Finding it difficult to close your eToro account? Then this article: Close eToro Account Step by Step Guide makes it way easier.
What is eToro?
eToro is a multi-asset broker with an Israeli foundation that was established in 2017 and provides customers with financial, social, and copy trading services.
It is among the most widely used social trading platforms in the sector. Many experienced traders make money from trading, and many new traders also get assistance in learning and making money.
You can learn more about eToro in our in-depth research, but it is clear that it is the greatest social copy platform. Although it’s not a particularly challenging broker to work with, it’s not the right broker for everyone.
As a result, some individuals may stop using it or consider stopping. You can always remove your account if you identify as one of those individuals and are tired of eToro for any reason.
Before we go into the topic of the day, let’s talk about why you want to close your eToro account.
Why Would You Want to Delete Your eToro Account?
Simply deciding you no longer wish to trade is the most typical justification for closing your trading account.
Perhaps you have suffered significant losses and are unable to bear to keep trading, or you have come to the realization that you lack the time to study what you need to know about trading.
The broker not having the instrument(s) you want to trade is another common reason for closing your eToro account.
Perhaps you want to trade a rare currency combination, a certain commodity, or perhaps a specific stock that offers a fantastic trading opportunity.
Even while eToro offers a vast selection of tradeable instruments across many asset classes, they are unable to provide all possible options.
Now let’s go to the topic of the day: ‘Close eToro Account Step by Step Guide’
Close eToro Account Step by Step Guide
Previously, you had to get in touch with eToro’s support team to close your account, but this has since changed because the procedure is now entirely automated. Learn how to remove your eToro account by reading on.
- The settings tab can be found by logging into your account and scrolling to the bottom left. Click it on.
- Select the menu item at the top of the written account once you’re on the settings page. The option to delete your account can be found in small print at the very bottom of the page; you should click on it.
- A window will appear asking you to explain why you want to terminate your account.
- Select the justification that stands for you and continue.
- To finish the process as demonstrated below, adhere to the following directions.
- At this point, the broker will attempt to persuade you otherwise, but if you’ve already made up your mind, you’ll move forward. Finally, the screen below will appear.
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Is it Possible to Withdraw all Your Money From eToro?
You can undoubtedly withdraw your entire balance from eToro whenever you like. Up to the amount of your available eToro account funds, you may withdraw money.
The actions listed below should be followed if you want to submit a withdrawal request via the mobile app:
- You should first log into your eToro account.
- Then you should select the hamburger menu, which can be found in the top left corner.
- Then, select “Withdraw Funds” from the menu.
The amount you want to withdraw in USD should then be entered.
- Then, click “Continue” to proceed with the next set of instructions. The next step is to choose a reason on the website for withdrawing funds.
- You should choose “Withdrawing profits” and then press “Continue.”
- At the very end, double-check that your bank information is entered accurately, and then click “Continue.”
Refund of the Deposited Amount When Closing eToro Account
When you delete your eToro account, you are entitled to get 100% of the money you deposited there (after deducting the 5 USD withdrawal fee).
- You close all open positions and request a withdrawal using a verified eToro account. You proceed to close your eToro account after a successful withdrawal.
- You cannot withdraw money from an unverified account. Within the allotted time, eToro actively refunds money to one of the deposit methods. You will be contacted by email to register your account if eToro needs your account information for a refund.
What Happens After I Close my Account?
- Your eToro account cannot be manually opened again once it has been closed. Additionally, you are not permitted to transfer the account’s transaction history to any of your new accounts.
- Remember that each investor has a different username for their eToro account. A deleted eToro account’s username cannot be used again.
- The registered email address and phone number from the closed account cannot be used with the new account.
If you’ve given eToro every chance but it still doesn’t work for you, and you’re certain you won’t need your eToro account again, canceling your account is a sensible move because the broker imposes a $10 per month inactivity fee after one year.
We hope this article provides you with all the information you might need in closing your eToro account
What Happens When You Close a Position on eToro?
Once you click Close Trade, only the selected amount will close and the rest will remain as an open trade in your Portfolio.
The Stop Loss and Take Profit parameters of the remaining position will adjust automatically to match the new trade size
Can I Get My Money Back From eToro?
Customers may withdraw funds from their eToro account at any time. Funds can be withdrawn up to the value of the balance of your eToro account, minus the amount of margin used.
Please note you will be asked to provide an alternative payment method if we are unable to return your funds via your original deposit method.
Can I Reopen My eToro Account?
Once you have closed your eToro account, it cannot be reopened.
Why Can’t I Sell My eToro?
The sell option is not available for volatile stocks.
Hence, it is greyed out for any high-risk stock. The sell option is also disabled after trading hours, and if there is no more stock to sell. Not all markets are available for trade at the moment on eToro.
How Much is eToro Withdrawal Fee?
Yes, all withdrawal requests are subject to a $5 fee. Any withdrawals sent in currencies other than USD are subject to conversion fees.
Can I Have 2 eToro Accounts?
yes, you can have more than one account
Does eToro Have Inactivity Fee?
eToro also charges a $10 inactivity fee per month for accounts that have been inactive for over one year.
Is eToro Safe?
eToro is safe and secure: Always look for security signs on your browser before you trade.
On eToro, clients’ funds are kept secured in tier 1 banks, and all of their personal information is guarded under SSL encryption.
Why Can’t I Withdraw From eToro?
Funds that are invested in open positions can’t be withdrawn. Funds will come from your available balance.
For wire transfers, please be sure to provide the correct ABA (fed-wire eligible) routing number and account details. Funds deposited via online banking cannot be withdrawn until 7 days after the deposit was made.
Are eToro Fees High?
eToro offers free stock and ETF trading, while forex and CFD fees are low. On the negative side, non-trading fees are high, including a $5 withdrawal fee.
The fees are built into the spread, 0.7 points is the average spread cost during peak trading hours.
Is eToro Good for Long Term?
With that being said, eToro is also a good investment platform if you want long-term trading.
With CFD, they have included real stock trading and EFT in their business model. eToro has made a lot of positive changes in recent years to make it more suitable for long-term investors.