Anybody who has tried investing or trading the markets will attest to the fact that it is not easy. Especially for beginners who are new to the markets given the major pitfalls that are present in the markets.
Most beginners struggle with issues such as risk management, which usually lead to massive losses on their part. It is no surprise that most people who try trading usually give up within two years.
In other cases, you might have issues with your current broker ranging from a complicated trading platform, and long withdrawal processing, among others forcing you to close your account.
If you fall into either of the two categories, keep reading as we will show you step by step how to close your eToro account, and the available options if you want to keep trading.
Ready? Let’s get started.
Why Would You Want to Delete Your eToro Account?
The most common reason for deleting your trading account is simply that you do not want to keep trading. Maybe you have racked up massive losses and you can’t bear to continue trading, or you’ve realised that you don’t have the time to learn everything you should know about trading. There is no shortcut to long-term trading success as you have to develop the right skills to transform into a consistently profitable trader and this takes time.
Another common reason to close your eToro account is that the broker does not offer the instrument(s) that you want to trade. Maybe you want to trade an exotic currency pair or a certain commodity, or even a particular stock that presents a great trading opportunity. While eToro offers a huge variety of tradeable instruments across different asset classes, they can’t offer everything.
The step-by-step guide to deleting your eToro account
In the past, you had to contact eToro’s support department in order to close your account, but this has since changed as the entire process is now fully automated. Read on to find out how to delete your eToro account.
- Log into your account and scroll to the bottom left where you’ll find the settings tab. Click on it.
- Once you’re on the settings page, click on the menu option at the top written account. You’ll find the option to delete your account at the very bottom of the page, written in small letters and you should click on it.
- You’ll see a popup asking you to specify the reason why you want to close your account.
- Choose the reason that applies to you and proceed.
- Follow the next prompts to complete the process as shown below.
- The broker will try to change your mind at this stage, but if you’ve made up your mind, you’ll proceed. You’ll finally get to the screen below.
You can see that it will take three days to close your account, which is quite fast as compared to other brokers.
Who Can I Trade with Instead?
Now that you have deleted your eToro account, it's time to choose a new broker to trade with. This decision will depend on the reasons why you closed your account. If you closed your account because you incurred major losses, then trading on a demo account might be the right decision for you.
A demo account will allow you to build your trading skills without risking your hard-earned money. Our favourite broker for Forex traders is Pepperstone and you can try out their free 30-day demo account. You can use this account to rebuild your trading confidence and refine your trading strategy.
If you closed your eToro account because you do not have the time to trade the markets, we would suggest that you try their social trading feature, which allows you to copy the trades made by expert traders. Copytrading allows you to trade the markets without spending hours analysing and learning about the markets, which is a great option for traders who do not have the time to master the markets.
If you are looking to trade a specific financial instrument such as an exotic pair, a particular company, or a rare metal/commodity, you have a ton of options when it comes to brokers. At AskTraders we’ve ranked the best broker across many categories, including forex, stocks and cryptocurrencies, to help you choose.