One of the leading online brokers, eToro is known for its competitive conditions, wide array of trading tools, and unique copy trading options to help you secure a passive income source without any skills in trading. However, even the most successful trades will bring you just a number in your account, so you must withdraw the funds to spend or reinvest them. That’s why we’ve compiled a brief instruction for making withdrawals from eToro.
The broker allows its users to choose from several withdrawal methods, including credit cards, direct bank transfers, and digital wallets. What’s great about eToro is that no matter how much you want to withdraw, you’ll have to pay just a small fixed fee of $5. The withdrawal method you choose does not affect the fee as well, but these methods differ in their speed. Wire transfers or direct transactions to bank cards can take up to 8 business days while withdrawal through services like PayPal take about two business days or less.
Be wary that if you want to receive your money in any other currency than USD, you’ll have to pay an additional conversion fee. The size of the fee depends on the currency you choose, so make sure to read the conditions and check out the actual amount on the broker’s website.
How to withdraw money
Alright, let’s find out how to withdraw from eToro. First of all, you need to send a request. Sign into the account and find the Withdraw Funds option in the main menu to the left. A window will appear where you can see the total withdrawable balance on your account. Enter the amount you wish to receive in the field below and click Submit. The broker will ask you for a reason. If this is just a regular operation, feel free to choose the Withdrawing Profits option.
Now, select your preferred withdrawal method and click Submit once again. That’s it, your request will be processed by the system, and you will receive your money in a couple of days. The smallest sum it allows you to withdraw is $30, and there’s no upper limit. However, you will have to pay the $5 fee for each transaction, and don’t forget conversion fees.
The default currency for withdrawals is USD, but you can choose between many other currencies like EUR, GBP, AUD, or RMB. If you want to withdraw cryptocurrency, you can do that by sending it to an external wallet with the use of eToro Money, the official app for both iOS and Android devices.
Read more articles by the author Mikhail Vnuchkov in the Twitter account.