eToro is a multi-asset broker based in Israel and founded in 2017 that offers financial, social, and copy trading services to clients. It’s one of the most popular social trading platforms in the industry. Plenty of skilled traders profit from trading while many beginner traders also find help learning and earning. eToro is the winner as the best social copy platform – you can read more in our in-depth analysis of eToro.
It’s not considered a very hard broker to deal with, but like every broker, it's not for everyone. So, some people might quit using it or think about quitting. If you’re one of those people and you're fed up with eToro for any reason, you can delete your account any time you wish. Keep reading to find out how!
What Are The Reasons That Push You To Delete Your Account?
People usually opt to close their trading account because they no longer want to trade on eToro. eToro offers leverage and the majority of beginners struggle with issues like risk management, which often leads to significant losses.
It's no surprise that most people who try trading quit within a few years. You can find yourself forced to delete your account due to issues with the broker, such as a trading platform that is too sophisticated or a slow withdrawal process.
Maybe you think you can’t study everything there, or maybe you've been engaged in unsuccessful trades and can't continue to trade. There is no quick fix for long-term trading success since you must build the necessary abilities to become a consistently effective trader, and that takes time.
Another typical reason for closing your eToro account is if it does not provide the instruments you expect as a trader. Perhaps you'd want to trade a certain commodity, an unusual currency pair, or perhaps a specific stock that offers a lucrative trading opportunity.
Email spamming by the company, of course, is another annoying reason you want to quit.
How To Delete Your eToro Account
Previously, deleting your eToro account could only be done by contacting their customer support, but now the whole process is fully automated. Make sure you withdraw any funds you have on your account. You can read our guide on how to withdraw money from your eToro account. Then follow the steps below to delete your account on eToro:
- Log in to your eToro account and go to the settings tab in the lower left corner, then click on it.
- Click the menu option at the top written account once you're on the settings page. At the bottom of the page, in small letters, you'll see the option to delete your account, which you should select.
- A popup will show asking you to give the reason why you want to delete your account. Choose whatever the reason pushed you to delete it.
- At this point, eToro will try to give you one last chance to change your mind, but if you’ve already made up your mind, just proceed by clicking “Submit”.
How To Delete Your eToro Account Via Email
- Log in to your email account.
- Create an email to this email address: Partners@eToro.com
- In the subject line, write ‘Request to Delete Account.'
- Write a well-structured email explaining why you'd like to terminate your account.
- Request that your data, as well as your account, be deleted by customer support.
How To Delete Your eToro Account Via Phone
You can also call 1-888-271-8365 to inform the customer service that you want to delete your account. The customer support agent will walk you through the procedure, and if you follow his or her instructions, the process should be a breeze.
How Long Does It Take eToro To Close Your Account?
eToro takes 3 days to close your account, which is a pretty short period compared to other competitors.
What Happens When eToro Closes Your Account?
Once your account is closed by eToro, you can never reopen it again. However, you can always create a new one using a new username and email address.
Can You Own More Than One Account on eToro?
eToro allows you to own more than one account. To do so, you'll need to register with the same name and give the same documents as you did for your previous account(s). However, you'll just need to create a new username and email address.
The Bottom Line
If you already gave eToro every chance but it still doesn't work for you, and if you’re 100% sure that you won’t need your eToro account again, closing your account is a wise step since the broker charges a fee of $10 per month after one year of inactivity.