Since its foundation in 2007, eToro has amassed a customer base of over 20 million clients, and for a good reason. It offers a lot of features that the average trader could need. They ensure your money is in good hands, since eToro is considered safe and regulated by a top-tier authorities.
Based in Tel Aviv-Yafo, Israel, this well-established broker provides its users with a smooth trading experience. Clients sometimes miss on some points or just don’t fully understand how eToro works or how it handles different processes. This includes a simple process like withdrawing their funds.
In this short guide, we’re going to cover all aspects of the withdrawal process on eToro: how to withdraw your funds; what the required conditions are; what the minimum amount to withdraw is; when you receive your funds, whether there are any fees charged when withdrawing; and more! Want to cancel you account? Read this guide on how to delete your eToro account.
How Can I Withdraw My Funds on eToro?
Follow the steps below to withdraw your funds from your eToro account:
- In the left-hand menu, select the Withdraw Funds option.
- Enter the amount you want to withdraw (in USD)
- As needed, fill out the electronic withdrawal form.
- Proceed to “Submit”
Note that funds can only be withdrawn from the available balance. Therefore before requesting a withdrawal, you need to make sure you have the necessary amount available in your account.
If you have any invested funds in open positions, you are able to free up more funds by closing positions. When a position is closed, the money invested, plus any profit or loss, is returned to your available balance.
What Is The Minimum Withdrawal Amount on eToro?
To withdraw your funds on eToro, they shouldn’t be less than $30.
What is Required to Open a Withdrawal Request?
To withdraw funds from eToro, you should have a verified account. You will know that it’s verified if you see a green tick appear on your profile.
Are There Withdrawal Fees on eToro?
Yes, there is a $5 fee (to cover some of the expenses associated with international money transfers) for all withdrawal requests. Conversion fees apply to any withdrawals made in a currency other than USD. Note that the funding provider engaged in the transfer (intermediary bank, receiving bank, or your credit card provider) may charge you another fee. Read this guide to learn about eToro fees in detail.
How Long It Will Take To Receive My Funds?
Within 2 business days of receiving your request, eToro will send you an email confirming the withdrawal status. You should receive your money within a few days. However, depending on the payment method you used, it can take up to 10 business days.
The following table shows each payment method and its respective time taken to receive your funds:
|PayPal||Maximum of 2 business days|
|Neteller||Maximum of 2 business days|
|Trustly||Maximum of 2 business days|
|Skrill||Maximum of 2 business days|
|iDEAL||Maximum of 2 business days|
|Credit / Debit card||Maximum of 10 business days|
|Bank transfer||Maximum of 10 business days|
When you request a withdrawal, eToro asks you in the withdrawal form to pick an alternative payment method.
eToro states that they have the right to transfer the amount of your withdrawal to your original payment method(s) used to fund your eToro account. When the amount you want to withdraw is greater than the amount you deposited with a bank transfer or credit/debit card, eToro will transfer the rest of the money to another payment method you used to fund the account.
If any of your original payment methods are no longer able to receive funds, you should contact eToro’s customer support before requesting a withdrawal so that the inactive payment method can be excluded from future withdrawals.
Can I Cancel My Withdrawal Request?
After you complete the withdrawal request, eToro will notify you via email that your withdrawal request has been processed by them. You may cancel your withdrawal request in your Portfolio by clicking on the blue History icon and then clicking the “Reverse” button on the request you want to cancel as long as it's “Under Review.”
Things To Note
- For wire transfers, make sure to give the right ABA routing number and account details.
- It is not possible to withdraw funds that are invested in open positions. Funds will come from the available balance you have.
- Funds deposited with online banking cannot be withdrawn until seven days have passed since the deposit.