Can I Withdraw My Dogecoin from eToro?

Written by Nick Zelver

Fact checked by Wikitoro Team

Updated Mar, 2024

Yes, you can withdraw your Dogecoin from eToro, but not directly as Dogecoin. First, you need to close any open DOGE positions, which converts them into fiat currency. This amount is then added to your 'Cash Available' balance, from which you can proceed to withdraw the funds.

Unpacking the Topic

In my journey with eToro, I encountered a situation where I wanted to withdraw the Dogecoin (DOGE) I had bought months earlier. Initially, I assumed it would be a straightforward process, similar to withdrawing other assets. However, I quickly realized that withdrawing this memecoin required a different approach, one that wasn't overly complex but certainly unique.

There's No DOGE Crypto Wallet Support

The first thing I learned was that it's currently not possible to transfer eToro Dogecoin positions directly from the trading platform to the eToro Money crypto wallet, as the wallet does not support Dogecoin. This meant I had to find an alternative method to access my funds.

The Right Process to Withdraw

The process I followed was relatively simple:

1. I started by navigating to my portfolio on the eToro platform and selecting my Dogecoin investment.
2. Then, I closed the open position I wished to withdraw. This action converted my DOGE into fiat currency, which was then added to my "Cash Available" balance.
3. Once the conversion was complete, I proceeded with the standard withdrawal process.
4. I clicking on the "Withdraw Funds" option, entering the amount I wished to withdraw, and submitting the request. The platform's interface made these steps quite intuitive.

Key Takeaways

• Dogecoin cannot be directly withdrawn from eToro to the eToro Money crypto wallet.
• The withdrawal process involves converting DOGE to fiat currency by closing the position.
• After conversion, funds are available for withdrawal through the standard eToro process.

This experience highlighted the importance of understanding the specific withdrawal procedures for different assets (particularly crypto) on trading platforms like eToro. While it may not be a direct crypto transfer, the method I used was efficient and allowed me to successfully cash out my Dogecoin investment.

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.