How To Close eToro Account (FAST!) [2024] (2024)

How to close a eToro account online, on mobile app, or on the phone. Fee to delete a eToro brokerage or IRA account.

How to Close an eToro Account

• Discrete accounts at eToro for stocks, options, and cryptocurrencies can be closed using multiple methods.

• There could be fees assessed by eToro for closing or transferring accounts in particular circumstances.

• Transferring or closing an eToro account may result in fees, depending on several factors.

If you need to close an eToro account for any reason, be sure to read through our guide before starting on the journey. There are multiple methods available. They are as follows:

Closing eToro Account by Liquidation

The first technique we’ll look at is to exit all positions, withdraw the resulting cash balance, and then request the account be dissolved. This approach will work for any account type at eToro, including stock, options, and crypto accounts.

First Step:

With an account for any available asset class at eToro—crypto, options, or equities—the first task is to exit all positions. To do this, log into the website or mobile app and go to the Portfolio page. Here, you’ll see a list of all holdings in the account. Scroll through and sell everything.

Second Step:

With the account reduced to cash, that cash balance must be taken out. To do this, click on the main-menu button in the upper-left corner of the site. In the pop-out window that appears, click on the link to withdraw funds (it appears near the bottom of the list).

Third Step:

Once the account has been reduced to nothing, it can be shut down. Any account with a balance of $0.01 or higher cannot be closed at eToro. With a zero balance, click on the gear icon that appears at the bottom of the vertical menu on the website. This is the Settings menu. On the page that appears, click on the Account tile. Now, scroll down to the bottom of this page and click on the button to close the account. You’ll need to provide a reason as to why you’re closing the account. Select a reason and continue to do away with the account.

Closing eToro Account by Transfer

Besides the standard method described above to close a brokerage account at eToro, there’s a second idea: transfer assets out of eToro (without selling them). With this technique, nothing needs to be sold, which is a much better alternative in case you want to keep your investments. The account and its positions do live on elsewhere, however.

The exact method to perform an outgoing transfer from eToro will depend on whether you’re using a stock, options, or crypto account.

Securities:

Equities and options at eToro are held in discrete accounts. Both asset classes are securities, so moving them through the ACAT (Automated Customer Account Transfer) network will work here.

To move stocks or options out of an eToro account, you first must open a corresponding securities account at a second broker-dealer. It could be either a brokerage or investment-advisory account. In either case, you do want to check with the incoming firm to verify that whatever positions you have in your eToro account can be moved in. With this verification secured, simply request an ACAT transfer from eToro to the new firm. This request should be sent to the incoming firm and not to eToro. Once the transfer is complete, the account at eToro will automatically be closed.

Cryptocurrencies:

Cryptocurrencies can’t be transferred through the ACAT system, but eToro customers can send them to a crypto wallet, and this method will get them out of the crypto account. When the cryptocurrencies are gone, go back through the steps outlined above in the previous section to close an account. The crypto account won’t automatically close with a transfer to a wallet.

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Closing eToro Account by Internal Transfer

An internal transfer from one account to another within eToro can also be used to close the outgoing account. Be sure to request that eToro close the outgoing account when requesting this option.

Don’t Forget Taxes

Anytime you sell assets (including stocks, ETFs, options, or cryptocurrencies) in a U.S.-based account, the tax authorities may want to know about the event. A loss could result in a tax deduction. It all depends on the tax setup of the account. The same is true if you withdraw cash from the account. A conversation with a licensed tax professional is highly recommended before closing any investment account or withdrawing from it.

Fee to Close eToro Account

eToro has a $75 outgoing fee for ACAT transfers. There is a $5 fee to close a margin account, and the broker-dealer also has a stock commission of $1 or $2 for residents of some countries. There could be blockchain fees for transferring crypto positions out of an account. Withdrawing cash by wire will carry a fee of $25 (or $45 to go into a foreign account).

Updated on 9/20/2024.