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.
eToro is a regulated broker, monitored by CySEC and the FCA. This means that to meet all the transparency regulation, anti-money laundering and anti-terrorism laws the broker must know all of their clients.
eToro Withdrawal Process
Every trader is required to verify their personal account in order to make a withdrawal from eToro. This includes all the following points in order to become fully verified:
- answer the ‘Appropriateness Test’ questions. To answer the questions you must start by clicking on the button ‘complete profile’.
- upload an updated and valid copy of your passport or identity card.
- upload a copy of proof of residence (for example a gas bill, telephone bill, water bill with your current address on), no older than 6 months.
The broker gives a time period of 15 days to every trader in order to complete it. Once each of the above points are achieved, the withdrawal option becomes available.
To proceed with the withdrawal a client needs to go into their real trading account and onto the left sidebar on the screen. There is written ‘withdraw funds’, just click on this.
Please see the screenshot below:
Finally, it’s necessary to decide the amount of money for the withdrawal and the payment method.
The minimum amount of money to withdraw is $50 and there is a standard commission of $25 which will be kept by the broker for each transaction.
In terms of payment method, the broker has a vast selection to choose from: credit card – Visa or Mastercard, bank wire transfer, Moneybookers such as Skrill or Neteller and other local methods- depending on the country the trader is from.
Within 3 to 5 working days, the money will be accredited to the user’s selected payment method.
eToro Withdrawal Fees
eToro applies some fees for every withdrawal made by a trader. The fees are only applied for withdrawals and not for deposits. Let’s see now for every situation how much the fees are.
eToro does not apply any fees for deposits. This means that every trader can make a deposit anytime they want, and the amount of money taken from their credit card will be the same amount of money accredited to the trading account.
However, when depositing funds it is important to note that eToro only accepts USD, due to the fact that all the trading accounts are in USD. So if a trader is depositing funds with another currency, the deposited total will be converted at the occurring market rate.
Minimum First Time Deposit Amount
For all first time deposits, depending on the account type, country and residence of the trader, the minimum first time deposit can vary but is normally $200.
To check and view the first time minimum deposit, a client just needs to click on where it says ‘deposit funds’ on their trading account page and the needed amount will show in the ‘select amount’ box.
After the first time deposit is made, all other following deposits are lower as they are only required be from $50.
The broker applies a standard fee of $25 on each withdrawal made by a trader. In this situation it would make more sense for a trader to make one single big withdrawal instead of a few smaller ones in order to save on costs.
Overnight Trading Fees
The trading platform does not have any fees or carried over cost for trader left open overnight (long-term trades).
Is eToro Safe?
As mentioned at the beginning of this article, it’s totally safe to trade with eToro. To be sure that a broker will give you your money back, you just need to open a trading account with a regulated broker.
eToro is a regulated broker. Here is the list of its licenses:
- eToro’s services are provided by eToro (Europe) Ltd. (“eToro Europe”), a registered Cypriot Investment Firm (CIF). The company’s registration number is HE20058.
- eToro Europe is regulated by CySEC under license number
- In the UK, eToro (UK) Ltd. (“eToro UK”), company registration no. 7973792 is regulated by the FCA under firm reference number 583263.
- eToro Europe and eToro UK both operate under and comply with the Markets in Financial Instruments Directive (MiFID).
- In Australia, services are provided by eToro AUS Capital Pty Ltd. (“eToro Australia”), ABN 66 612 791 803 is the holder of an Australian Financial Services Licence (AFSL) 491139 issued by the ASIC, and regulated under the Corporations Act (Commonwealth).
To learn more about how to withdraw from eToro, information about the broker and further details please read our etoro review UK here.