eToro’s withdrawal system is comparatively simple and easy. But there are some basic queries that every new trader and a to-be trader sometimes has.
I’m going to answer them all.
When can a trader withdraw from his account?
If you are a registered trader at eToro you can do it anytime you want. There is no time restriction for the withdrawal process.
How much can you withdraw?
You need to keep at-least the margin amount on your account. The rest is open to the trader for withdrawal.
Here are some of the basic conditions that a trader needs to fulfill before he can request a withdrawal.
- The minimum withdrawal amount is $50. A trader cannot request a withdrawal less than $50.
- The account must be verified. There will be a green tick mark to indicate whether your account is verified or not. If it is not verified, contact their support team and upload the required documents for verification.
What Withdrawal Methods are supported by eToro?
Funds in eToro are deposited by three popular methods. These include Credit cards, PayPal account, and Bank transfers. For withdrawal, the same three methods can be used. But it is advised for the traders to use the exact same method for withdrawal that is used for the deposit. For example, if a trader uses PayPal to deposit $500, PayPal should be used for the withdrawal.
But eToro asks for an alternative withdrawal method for cases where the first withdrawal method isn’t available anymore.
How much time does it take to process the withdrawal request?
Once a withdrawal request is received, it goes to eToro for evaluation. After checking all the information the request gets processed. In most cases, the request is processed within 1 business day.
When will the fund add to my account?
After the request is processed, it usually takes sometime before the fund is added to your given account. Mainly the time varies from the payment provider to another payment provider.
For China Union pay, it usually takes up to 2 business days before the funds are available to your account. For both credit card and debit card, the time is 5 working days at most. For online payment providers like, PayPal, Skrill, Neteller, and WebMoney, the usual time to reach the fund is 1-2 business days. But for wire transfers, it may take up to 5 business days.
What are the withdrawal charges?
For every withdrawal from eToro trading account, there is a fee and it is $25. But if the withdrawal is not in US Dollars, there will be an additional currency exchange fee added to the total $25.
When do you know if your request for withdrawal has been accepted or processed?
There are two ways you can check whether your payment request has been processed or not. First of all, you can check your email inbox for a mail regarding the withdrawal request, which will also include which payment provider you chose. You can also check the request status by clicking on the portfolio tab. Then click on history where you’ll see the withdrawal status.
For more info, please visit: ETORO Broker Review
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