If you are unsure how to close a Trade on eToro, you’re in the right place. This eToro beginner’s guide will give you everything you need to know about closing a trade on eToro.
Etoro is an investment platform which started in 2007 and has become one of the most popular investing platforms for trading. Investors can buy and sell stocks and cryptocurrency and also interact with like-minded investors.
So, let’s dive into this beginner’s guide to eToro to help you learn how to close a stock or cryptocurrency on eToro.
How to Close a Trade on eToro
If you’ve been investing in eToro for a while and feel that now is the right time to cash out of your investment and withdraw from eToro, whether it be a stock or cryptocurrency, you’ll need to close your investment before withdrawing.
Time needed: 5 minutes.
The below step-by-step guide will explain how to close a stock trade on eToro. However, the process for cryptocurrencies will be the same.
- Login to eToro Account
Head across to eToro.com and log in to your account, where you will reach the home screen.
- Go to Portfolio Page & Locate your Stock
From the navigation pane on the left of the screen, choose Portfolio. From your list of investments, choose the stock you wish to close.
- Click the 3 Dots, Choose Close All
Besides the stock, choose the 3 vertical dots and then select Close All.
- Confirm & Close
You will then be presented with a summary of your investment. If you have more than one position open with this stock, you can choose to close specific positions or close them all.
When you are happy, choose to Close or Close All.
- Congratulations! You have now closed your trade
Your trade will now close (as long as the market is open, otherwise, this order will be Pending until the market opens and completes).
The funds will then become available from your portfolio.
What is eToro?
eToro is a popular trading platform where investors can trade stocks, ETFs, cryptocurrencies, and CFDs. Founded in 2007 by three entrepreneurs, the platform is now trusted by millions of customers worldwide. The aim of eToro was to make trading accessible to anyone, anywhere, and reduce dependency on traditional financial institutions.
eToro Withdrawal Methods
There are several ways that you can withdraw your funds from eToro. However, these supported withdrawal options with eToro may depend on your location or how you have funded your account.
For example, to be able to withdraw to your PayPal account, you must first have funded your account using this method.
The list of available options includes the following;
- Bank Account
- PayPal Account
- Credit or Debit Card
- eToro Money Account
eToro Withdrawal Fees
eToro has a 0% commission on stocks with no extras or markups. There are, however, spreads (spreads are the difference in percentage between the bid price and the asking price.).
The eToro withdrawal fee is $5 USD (eToro always shows the amounts in USD). When withdrawing from eToro to a non-USD account, users will also be charged a foreign exchange fee which will vary depending on your currency.
How to Withdraw from eToro to a Bank Account
Once you have closed your trade on eToro and you have cash available from your Portfolio, you can withdraw to a bank or PayPal account. The below guide will show you how to withdraw cash from eToro to your bank account.
Step 1: Close your Investment
Use the above step-by-step guide to close your trade on eToro.
Step 2: Choose Withdraw Funds
Once you have “Cash Available” from within your portfolio, choose “Withdraw Funds” from the left of the screen.
Step 3: Choose the Amount & Next
Enter the amount of cash you wish to withdraw from eToro (the minimum is $30). Any associated withdrawal fee will be displayed beneath. Then choose “Next“.
Step 4: Complete Your Bank Details & Submit
You’ll then be prompted to enter your bank details, including the bank account currency and details. Once complete, choose “Submit“.
Step 5: Congratulations! You’ve now learnt how to withdraw cash from eToro
Once you’ve submitted your request, you’ll receive a confirmation. Then once approved, the payment should process in 1-2 days.
How Long Does eToro Withdrawal Take?
eToro will send you an email confirming your withdrawal status within 2 business days of your request. However, when you request the withdrawal, it can take up to 10 business days, depending on the withdrawal payment method used.
The quickest method to withdraw from eToro will be to an eToro Money Account, but the availability will depend on your location. You can check out this link for a full list of withdrawal times.
How to Close Part of a Trade on eToro?
If you want to only close part of a trade on eToro, follow our step-by-step guide below. Just note that the remaining part of the trade must meet eToro minimum trade size requirements.
To close part of a trade:
- Navigate to your “Portfolio“.
- Click on the asset you wish to close and choose “Close“.
- From the Close Trade pop-up, tick the box “Close only part of the trade”.
- Enter the close amount in USD or units.
- Choose “Close Trade“.
How to Close a Trade on eToro App?
Closing a trade on the eToro app is very similar to the process of closing a trade on the eToro web platform. The below guide will show how to close a crypto trade on the eToro app;
- Login to eToro App & Choose Portfolio
- Select the stock or cryptocurrency you would like to close
- Choose “Close All” or just “Specific Positions”.
- The position will close, and your stock or crypto will be sold.
Closing trades on eToro can seem daunting for a beginner. However, by following our step-by-step guide, you should now find it easier to close eToro trades on your account.
Closing a trade or a position on eToro means that you are essentially selling your stock or asset.
When you close a trade on eToro, the stock or asset will be sold at the market rate as soon as the markets for the investment are open.
You can only close an investment when the markets are open. If you try to close a position outside this time, this will show as a pending close until the markets re-open.
Your position might automatically close on eToro if you have set up Stop Loss or Take Profit parameters.
The process of selling crypto on eToro works in the same way as selling a stock. The only difference is that the crypto markets are always open (24/7).