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 the broker must follow strict financial rules put in place to protect traders.
For example, funds in trader’s accounts must be segregated from the broker’s business funds. Regulation also ensures that brokers follow transparency regulation, anti-money laundering and anti-terrorism laws.
This is why the broker must complete account verification, so they can identify their clients. This helps protect against fraudulent accounts.
As a regulated broker, eToro is secure to trade with and authorized to operate.
eToro Withdrawal Process
Every trader is required to verify their personal account in order to make a withdrawal from eToro. If you open an account with eToro you’ll also need to have your account verified.
To do this, the following steps need to be completed:
- answer the ‘Appropriateness Test’ questions. To answer the questions you must start by clicking on the button ‘complete profile’.
- upload a valid copy of your passport or identity card.
- upload a copy of proof of residence (bank statement/utility bill with your current address on), no older than 6 months.
The broker gives a time period of 15 days for you to complete the verification. Once all the above steps have been completed, the withdrawal option becomes available.
To proceed with the withdrawal, you just need to go to your a real trading account (not the demo version).
Once there go 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 you want to withdraw for the withdrawal. Then select the payment method you want the funds sent to.
The minimum amount of money to withdraw is $50 and there is a standard commission of $5 which will be kept by the broker for each transaction.
In terms of payment method, the broker has a vast selection on offer for you to choose from: credit card – Visa/Mastercard, bank/wire transfer, and Moneybookers such as Skrill/Neteller.
Depending on your country of residence, there are also local banking methods available.
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 how much the fees are for deposits and withdrawals:
eToro does not apply any fees for deposits. This keeps charges down for traders.
You can make a deposit anytime you want, so the amount of money taken from your 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 you deposit funds with another currency, the deposited total will be converted at the occurring market rate. A small conversion rate fee will be applied.
Minimum First Time Deposit Amount
For all first time deposits, depending on the account type and residence of the trader, the minimum first time deposit can vary but it’s normally $200.
However, for residents based in Australia and the USA, the minimum deposit is only $50.
To check and view the first time minimum deposit amount, you just need to click on where it says ‘deposit funds‘ on your trading account page. The required 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 to be $50. This offers more flexibility on future deposit amounts.
The broker applies a standard fee of $5 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.
The minimum amount to withdraw starts from $50. For anything below this you should contact the customer service team for support.
Overnight Trading Fees
The trading platform does not have any fees or carried over cost for trader left open overnight (long-term trades).
Overnight and weekend fees are charged though on short (Sell) orders and leveraged positions. The broker’s platform has the current market hours and overnight fee amounts listed, in case you wish to take a closer look.
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 licences:
- 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 licence number 109/10.
- 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 ASIC
To learn more about how to withdraw from eToro, information about the broker and further details please read our eToro review UK here.
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.