How to close etoro money account

Harrison Clayton August 20, 2021 40

If you are thinking about closing your eToro money account, it’s essential to be aware of the necessary steps to successfully terminate your account and ensure the security of your funds. eToro is a popular and highly regarded social trading platform that allows users to trade various financial instruments, such as cryptocurrencies, stocks, and commodities. However, if you’ve decided that it’s time to end your eToro account, this guide will provide you with the steps to follow.

This process starts with considering several crucial factors, such as withdrawing your funds from the account, cancelling any open positions you may have, and ensuring that your account is compliant with eToro’s policies and procedures. While closing your eToro money account, it’s integral to take your time and carefully read through each step so that you don’t encounter any issues along the way.

To begin, the first step in closing your eToro money account is to make sure all funds have been withdrawn from the account. This involves navigating to the “Portfolio” tab on your eToro account menu and selecting the “Withdraw Funds” option. Once selected, you will be directed to a page displaying your current balance and available withdrawal options. It’s crucial to note that some withdrawal methods may have associated fees, so it’s recommended to review them beforehand to avoid any unexpected charges.

After ensuring that your funds are withdrawn and your eToro account balance is zero, the next step is to close any open positions you may have on the platform. This can be done by visiting the “Portfolio” tab and selecting the particular instrument in question. From there, you will see an option to “Close Position”, which will allow you to sell any open positions and exit trades. Closing all your positions is crucial as it ensures no open trades remain active on the account and minimizes any potential risk.

Once all funds are withdrawn, and all positions are closed, the final step is to officially close your eToro money account. This involves contacting the eToro customer support team either by email or through the platform’s live chat. It’s important to inform them of your intention to close the account and follow their instructions for the account termination process. Take note that eToro may require you to submit additional documents or provide specific information to ensure the account closure is completed securely and according to their guidelines.

Remember, closing your eToro money account is a serious decision, and it’s paramount to consider the implications and follow the proper steps to ensure a smooth process. By following these steps outlined above, you will be able to successfully close your eToro money account and conclude your trading journey on the platform.

Closing eToro Money Account: Step-by-Step Guide

If you’re looking to close your eToro Money account, follow these simple steps:

Reasons to Close your eToro Money Account

Closing your eToro money account can be a big decision, but sometimes it’s necessary. Here are a few reasons why you may want to consider closing your account:

1. Dissatisfaction with Platform

If you find that the eToro platform does not meet your expectations or is not user-friendly, it may be time to explore alternative options. Having a platform that suits your needs and preferences is essential for successful trading and investment.

2. High Fees and Charges

eToro charges various fees and charges for its services, including commissions, overnight fees, and withdrawal fees. If you feel these fees are too high or are eating into your profits, you may want to switch to another platform with more competitive rates.

3. Unavailability of Desired Financial Instruments

If you have specific financial instruments or markets that you are interested in trading that are not offered on eToro, it may be more beneficial to close your account and find a platform that provides access to a wider range of assets.

4. Limited Customer Support or Poor Service

If you have experienced issues with the eToro customer support team or have received poor service, it can be frustrating. Adequate customer support and a responsive team are crucial when dealing with any issues or concerns related to your account. If you feel that eToro falls short in this aspect, it may be a valid reason for closing your account.

5. Changes in Personal Circumstances

Life circumstances can change, and your trading or investment needs may be impacted as a result. For example, if you are no longer able to dedicate enough time to monitor your eToro account effectively, it might be a good idea to close your account and reevaluate your trading strategy.

Before closing your eToro money account, carefully consider these reasons and weigh the pros and cons. It’s always a good idea to research and compare different platforms that may better suit your needs before making a final decision.

Ensure all Pending Transactions Are Completed

Before closing your eToro money account, it is crucial to ensure that all pending transactions are completed. This includes any open trades, pending withdrawal requests, or pending deposits.

If you have any open trades, it is important to close them before closing your account. You can either sell or close your positions to settle your current trades. Keep in mind that closing your trades may result in potential profits or losses.

If you have any pending withdrawal requests, make sure they are processed before closing your account. Withdrawals can take some time to be completed, so it is recommended to initiate the process well in advance. You can check the status of your withdrawal requests in the eToro platform or contact customer support for assistance.

Similarly, if you have any pending deposit requests, ensure that they are processed or canceled before closing your account. Deposits can take some time to reflect in your eToro account, depending on the payment method used.

By ensuring all pending transactions are completed, you can avoid any potential issues or inconveniences during the closure process. It is essential to have a clear understanding of your account’s financial state before proceeding with the account closure.

Contact eToro Customer Support

If you have any issues closing your eToro money account or you need any assistance, you can contact eToro customer support for help. Their support team is available 24/7 and is dedicated to assisting its users with any questions or concerns they may have.

You can reach eToro customer support by:

Visiting the eToro website and accessing the Help Center, where you can find extensive information on common issues and answers to frequently asked questions.
Sending an email to the eToro support team at [email protected]. Be sure to include your account details and a detailed description of your issue for a faster and more efficient response.
Using the live chat feature on the eToro website to directly connect with a customer support representative and receive real-time assistance.
Calling the eToro customer support phone number, which you can find on the eToro website. This option is recommended for urgent matters or if you prefer to speak directly with a representative.

Remember to provide all relevant information when contacting eToro customer support to ensure a prompt and effective resolution to your issue. The support team is there to help you and ensure that your experience with eToro is a positive one.

Submit a Close Account Request

If you have decided to close your eToro money account and require assistance, you will need to submit a close account request. Below are the steps to follow:

Step 1: Log in to your eToro Account

Visit the eToro website and log in using your username and password.

Step 2: Go to ‘Settings’

Once logged in, click on your profile name on the top-right corner of the screen and select ‘Settings’ from the dropdown menu.

Step 3: Select ‘Close Account’

In the ‘Settings’ section, select the ‘Account’ tab from the left-hand side menu. Then, click on the ‘Close Account’ option.

Step 4: Verify and Confirm

eToro will require you to complete some verification processes and provide feedback on your experience. After completing the necessary steps, click on the ‘Submit’ button to confirm your account closure request.

Note: It is essential to resolve any pending funds or positions before proceeding with the account closure to avoid potential complications.

Once you have submitted the close account request, eToro’s support team will handle your request promptly, typically within a few business days. They may contact you for more information or clarification if necessary.

We hope this guide has been helpful in assisting you in closing your eToro money account. If you have any further questions or need additional support, feel free to reach out to eToro’s customer service team.

Please note: Closing your eToro account is a permanent action, and it cannot be undone. Proceed with this decision mindfully, ensuring that you have secured all valuable data and information associated with your account.

Transfer Remaining Funds

If you have any funds remaining in your eToro account that you would like to transfer, you can easily do so by following these steps:

Login to your eToro account.
Click on the “Portfolio” tab in the main navigation menu.
Scroll down to the “Available Funds” section and click on the “Withdraw Funds” button.
Choose the preferred payment method from the available options.
Enter the amount you wish to transfer in the designated field.
Follow the instructions provided by eToro to complete the transfer process.
Once the transfer is complete, you will receive a confirmation message from eToro.

It is important to note that there may be certain minimum requirements or fees associated with the transfer of funds, depending on your chosen payment method. It is recommended to review eToro’s terms and conditions or contact their customer support for more information regarding any fees or restrictions.

Confirm Account Closure

Once you have made the decision to close your eToro money account, it is important to confirm the closure to ensure that the process is completed successfully. Confirming the closure will help safeguard your funds and personal information.

Steps to Confirm Account Closure:

Login into your eToro account using your credentials.
Navigate to the “Settings” section in the menu.
Select the “Account” tab.
Scroll down to find the “Close Account” option.
Click on the “Close Account” button.
A confirmation message will appear on your screen, notifying you of the consequences of closing your account.
Make sure to carefully read all the information presented in the confirmation message. It may include details about remaining open positions, pending withdrawals, and potential fees. This will help you make an informed decision.
If you agree with the terms and consequences, click the “Confirm Closure” button.
You might be prompted to enter additional security information or verify your identity.
Keep in mind that once your account is closed, it will be irreversible, and any remaining funds will be transferred to the bank account used for deposits.
After successfully confirming the closure, you will receive a notification and email confirming the closure of your eToro money account.

Important Note:

Please note that after closing your eToro money account, you will no longer be able to access your eToro trading platform, copy trading features, or manage your portfolio. If you wish to trade with eToro in the future, you will need to create a new account.

Harrison Clayton

Meet Harrison Clayton, a distinguished author and home remodeling enthusiast whose expertise in the realm of renovation is second to none. With a passion for transforming houses into inviting homes, Harrison's writing at https://hutsrenovations.co.uk/ brings a breath of fresh inspiration to the world of home improvement. Whether you're looking to revamp a small corner of your abode or embark on a complete home transformation, Harrison's articles provide the essential expertise and creative flair to turn your visions into reality. So, dive into the captivating world of home remodeling with Harrison Clayton and unlock the full potential of your living space with every word he writes.