eToro Withdrawal Review – Methods and Fees

eToro Withdrawal Review – Methods and Fees

how to withdraw from etoro 

Are you trading with eToro and you need some cash? Do you want to make a withdrawal? If the answer is yes, then in this review you can find an explanation on how to withdraw money from eToro.

Knowing how to make a withdrawal is key when using any broker, that’s why we’ve taken a look at eToro’s process for you.

In this guide we’ve covered the following points:

  • The eToro Withdrawal Process
  • How Long It Takes to withdrawal from eToro
  • eToro withdrawal Fees
  • How to Cancel a Withdrawal on eToro

We’ve also put together a checklist of things you should do to make sure that your eToro withdrawal goes smoothly.

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Let’s get started!

 

eToro Withdrawal Process

To make a withdrawal you just need to log in to your eToro trading account either from the app or online.
Then complete these steps:

  1. From the left-hand side menu, click on the tab ‘Withdraw Funds‘.
  2. Next, enter the total amount of funds you wish to withdraw (note that the default currency is USD)
  3. Select the withdrawal payment method & fill in the rest of the form as needed
  4. To complete, click the ‘submit‘ button.

The whole process can be completed in about 2 minutes.

Remember that for each withdrawal, a $5 fee is charged. You must also meet the minimum withdrawal amount of $30.

If you want to withdraw anything less than that, you’ll need to contact the eToro customer support. 

Regarding the payment method, eToro prefers that you use the same method which was used to make the original deposit. For example, if you used a credit card to fund your account, then you should use the same credit card for the withdrawal.

You can only withdraw funds from your available balance too. So you should check you have funds to withdraw before making the request.

If you have a lot of open positions, and you want to free up further funds for the withdrawal, you can just close some of the positions.

When you have closed a position, the amount invested (minus/plus any loss/profit) will be returned to your available balance.

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eToro Withdrawal Time

When you’ve requested the withdrawal, the eToro team will process the request. Usually this takes around 1 working day to do.

If there’re any problems with the request e.g. account not verified- then the customer support will get in contact to let you know.

Although it takes day for the customer support team to process the withdrawal request, it can take up to 3 to 8 working days for the funds to be showing in your personal account.

It all depends on your chosen payment provider, and how long it takes them to process the withdrawn funds.

However, this is the general time frame to expect for each of the payment methods:

  • Credit/Debit Card: from 3 to 8 working days
  • Bank/Wire Transfer: from 3 to 8 working days
  • Neteller: from 1 to 2 working days
  • Skrill: from 1 to 2 working days
  • WebMoney: from 1 to 2 working days
  • PayPal: from 1 to 2 working days 

Other local online banking methods are also available depending on your country of residence. Yandex, Giropay and China Union Pay are also offered.

You’ll receive an email from eToro when your withdrawal request has been fully processed. The broker will also confirm which payment provider they have sent the funds to.

To check the status of your withdrawal at anytime, just click on the ‘Portfolio‘ tab and then the ‘History‘ tab. From here you can see the latest updates of your withdrawal status.

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eToro Withdrawal Fees

The broker applies a standard fee of $5 on each withdrawal made by a trader.

(If you’re an eToro club member at the platinum, platinum+ or diamond tier, then you’re exempt from the withdrawal fee.)

The minimum withdrawal amount starts from $30. For anything below this amount, you should contact the customer service team for support. 

Because the broker’s platform operates in USD, if your local currency is not in USD, then the broker will automatically convert the funds for you. This will cost you a small conversion fee which will vary depending on the currency.

All eToro fees will be shown in the cashier window during the withdrawal process, including any conversion fees too.

Your own credit card or financial provider may also charge a transaction fee to process the withdrawal.

We’d recommend that you check with them before to see if they apply any charges. That way there’s no hidden surprises later on.

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How to Cancel a Withdrawal

If you’ve requested a withdrawal, and then changed your mind, you can always cancel it. 

Just make sure your logged in to your account and then follow these steps:
1. Click on the ‘Withdraw Funds‘ tab from the left-hand side menu
2. From here a ‘pop up message’ window will show with a range of options showing
3. On the pop up, select the ‘click here‘ link to see your withdrawal history
4. When you see the withdrawal you want to cancel, click on the ‘Reverse‘ button
5. Then confirm the cancellation request
6. When that is done, the withdrawn funds will be sent back to your account balance

Please note that when the cancellation is made, the $5 withdrawal fee will be returned to you as well.

You’ll also be able to see your transaction status from the withdrawal history window. If your transaction status says ‘Under Review‘, you can go ahead with the cancellation.

But if the status shows as ‘In Process‘, then you won’t be able to cancel. Instead please contact the customer support team, and they can assist you with a cancellation.

If you have any problems at all, the eToro customer support are available Monday to Friday for 24 hours each day.

They can be reached via the Live Chat service or you can submit a ticket in the help service centre.

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eToro Withdrawal Checklist

To make sure that your withdrawal request goes smoothly, there’s a few things you should consider first.

That’s why we’ve put together this small eToro withdrawal checklist for you, these are all important points to remember:

  1. For the withdrawal to be processed you must make sure that your account has been verified.
    If it hasn’t been verified, make sure that your account gets verified as soon as possible!
  2. Remember that you’ll be charged a $5 fee for each withdrawal, and the minimum
    withdrawal amount is from $30 or more.
  3. The eToro customer support team will always email you to confirm that your withdrawal
    request has been processed.
  4. Your withdrawn money will always be sent to the same payment method used to make the
    deposit. If you’re not sure what your original payment method was contact the support team.
    If the original payment method is no longer available/valid, also let the support team know.

Regarding the point about account verification, it’s important that you’ve verified your account. This is for security reasons and because the broker must confirm the identity of their clients.

So if your account is not verified, the broker will not let you withdraw.

Usually the verification steps are completed when you sign up for an eToro account.

If you haven’t completed the verification, you’ll need to upload the following 2 documents to the eToro platform:

  • 1 proof of identity – so a photographic ID which could be your passport or driving licence
  • 1 proof of address – a document from the last 6 months showing your address, e.g. bank/utility bill

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Is it easy to withdraw money from eToro?

Yes, it is easy to withdraw money from eToro. You just need to make sure that you have completed the checklist points that we have mentioned above. For example, consider whether your account has been verified, and that you have met the minimum withdrawal amount of $30.

If you don’t have the green verification tick showing in your eToro trading profile, that means you need to get your account verified as soon as possible.

Or if you want to withdraw funds that are less than $30, you’ll need to contact the eToro customer support team to request that.

eToro is a well-known and regulated social trading broker, so it’s in their interests to keep their clients happy by keeping the withdrawal process as simple as possible.

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Is eToro Safe?

eToro is a very popular broker that has millions of active clients trading with them each day. The broker launched back in 2007, and has become well known for offering unique social trading tools.

These social trading tools include the broker’s CopyTrader feature, and the eToro CopyPortfolio. Which are designed to let you automatically follow and copy the trades of other successful traders.

Most importantly, eToro is also a regulated broker which means that they must follow financial rules designed to keep online trading secure.

For example, regulated brokers must let their clients withdraw when they wish.

They must also meet transparency regulations and anti-money laundering laws. This explains why the broker must verify your account so that they can protect accounts from fraud.

Finding a regulated broker is the key to starting trading securely. Unfortunately a lot of scams have taken place with illegal and unregulated platforms.

Currently they hold active regulation licences from CySEC, ASIC and the FCA (Financial Conduct Authority). These are all respected authorities who monitor many leading online brokers.

eToro also uses SSL technology to keep your personal and financial info safe online.

You can be reassured that the broker is safe to have an account with.

Plus, like all investing, there is always the risk that you could lose money when trading, so please only invest funds that you can afford to take a chance on.

Using a regulated broker like eToro, and being sensible with your trading amounts are the key to thoughtful investment.

To learn more about how to withdraw from eToro, information about the broker and further details please read our eToro review UK here.

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Disclaimer: eToro is a multi-asset platform which offers both investing in stocks and cryptocurrencies, as well as trading CFD assets.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% 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.

Cryptocurrencies are a highly volatile unregulated investment product. No EU investor protection.
Past performance does not guarantee future results. Trading history presented is less than 5 years and may not suffice as basis for investment decision.

Marco Sbalchiero

Author of this article and founder of Tradingonlineguide.com

My aim is to help you increase your trading knowledge with helpful content. I come from an economic background and have a strong passion for forex trading. With more than 6 years in the online trading world, I want to share my financial knowledge so that anyone can develop their investment skills.

In my spare time I enjoy cooking and travelling.

Here you can learn more about our review methodology.

 

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