Can I Withdraw My Dogecoin from eToro?

Written by Nadav Zelver

Reviewed by Wikitoro Team

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• Dogecoin cannot be directly withdrawn from eToro to the eToro Money crypto wallet.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.