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.
1. Log into your account and scroll to the bottom left where you’ll find the settings tab. Click on it.
2. 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.
3. You’ll see a popup asking you to specify the reason why you want to close your account.
Take this quick quiz to help us find the best path for you
4. Choose the reason that applies to you and proceed.
5. Follow the next prompts to complete the process as shown below.
6. 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?
Founded in 1974, IG Markets Ltd (IG) is the world’s largest CFD broker and renowned in trading circles as the inventor of spread betting. Servicing more than 239,000 registered clients worldwide, IG allows traders to spread bet and trade CFDs on more than 17,000 markets. Prefer to own assets? With IG, you can also buy and sell thousands of shares and ETFs.
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.
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FAQ
Yes, you can. In order to do this, you will need to register with the same name and provide the same documents as in your other existing account(s). You will need to use another email address and username.
In order to make changes to your account details, you need to contact eToro by opening a case in the Customer Service Center and providing the following details: If you wish to change your registered phone number, the team will call you and ask some security questions.
If your account has been blocked and you are unable to access your account, please contact eToro’s Customer Service. If you are unable to sign into the Customer Service Center as an Existing User, please click on Visitor and open a case using a different email address from the one used on your eToro account.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Past performance is not an indication of future results. Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.