Although investing or trading the markets may seem simple at first glance, experienced traders will attest to the fact that it is not easy. This is especially true for beginners who are new to the markets and thus unfamiliar with the major pitfalls present in these markets.
Traders who are new to the market often face challenges such as risk management, which can lead to massive losses. Many people who attempt trading give up within two years. In other cases, traders may have issues with their current broker, such as a complicated trading platform and long withdrawal processing times that force them to close their account.
If you are a person who falls into either of the two categories, please read on as we will show you how to close your eToro account and the available options if you want to keep trading.
The most common reason to close eToro account is simply that you do not want to keep trading. The most common reason is to move on to another platform, or because you have racked up massive losses and don’t have the time or resources to continue trading.
It is a difficult, time-consuming process to become a consistently profitable trader. You will have to develop the right skills, which take time. Another common reason to delete your eToro account is that the broker does not offer the instruments you want to trade.
Maybe you want to trade an exotic currency pair or a certain commodity, or even a certain stock that presents a great trading opportunity. eToro offers a wide range of trading instruments across different asset classes, but they cannot offer all financial products.
Step By Step Guide To Close eToro Account
In the past, eToro customers were required to contact support in order to close their accounts. However, this process has since changed as the entire process is now fully automated.
- To close eToro account, log into your account and scroll to the bottom left where you’ll find the settings tab.
- Click on it. After you’re on the settings page, click on the menu option at the top written account.
- You will find the option to delete your account at the very bottom of the page, written in small letters.
- You’ll see a popup asking you to specify why you want to close your account.
- Choose one reason (such as closing for a new account or changing banks) and follow the next prompts to complete the process.
- The broker will try to change your mind at this stage but if you have made up your mind you will proceed.
- It will take three days for your account to close if this is not complete within that time frame then additional days will add on.
If you close eToro account due to a lack of time to trade the markets, we would recommend that you try social trading, which allows you to copy the trades made by expert traders.
Copy-trading is a trading strategy that allows you to trade the markets without spending hours analyzing and learning about the markets. It’s a great option for traders who don’t have the time to master them.
When trading a specific financial instrument such as an exotic pair, a particular company, or a rare metal/commodity, you have a number of options when it comes to brokers.