How to close eToro account: comprehensive tutorial

To delete your eToro account, log in to your account, go to Settings > Account, and select Close your eToro account. Before closing your account, withdraw any remaining funds and close all open positions. The account closure process typically takes up to three business days. Once your account is permanently closed, it cannot be reopened – you'll need to create a new account with a different email address if you want to use eToro again in the future.

eToro is an international brokerage company founded in 2007, offering services in over 140 countries. The platform provides access to a wide range of financial instruments. Experienced traders can explore its advanced features, while beginners can benefit from educational resources and a demo account to practice before investing real funds.

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.

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eToro trading conditions can be considered relatively attractive due to the specifics of the service provided. eToro requires a deposit of $100, after the first deposit; there is a minimum deposit amount of $50 and the amount required to copy another trader is $200, for copy portfolio - $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:

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.

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.

How 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.

Closing a trading account should be approached carefully, especially when funds remain on the balance

Many traders decide to close their accounts after changing platforms, taking a break from trading, or becoming dissatisfied with certain platform features. In most cases, the process itself is relatively straightforward, but I’d strongly recommend reviewing all open positions, withdrawal requests, and account balances before submitting an account closure request.

Another important point is that account deletion is usually permanent. Some users close their accounts impulsively after unsuccessful trades and later realize they want to return to the platform. Before deleting an account, it’s worth considering whether temporarily pausing trading or keeping the account inactive might be a more practical option.

Conclusion

Deleting an eToro account is a relatively simple process that can be completed directly through the platform, by email, or through customer support. Before closing an account, users should make sure all open positions are closed and all remaining funds have been withdrawn to avoid unnecessary complications.

While some traders choose to leave eToro because of platform preferences, trading results, or withdrawal concerns, others may simply want to reduce their exposure to financial markets. Since account closure is generally permanent and closed accounts cannot be restored, it is important to consider the decision carefully before proceeding.

FAQs

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.

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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.

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.

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