To cash out Bitcoins on eToro, first, log in to the platform and navigate to your portfolio. Select Bitcoin and choose the specific trade you wish to transfer, then click on ‘Transfer to Wallet’ to move it from the eToro trading platform to your eToro Money account. Finally, open the crypto wallet app, select Bitcoin, and send it to your preferred third-party wallet.
The Step by Step Process
In this article, I'll share my personal experience and the steps I followed to cash out Bitcoins from my eToro trading account to an external wallet.
- Accessing Your eToro Portfolio: Start by logging into your eToro account. Navigate to the ‘Portfolio’ tab to view your investments.
- Selecting Bitcoin for Transfer: Within your portfolio, find and click on Bitcoin to view all your active BTC trades.
- Choosing the Trade for Transfer: Identify the specific eToro Bitcoin trade you wish to transfer out of the investment account.
- Initiating the Transfer: When the ‘Edit Trade’ window appears, select ‘Transfer to Wallet.’ This step initiates the process of moving your BTC from the trading platform to your eToro Money account.
- Confirming the Transfer Details: Carefully review the transfer details. Once you're sure everything is correct, confirm the transfer.
- Using the eToro Money App: After the transfer to your eToro Money account, open the crypto wallet app and log in.
- Preparing to Send Bitcoin: In the app, go to the ‘Crypto’ tab and select Bitcoin.
- Sending to an External Wallet: Click on ‘Send’ and carefully enter the destination wallet address. Double-check for accuracy before confirming the send request.
- Verification Process: You will receive a verification code via SMS. Enter this code in the app to verify the transaction.
- Finalizing the Withdrawal: Once verified, the Bitcoin withdrawal process begins. In my experience, it typically takes about 1 to 1.5 hours for the transaction to complete. You can track the transaction status using a blockchain explorer.
My Key Takeaways
- Process Clarity: The steps to transfer Bitcoin from eToro to an external wallet are straightforward and user-friendly.
- Time Factor: Be prepared for the transfer to take up to an hour and a half.
- Verification Importance: The SMS verification adds a layer of security to the transaction so be sure to have your registered phone with you.
- Accuracy is Crucial: Bitcoin transactions are irreversible and cannot be reversed by the sender. Refunds can only be issued by the recipient of the funds, so always double-check the destination wallet address to avoid any errors.
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