Users Rejoice Over eToro’s 80% Withdrawal Fee Drop

Users Rejoice Over eToro’s 80% Withdrawal Fee Drop

Last week, eToro dropped their fees by 80% and launched a new withdrawal dashboard to assist traders looking to make use of the new tariff. This content does not apply to US customers.

Fees at eToro have long been a major thorn in their side of the traders who opted to use their platform. Sure, they are one of the best multi-faceted trading platforms out there for whatever you are looking to invest in – whether that be crypto, CFDs or ForEx – the platform accommodated for all and you could trade their many options to your heart’s content and potentially turn over a tidy profit.

The Old Fee

The only issue was when you were reading to cash-out, you got a nasty surprise in the form of a $25 flat fee issued for each withdrawal. While it may seem like a drop in the ocean to some of you big-hitters out there, for the common man trying to turn over a steady profit from trading, it is a bit of a kick in the teeth. The maths are simple enough – if you withdraw $50, the minimum withdrawal amount on the platform, then you are paying 50% of that to get your money. 

This fee, of course, adds up over several withdrawals. For example, if you withdraw from your account just once a week over the course of a month then suddenly, you are $100 out of pocket. A pretty annoying figure regardless of your tier as an investor as after all, if you have been hard at work making a profit you don’t want to have to share it out to that extent.

The New Fee

Of course, being the community-conscious provider they are, eToro went back to the drawing board with this fee. The result is that as of last week, that fee has dropped down to just $5 – a decrease of 80%. And so this means that for that same above-mentioned sum, you are now paying 10% which is more respectable and is a not an uncommon withdrawal fee percentage held by many of their competitors on the market. As it is a set fee too, this means that regardless of the amount you pull out of your account, it will stay the same

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.

Needless to say, eToro fans were suitably impressed by this new fee in place and a sense of joy was prominent under the tweet from eToro announcing the news.  “It’s about f**** time, $25 was a joke,” said Twitter user @UncleBazzyC. While @leo_consumi noted it as a “Good business move in your part. The 25 dollar fee was too high. A 5 dollar fee however…”.

There was also immediate converts to their platform, thus proving the latter tweet right. “I just signed up because of this, 25 was too high. Good marketing eToro” said @ScottyJC88. As such, the lower fee was long-awaited and seemingly achieved its desired effect.

New Withdrawal Dashboard

Alongside the new fee structure, a whole new-look withdrawal dashboard that will help traders conduct these new low fee withdrawals has also been implemented, complete with the following features:

  • Progress bar indicating your current withdrawal status
  • Breakdown of each withdrawal according to payment methods, amount and currency
  • Informative text explaining the current state of the withdrawal with links to relevant eToro FAQs
  • Withdrawal fee information
  • Cancellation options
  • Relevant action items when more information is needed to complete the withdrawal
  • An indication for claiming funds from PayPal

All in all, making it a more all-encompassing service and one that is much easier to use. To start making use of it, head over to eToro and begin trading today. Don’t forget also, that if you are a Platinum Club member you pay no fees whatsoever.

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