How to Delete an eToro Account
eToro is an international brokerage company founded in 2007. It provides services in 140+ countries. Qualified traders will duly appreciate massive opportunities for making profits, and beginners can expect to get help growing their capital and appreciate passive income options and the demo account.
This broker’s services are popular but, as with any other financial partner, misunderstandings may happen (or a user may simply decide to quit trading in financial markets). In this article, you will learn how to delete your user account properly.
eToro Account Types Compared
eToro trading conditions can be considered relatively attractive due to the specifics of the service provided. eToro requires a deposit of $200, after the first deposit; there is a minimum deposit amount of $50 and the amount required to copy another trader is $500. Also, minimum Copy position size $1 to $2. Leverage depends on the requirements of the European regulators.
The eToro broker has only two accounts: a demo account and a standard trading account. Both are designed for direct trading and copying transactions. In some cases, a separate account may be opened in shares (when working with the US stock exchanges).
The eToro broker is an interesting company for those who prefer passive investing, who understand approaches to the formation and management of investment portfolios.
How to Delete an eToro Account: Guide
To delete your eToro account, you need take the following steps:
Sign in to your account and open the settings tab;
Deleting an eToro account
Click on “Account”;
Deleting an eToro account
At the bottom of the page, find and click on the “Close your eToro account” button;
Deleting an eToro account
Specify the reason why you have decided to delete your account. Confirm your decision by clicking “Continue”.
Deleting an eToro account
How to delete your account by email
Send a letter with the subject “Account deletion request” to Partners@eToro.com. In the letter, explain in detail why you have decided to delete your account and ask the support service to close it.
How to delete your account by phone
To delete your account, you can also contact support at 1-888-271-8365. A company agent will help you complete the procedure so that you can close your account quickly and easily. Account closure usually takes up to three business days, which is quicker than with most of eToro’s competitors.
Important! As soon as the company closes your account, you will not be able to use it again. If you change your mind and decide to work with this broker again, you will have to complete registration anew by using another email address and another username.
How to Use eToro App?Reasons for Deleting an eToro Account
Users delete their eToro accounts mostly because they don’t want to trade with this broker anymore. There may be various reasons for that:
Loss of funds due to the use of leverage and lack of skill in applying risk management;
Trading platform is too complicated;
Withdrawals are not fast enough;
Unsuccessful trading;
Lack of instruments a trader would like to see;
Spamming, etc.
Formerly, it was possible to delete an eToro account only by contacting client support but, today, the process is automated. It’s important to make sure that you have withdrawn all the funds from your account.
Is eToro Really Free? Honest Expert's ReviewHow to Withdraw Funds
Make sure you have the amount you want to withdraw in your balance and then make a withdrawal request in the following way:
Click ”Withdraw Funds” in the left-hand menu;
Enter withdrawal amount;
Click “Continue”;
Select withdrawal currency;
See if the default payment method is suitable for you. If it is not, click “Other Payment Options”;
Click “Submit”.
If you have questions regarding funds withdrawal or account closure, you can always refer to eToro support.
What happens when you close eToro account
Deleting your eToro account is a big decision with a lot of implications and nuances. Here are some key details you need to watch out for:
Patience is key
The fact that you've decided to say your final goodbyes to eToro and close your account. Just be patient for a bit, as the account closure process normally takes 3 days to complete. eToro diligently processes your request throughout this time and bids farewell to your trading journey.
Account blocking
Consider it as a temporary suspension. When you begin the account closing process, your eToro account experiences a temporary timeout. It's similar to an intermission in which you won't be able to access your account until the closing procedure is completed. So, use this opportunity to plan your dramatic escape.
Confirmation of closure
You will not be left stranded while your eToro account says its final farewell. A confirmation email, similar to a letter from an old acquaintance, will arrive in your mailbox, alerting you that your account has been successfully deactivated and terminated.
Minimum Withdrawal amount
While you're getting ready to withdraw your eToro balance, keep in mind that there's a $5 minimum withdrawal requirement. This means you won't be able to withdraw if your remaining balance is less than this amount.
Club Benefits
Before you make the ultimate decision, keep in mind that canceling your eToro account means saying goodbye to the special benefits of the eToro Club. As you shut your account, these benefits are lost, providing a bittersweet melancholy to your exit.
Can You Own More Than One Account on eToro?
Yes, eToro allows you to have many accounts if you want to diversify your trading. To accomplish this, you must register under the same name for consistency, supply relevant identity and verification documents for each account, and use distinct usernames and email addresses to distinguish between your accounts.
Can I reopen an eToro account I closed?
It is important to understand that once you have closed an eToro account, you cannot reinstate it. The account is permanently disabled and cannot be revived once the closure process is completed.
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FAQ
How do I close and withdraw from eToro?
After you have closed all open positions, you can submit a withdrawal request to transfer your remaining balance to your bank account or another payment method.
How do I remove my phone number from eToro?
Navigate to the "Settings" area of the eToro platform, then to the "Profile" or "Security" tab, and follow the instructions to remove or amend your phone number information.
What happens to my money if eToro closes?
Client funds are kept separate in segregated accounts, adding an extra layer of security. In such a case, you may be entitled to compensation or a refund of your funds under regulatory procedures.
What is the eToro inactivity fee?
If you do not log in to your eToro account for 12 months and have a balance, an inactivity charge will be deducted monthly until the account is reactivated or the balance is depleted.
How can I close an eToro account?
You can do it directly in your eToro user account, as well as by email or phone.
What should I do before closing my account?
Before closing your eToro account, you need to withdraw funds from the balance. After your account is deleted, you will not be able to sign in to it anymore. You will have to open a new account but the funds will not be accessible.
What are the reasons for deleting an account?
eToro is a broker with many years of experience, and its services are used by traders in 140+ countries. However, trading with this company does not always satisfy users. The main reasons for account deletion include lack of necessary instruments, slow withdrawal, and unsuccessful transactions.
How long does it take to delete an account?
You can submit an eToro account deletion request in 5 minutes but the actual procedure may take up to three business days.
Team that worked on the article
Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).