proof.
- You must provide valid payment methods under your name in your country of residence.
Consider learning more about eToro's CopyTrader feature. You can imitate professional traders and avoid lengthy research times. Although you'll still want to do your own research.
How to Easily Delete Your eToro Account
Once you've withdrawn your funds, you can delete your eToro account in several ways. You can follow these steps on your iPhone, Android, or PC:
- Log into your eToro account.
- Navigate to the Settings menu by selecting the gear icon on the lower left-hand side of the screen.
- On the Settings page, you'll select the Account option.
- On the Account options page, you'll navigate to the bottom to select Close Your eToro Account.
- They'll then ask you Why You Are Leaving. Click Continue.
- Based on the reason you select for leaving, eToro will give you the option to keep your account open. Or you can continue to close it.
- You'll see What's Going To Happen when you close your account. Select Continue.
You can call customer service at 1-888-271-8365, and an agent will help you delete your account.
What Happens When You Close Your Account on eToro?
As you go through the process, you'll see prompts trying to convince you to keep your account open. But if you continue, eToro will let you know what happens when you close your account:
- Your account will be blocked.
- Your profile will become private. But your community posts will remain public. If you'd like to hide your posts, you can contact Customer Service.
- The process can take up to 3 days.
- You will receive an email confirming your account closure.
- If the remaining funds in your account are equal to or less than the withdrawal fee ($5 if outside the U.S.), you will not be able to withdraw the balance.
- You won't be able to enjoy the eToro Club benefits, and you will lose your entitlement to any unpaid interest.
- The crypto in your wallet will not be accessible.
Finally, you will not be able to reopen your account once it is closed. You can create a new one with a new email account and username, though.
Frequently Asked Questions
Can I have 2 eToro accounts?
You can only have 1 eToro account at a time.
How long does it take for eToro to close your account?
Your account should be closed in 3 days, which is good compared to some competitors.
Bottom Line
An eToro account can help you copy the trades of cryptocurrencies, stocks, and ETFs. But if you're not using the service, you can avoid the inactivity fee by canceling your account.
Fortunately, deleting your eToro account only takes a handful of steps, and you can find the information on their website. Alternatively, you can call their customer service for assistance.
You won't be charged to delete your account, but there is a small fee to withdraw your money if you're a non-U.S. customer.
If you're looking for a crypto brokerage with more options and lower fees, check out Binance.
References
- ^ eToro. Which fees and commissions does eToro have?, Retrieved 10/18/2022
- ^ eToro USA LLC. Are there withdrawal fees?, Retrieved 10/18/2022
- ^ eToro USA LLC. Fees, Retrieved 10/18/2022
- ^ eToro. General Fees, Retrieved 6/16/2023
Deposit $100 and Get $10 from eToro USA LLC
- Sign up for an eToro account
- Deposit $100
20 Free Fractional Shares
Open a new Webull individual brokerage account. Make a single initial deposit of $500 - $1,999.99 during the promotional period to get 20 fractional shares, each valued between $3 - $3,000. Maintain a balance of $500 - $1,999.99 in the account for 30 days or more. Terms and conditions apply.
Write to Ben Jenks at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
Read Next:
Compare:
