eToro is an international platform that operates in 64 countries around the globe offering a wide variety of financial assets and international markets to choose from. There are quite a few nuances 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.
Table of content
- Regional Restrictions
- Countries Allowed Access eToro ✅
- ountries Prohibited From Accessing eToro⛔
- US States Allowed To Access eToro ✅
- What about Taxation?
- Customer Support
- Customer Support Supported Languages:
- Read related topics: • Full updated eToro Review📝
- eToro Account:
- eToro Platform:
- GENERAL RISK WARNING
- Author & Expert Trader - Financial Analyst :
eToro Islamic accounts
Trading with an Islamic account imposes certain limitations on opening certain positions. 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: 19-03-2023
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.
Countries Allowed Access eToro ✅
- Costa Rica
- Czech Republic
- Jersey Island
- United Arab Emirates
- United Kingdom
- Hong Kong
ountries Prohibited From Accessing eToro⛔
- Aland Islands
- American Samoa
- Antigua and Barbuda
- Bosnia and Herzegovina
- Burkina Faso
- Cape Verde
- Cayman Islands
- Central African Republic
- Christmas Island
- Cocos (Keeling) Islands
- Congo Republic
- Cook Islands
- Cote d’Ivoire
- Dominican Republic
- East Timor
- El Salvador
- Equatorial Guinea
- Faeroe Islands
- French Guiana
- French Polynesia
- Guinea & Guinea-Bissau
- Isle Of Man
- Marshall Islands
- New Caledonia
- New Zealand
- Norfolk Island
- North Korea
- Northern Mariana Islands
- Papua New Guinea
- Pitcairn Islands
- Puerto Rico
- Reunion Island
- Saint Helena
- Saint Kitts and Nevis
- Saint Lucia
- Saint Martin
- Saint Pierre and Miquelon
- Saint Vincent and the Grenadines
- San Marino
- Sao Tome and Principe
- Saudi Arabia
- Sierra Leone
- Sint Maarten (Dutch Part)
- Solomon Islands
- South Africa
- South Georgia and the South Sandwich Islands
- South Korea
- South Sudan
- Sri Lanka
- Svalbard and Jan Mayen
- Trinidad and Tobago
- Turks and Caicos Islands
- United States of America (depending on the state, read more about this in the next paragraph down below)
- US Minor Outlying Islands
- US Virgin Islands
- Vatican City
- Virgin Islands (British)
- Wallis and Futuna
- Western Sahara
eToro USA – available in the following states NOTE: eToro USA LLC does not offer CFDs, only real Crypto assets available.
eToro started operating in the USA from 2018, gradually expanding its operations there and by now it is available in the following states.
US States Allowed To Access eToro ✅
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.
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,eToro (Seychelles) Ltd regulated by the FSAS. however this entity arranged as for eToro Europe to provide services 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). The 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.
- Licensed by the Financial Services Authority Seychelles (“FSAS”) to provide broker-dealer services under the Securities Act 2007
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 depending on the country regulation of the dividend issuing company.
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 18 languages:
Customer Support Supported Languages:
Hopefully this article provided you with a full guide on the particularities of trading on the eToro platform depending on your geographical location and you can now fully enjoy trading on the eToro platform! Best of Luck.
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GENERAL RISK WARNING
- ▸eToro is a multi-asset platform that offers: Stocks, Crypto assets, and CFDs.
- ▸CFDs are complicated and can make you lose money quickly because of leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. Think about if you understand how CFDs work and if you can afford to take the 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.
- ▸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.
Author & Expert Trader - Financial Analyst :
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