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Reasons to Close Your eToro Account
There are several reasons why you may want to close your eToro trading account:
- You are not satisfied with eToro’s services or platform
- You want to switch to another broker that offers different assets or features
- You have lost money and want to stop trading altogether
- There was unauthorized access to your account
- You are moving to a country where eToro does not operate
Whatever the reason, closing your eToro account is a straightforward process.
Step-By-Step Guide to Closing Your eToro Account
Follow these simple steps to permanently delete your eToro account:
1. Withdraw Any Remaining Funds
First, withdraw any remaining funds from your eToro account back to your bank account or payment method.
- Go to the “Withdraw Funds” tab on the left menu
- Enter the amount you want to withdraw
- Complete the electronic withdrawal form
- The withdrawal amount will be sent to your bank account or payment method on file
Note: eToro charges a $5 fee for withdrawals under $50. Also, cryptoassets can only be withdrawn to external wallets.
2. Close All Open Positions
Before closing your account, you must close all open trades and positions.
- Click “Close” next to each open position you want to close
- On the order confirmation screen, click “Close Trade”
- Repeat this for every open position
Closing positions ensures you do not have any remaining ties to the eToro platform.
3. Click “Close Your eToro Account”
Once all positions are closed and funds withdrawn, you can permanently delete your account.
- Go to the “Account” tab in Settings
- Scroll to the bottom and click “Close Your eToro Account”
4. Specify Your Reason for Closing
eToro will ask you to specify a reason for closing your account. Pick an option from the list that best represents why you want to delete your account.
Some common reasons include:
- Dissatisfied with platform
- Switching to another broker
- No longer trading
- Account security compromised
5. Confirm Account Closure
Review the summary and check the box to confirm your decision. Then click “Submit” to permanently delete your eToro account.
The account closure process takes about 3 days to complete. You will receive a confirmation email when your eToro account is fully closed.
What Happens When Your Account Is Closed
Here is what you can expect after closing your eToro trading account:
- You cannot reopen the account: Once your account is closed, you cannot use that username or email address to create a new eToro account in the future. You would need to sign up with different credentials.
- Open positions are closed: As mentioned previously, all open trades, copy trading connections, and positions must be closed before your account can be deleted.
- Access to the platform is revoked: You will no longer be able to log into your eToro account or access the trading platform.
- Account data is deleted: eToro removes all personal data including your trading history and account details from its records after account closure. This data cannot be recovered.
- Crypto assets are inaccessible: Any remaining cryptocurrency balance in your eToro crypto wallet will become inaccessible after the account is closed. You must withdraw to an external wallet before closing your account.
So in summary, be sure to withdraw all funds, close all positions, and download any account statements before closing your eToro account. Once closed, you will have no further access.
Alternatives If You Still Want to Trade
If you still enjoy trading but want to move away from eToro, several reputable alternatives exist:
Commission-Free Trading Platforms
- Webull – Offers commission-free trading of stocks, ETFs, and options. Good for active traders.
- Moomoo – Another commission-free platform with advanced charts and data tools for traders.
All-In-One Investment Apps
- M1 Finance – Allows you to create a custom portfolio with stocks and ETFs. Offers retirement accounts.
- Stash – Makes investing easy with thematic investment portfolios. Also provides banking services.
Major Brokers
- Fidelity – Full-service broker for investing, retirement, banking, and advice.
- Charles Schwab – Discounted commissions on stock, options, funds, and more.
Research each platform thoroughly to find one that best fits your trading requirements. Most allow you to open an account online in minutes.
Key Takeaways
Closing your eToro account is quick and straightforward:
- Withdraw any funds remaining in the account
- Close all open positions and trades
- Click “Close Your eToro Account” in account settings
- Confirm your account closure
Once closed, your account cannot be reopened. Be sure to withdraw assets and download statements before closing the account.
If you still enjoy trading, alternative brokers and investment platforms are available. Research each one to find the right fit.
