Which counties are (not) supported on the eToro platfrom?

eToro is an international platform that operates in over 140 countries around the globe offering a wide variety of financial assets and international markets to choose from. There are quite a few nuiances and restrictions associated with trading in certain geographical regions which may be difficult and confusing to navigate through. Below you can find a thorough overview of these particularities associated with trading in your geographical region.

(NOTE: Before we continue, we have to give a disclaimer that the trading products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. CFDs are complicated instruments that are never guaranteed to provide you supplemental earnings.  In fact, Around 67% of all retail investors experienced a loss while trading CFDs. Make sure to keep this in mind before attempting to use the eToro platform yourself. All the information found on this website is not official trading advice and all practices shown are referenced for the use of the Demo account only.)

Regional Restrictions

eToro Islamic accounts

Trading with an Islamic account imposes certain limitations on opening certain positisions. The process of currency pair trading becomes quite challenging under the provisions of the Faqih (Islamic jurisprudence) as it can be viewed as a hand to hand exchange (because the process of currency exchange is simultaneous) as well as a delivery of an asset (as money is transferred from one bank account to another).

An Islamic account thus needs to take Riba into consideration while charging daily interest to ensure that there are no excess interests over the lifetime of a contract, as usually positions which are not closed before 5.00 pm New York time are rolled over for the next day with an interest charged for the next 24 hours to cover for the fees of these open positions. To address these issues, the processes of buying and selling are completed immediately without delay and the costs of these transactions are likewise paid for immediately. Additionally, there are no interests charged on trades and if there are such these shall be voided and the contracts considered invalid at once. Finally, currencies are actually transferred from seller’s account to the buyer’s account during the process of currency trading.

But, how does one actually create an Islamic account on the first place, if you are wondering?

A trader who wishes to open such an account needs to create a real account on the platform, fund it with 1000$ and contact the customer service which will help you turn your account into that type.

Countries that are not accepted by eToro? – Restricted access

eToro is doing its best to provide service for countries all over the world, there are still some countries where trading on the platform is not allowed;

here the complete list of all the countries that have access and  all the counties that are banned from eToro in the Table below:

Table Updated: 1-1-2021

Beware that if you are not a resident of those countries but you are traveling there eToro’s services may be blocked or made unavailable in those regions.

eToro USA – available in the following states

eToro started operating in the USA from 2018, gradually expanding its operations there and by now it is available in the following states of the country:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming. Additionally, trading with a real account is now available for users residing in the Northern Mariana Islands and the United States Minor Outlying Islands.

Unfortunatelly not all of the instruments and features are available for these regions, for example short (Sell Trade) positions as well as commenting on posts under the news feed. eToro plans onto gradually making these available for the entire of the USA. For users from the states which are not on the list only a virtual portfolio is available without a possibility of a real deposit. The platform is currently working on making itself available in Delaware, Minnesota, New Hampshire, New York, Nevada, Puerto Rico and Tennessee.

Regulation

Because eToro is a globally operating company, it has registered its services under several legal entities, particularly eToro (Europe) Ltd. and regulated by CySEC, eToro (UK) Ltd. watched over by the FCA, eToro AUS Capital Pty Ltd. regulated by ASIC, however this entity arranged as for eToro Europe to provide sevices on the platform to its clients and finally eToro USA LLC watched over by FinCEN. It is worthwhile noting which authorities supervise eToro in your region.

• The Financial Conduct Authority (FCA) watches over eToro’s operations in Europe, including Austria, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Spain, Sweden and the UK. FCA makes sure that clients of the platform receive up to 50 000 pounds in compensation in case of eToro’s failure and that funds of clients are safely kept in accounts of segregated bank accounts.
• Cyprus Securities Exchange (CySEC) watched over Argentina, Australia, Bahrain, Brunei, Chile, China, Colombia, Egypt, India, Jordan, Kuwait, Mexico, Malaysia, New Zealand, Nigeria, Oman, Paraguay, Peru, Qatar, Russia, Saudi Arabia, Singapore, South Africa, Switzerland, Thailand, Ukraine, United Arab Emirates, Uruguay. CySEC likewise ensures a compensation of up to 30 000 euros by the Investor Compensation Fund in case of eToro’s bankruptcy. It also ensures that funds of clients are held in the segregated bank accounts.
• Australian Securities and Investment Commission (ASIC) supervises over Australia
• and finally the US Financial Crimes Enforcement Network (FinCEN) watches over eToro’s operations in the USA.

Regional Regulatory Restrictions

Please note that the terms and conditions of the platform will likewise depend on the geographical entity you are registered under. Consequently, the regulations and services provided to clients depend on their geographical region, which you can learn about while reading the Terms and Conditions. So for example eToro UK provides its clients with all of the general services of the platform except for the CopyTrading options which are in turn provided by eToro Europe.

Beware also that terms and conditions may be updated from time to time and it is the responsibility of the trader to check for updates.

What about Taxation?

It is the responsibility of the user of the platform to calculate taxable income based on their account statement and pay their taxes in accordance to the regulations applicable in their country or the registered residence. Furthermore, if required, eToro needs to provide the tax related information to the applicable tax authorities once a year.

Do bear in mind that dividends are also a form of taxable income in some jurisdictions. In case that is applicable the platform may take some tax percentage depening on the country regulation of the dividend issuing company.

Customer Support

In case you have any questions left or you are facing any troubles with your account, you always have the option to contact the 24-hour available customer support. This is possible during the working days in 20 languages:

• English
• Chinese
• Arabic
• Czech
• Danish
• Dutch
• Finnish
• French
• German
• Italian
• Malay
• Norwegian
• Polish
• Portuguese
• Romanian
• Russian
• Spanish
• Swedish
• Vietnamese

Hopefully this article provided you with a full guide on the particularities of trading on the eToro platform depending on your geographican location and you can now fully enjoy trading on the eToro platform! Best of Luck.

Support us by using the eToro sign-up form down below.⬇️

Plus you will get a Free demo account! Thank you!🙏💚

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. 67% 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.

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.