Trading with any broker you hope there will always come an opportunity to withdraw some funds when things are going well.
This will always involve some steps that are typically very convenient but if you have not withdrawn before or are not sure how the process works then we are here to help.
For a full guide of the withdrawal process and much more about the broker, you can head over here to check out our dedicated eToro review.
Here we focus exclusively on exactly how to withdraw funds eToro trading has earned you.
Table of contents
How to withdraw funds from eToro: Step by step guide
You can withdraw funds from eToro with this step by step guide:
Start by logging into your eToro account using your registered details.
2. Go to the withdrawal menu
On the left side menu, you will find the “Withdraw Funds” section. Click to open this section.
3. Check your balance
The pop-up window that opens will show your account balance and withdrawable amount.
4. Choose withdrawal amount
Remember the $5 fee, choose the amount you would like to withdraw, and click “Submit”. The default currency will always be USD with eToro.
5. Choose the Payment Method and subit your request
Finally, choose your preferred payment methods and click “Submit”.
eToro withdrawal methods
eToro supports a variety of withdrawal methods. These are all the same methods as are available for making a deposit. It is though important to remember that you can only withdraw through the same method you have used to make your deposit.
If you deposited using a combination of methods, for example, a credit card and bank transfer deposit then the funds will be withdrawn proportionately to the same methods you used in order. This priority method goes first to credit cards, followed by PayPal, and then bank transfer.
Another important note is that you cannot ask others to withdraw for you, or send your withdrawals to any other form of third-party.
Credit/debit card and bank transfer
You can make an eToro withdrawal using your credit or debit card that is a Visa or MasterCard. The only time this will not be available is if your card has expired or is unavailable to you for any other reason. If this does happen you should contact the eToro support team to find an alternative.
If you have lost your card or cannot use it anymore for any reason then you will have to provide proof of this to eToro to change to another withdrawal method.
eToro Withdrawals to PayPal
You may choose to deposit from your card or bank via PayPal to eToro or deposit directly from your PayPal balance. Money withdrawn in this case will be made to the same card or bank account used for the deposit or the one which is connected to your PayPal account. It is not possible to withdraw funds to your PayPal balance with eToro. It must go to your card or bank via PayPal.
If you want to know why PayPal is so popular and what are the best platforms adopting this method you should read our top ten selection of the PayPal forex brokers.
eToro withdrawal fee and limits
There are some limits in place when it comes to eToro withdrawals and a fixed fee to consider. This fixed fee is $5 per withdrawal while the minimum amount you can withdraw from the broker is $30.
Since the only base currency provided by eToro is the US Dollar then any funds withdrawn in a different currency will be subject to conversion fees. These are not applied by eToro but by the financial institutions.
Based on your bank’s own policy you could also be charged an additional percentage or fee. Again this is not applied by the broker and is something you should check with your bank before making a withdrawal.
Manage your eToro withdrawals
Knowing about the withdrawal methods available at eToro is one thing. It is also key to know how to manage these withdrawals though. Here is the lowdown on exactly how you can do that:
How to check your eToro withdrawal status
From time to time you may wish to check your eToro withdrawal status.
You can check your eToro withdrawal status by first logging into your account. Once you are in your portfolio you need to click the “history” button. Here you can check your withdrawal history. Alternatively, you can also check your registered email where you will have received the withdrawal request confirmation email.
How long does eToro take to process a withdrawal?
When you make an eToro withdrawal, you will naturally wonder how long it takes to process and get to your chosen withdrawal method.
The time it takes to process an eToro withdrawal is typically between 1-2 business days. Withdrawals to credit and debit cards as well as bank transfers can take up to 8 business days to process.
How to cancel a withdrawal on eToro
From time to time you may also decide to cancel an eToro withdrawal.
You can cancel a withdrawal by logging into your eToro account and going to the “withdraw funds” section. Here you will see a pop-up window. Use the “click here” link to view your withdrawal history. When this appears you can click the “Reverse” button next to the withdrawal you wish to cancel and then pressing “confirm”. If the withdrawal is already being processed it cannot be canceled.
eToro withdrawal checklist
Overall, making an eToro withdrawal should be a fast and convenient process for you. To make sure things go smoothly you should make sure to follow this eToro withdrawal checklist:
- Make sure your eToro account is verified before making a withdrawal. If you don’t know how this works, we can help you with our eToro account verification guide.
- Keep in mind that there is a $5 fixed withdrawal fee and also that the minimum eToro withdrawal to any method is $30.
- You will receive an email notification once your withdrawal request is being processed. It is worth noting that you also do have the ability to cancel your withdrawal request while it is still under review. You cannot do this once it is being processed though.
- Funds will only be withdrawn to the same method you used for your deposit. Also, You can only withdraw funds deposited via online banking methods at least 7 days after they were deposited.
- The maximum amount you can withdraw is specified under the “Withdrawable Funds” as stated by eToro (non-withdrawable funds are required as margin to maintain your open positions). With that said, if you are not trading on leverage you should not have any non-withdrawable funds.
- If you want to withdraw your full balance, you’ll have to close all your leveraged positions though again if you are not using leverage, you can withdraw your full balance when you wish.
What to do if your withdrawal is being delayed
Finally, What should you do in the unlikely event that your eToro withdrawal is delayed?
First of all, if you are new to eToro and have just signed up, check that your account has been verified by the broker. This can be checked in your email for confirmation along with any other communications they may have sent.
Next, you can check your eToro withdrawal request status by following the steps above. You should also take note of the processing times depending on the withdrawal method you are using.
If you have checked all of these things and are still not sure, you can reach out to the helpful and professional eToro support team for further assistance.
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