About your eToro withdrawal
When using eToro, how to withdraw money is as easy as clicking the “Withdraw” button, putting in the amount you wish to withdraw and pressing “Submit.” The important thing to know is that the money will be refunded back to the same account you made your deposit with. So, if you deposited your funds with a credit card, then the money will go back onto that. If you used bank transfer, then the money will go back into that same bank account. You do not need to hold any money in your account, so the full balance can be withdrawn if you wish.
The only exception to this would be if you were trading on a margin. In this case, you will only be able to withdraw the balance minus the margin amount. You can withdraw money at any time to suit you, and there is no waiting period. Certain withdrawal methods take priority. If you are withdrawing your money onto a credit card, this will happen first, then PayPal and finally transfers to banks. If your details have changed since you deposited the funds, then you will be asked by eToro to provide alternative repayment methods. This could be because you have had a new credit card since depositing, so you have a different expiry date or security number or the email you have registered with PayPal has been changed. You may have even changed your bank account between the deposit and withdrawal.
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How long does the withdrawal take?
Once a withdrawal has been requested, it can take up to one business day for eToro to process it – this is provided that all the details on the account are correct. Once the withdrawal is processed, then it is usually down to the receiving account as to how long the payment will take to clear.
The typical timeframe for each payment method is:
- Bank transfer – Up to eight working days. Each bank has its own regulations regarding money being transferred into the account. If the amount being transferred is large, then contacting the bank prior to the withdrawal being processed would be advisable, as it may be put on a security hold, which could cause further delays.
- Credit/debit card – Up to working eight days
- PayPal – 1-2 business days
Other eToro how to withdraw methods include:
- China Union Pay – 1-2 working days
- Neteller – 1-2 working days
- Skrill Ltd – 1-2 working days
- WebMoney – 1-2 working days
If you want to have your money transferred into your bank account faster, then it may be worth using PayPal for all of your deposits and withdrawals. PayPal is linked to your bank account and takes only 1-2 days for the withdrawal to hit your account. Withdrawing money from a PayPal balance into a bank account often happens immediately, if not within a couple of hours. This will work out to be a much quicker method. Withdrawal times are average when doing a broker comparison.
Cancelling a withdrawal request
If you have changed your mind about withdrawing some or all of your money, it is possible to cancel a withdrawal request by following a few simple steps. Simply go into your trading account and click on the tab that says, “Withdraw Funds.” This will open up a pop-up message. To see this, you must have pop-up messages enabled for the eToro site. On the pop-up page, you need to click the “click here” link, which will take you to your previous withdrawal history on your account. On the transaction you wish to reverse, click the “Reverse” button. You will be asked to confirm this action, which you must do in order for the reversal to take place. Your funds will be returned to your account immediately. This includes any fees that you may have paid as part of the eToro withdrawal process. Please note that if the transaction is showing up as “In Process”, then it will not be possible for you to cancel the withdrawal via the website. In this instance, you must contact eToro directly for assistance. You can contact eToro’s online customer service centre 24 hours a day between Monday through Friday.
eToro how to withdraw – special requirements?
There are fees associated with making a withdrawal, but they are very reasonable when considering a stock broker comparison against other trading platforms. When you request your withdrawal, the fees will be shown clearly in the Cashier. If you decide to wait until you have a larger amount to withdraw, thereby taking up a lesser percentage of your profits, you can cancel the request before it is submitted. If you are withdrawing funds in a different currency than USD, then you will also be charged a conversion fee. This will be different for each currency. It is important to note that you may also be charged a transfer fee by your own bank, credit card provider or PayPal once the transaction has taken place. If you are concerned about the additional fees your bank or provider may charge, then it is important to contact them to discuss what those charges may be so that there are no hidden surprises. You will know when the withdrawal has been processed when you receive an email advising you that the transaction has been completed – along with certain details of the payment provider where the funds have been sent. Click on the “Portfolio” tab and check the transaction to keep up to date with the status of the withdrawal.
What if there is a withdrawal problem?
When you are expecting the money to arrive in your account and it doesn’t, there are a few things you should do. First go into your “Portfolio” and check the “History” tab. In there, you will be able to see which account the money will be going to. You may find you are checking your bank account when it has actually been credited to your credit card. Your eToro withdrawal confirmation email can also tell you exactly where the money is due to go. It will also confirm the date that the transaction was processed. Sometimes, especially if there has been a bank holiday or a long weekend such as at Easter, the payment can be delayed. The estimated processing time is for business days only, so the stated timeframe of eight days can actually be a lot longer in some instances. If everything is checked and is how it is expected to be, and you still have not received your money, then simply contact eToro. They will take some details of the transaction from you and find out what happened to your money. It could simply be that the eToro withdrawal is under review and is ready to process.
Why trade with eToro?
Trading with eToro is simple, which is why millions of people use the site to make their trades. Operating since 2007, following an eToro review it is thought that it is ideal for beginners as the site is so easy to use, but even experienced traders will find the site offers them everything they need. There are different options depending on the level of risk you want to take, and while it is important to note that there is risk with every investment made and you could lose the money you invest, there is also the potential for great gains. eToro offer a responsible trading policy to ensure traders make smart investments, not ones that are based on emotion. To give clients peace of mind, eToro is also fully regulated and adheres to FCS and CySEC guidelines. All funds are deposited, and any profits made from trading are kept secure, as cyber security is of the utmost priority. Beginners need not worry that they will struggle when first trading with eToro, as their site offers a variety of educational tools and courses to ensure you are not trading blindly. These guides will be particularly useful no matter whether you are looking for short terms gains or a long-term investment plan. There is even a practice account with virtual money, so you can trade with no risk to yourself until you are confident enough to trade for real.
- Simple, intuitive platform
- Adheres to FCS and CySEC guidelines
- Useful for beginners and amateurs
What is responsible trading?
Responsible trading is a set of guidelines that aims to ensure that everyone trading makes only well informed trades and does not risk too much money. Trading by gut feeling can work now and again but has a low percentage of gains per trade. If you are unsure whether you are trading by gut feeling or not, then consider the following:
- Trading on maximum leverage – This might seem like the best way to make the most profits, but it comes with the most risk. If you are not an expert at trading, then this should be avoided. It is preferable to build profits slowly, thereby limiting risk.
- Diverse portfolio – It is important to have a diverse portfolio. If you stick to just one type of trade, such as Forex, then you open yourself up to a higher risk than if you were to spread your money between Forex, commodities and stocks, for example.
- Risk scores – It is fine when you are starting out to copy what other traders are doing, especially if they seem to be getting great returns on their investment. However, if you ignore their risk scores, this can be potentially damaging to you. Some traders take high risks, but they often are traders who know what they are doing. If you are just starting out, then you may be risking everything this way.
Trading responsibly means you can do it for longer, meaning bigger profits.
So, what now?
Trading on the eToro platform has grown so fast that it is now one of the best stock broker sites for trading. There is minimal risk to your money if you adhere to the responsible trading policy and make sensible choices. There are some eToro withdrawal reviews that claim issues when trying to get money out of the account, but withdrawing funds from your eToro account could not be easier. If you are unsure how to trade, then register on the site and take advantage of the courses and the virtual trade option to gain the knowledge you need to make successful trades and earn decent profits. Remember to mitigate any risks by choosing a stock brokerage that abides by regulations and follows best practice procedures. With eToro, you have a stock broker at your fingertips that follows responsible trading guidelines while remaining compliant with the relevant legislation.